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Thoma Bravo raises $3.3bn for second credit fund

The vehicle is the manager’s largest credit fund, and with leverage is over three times its target.

Thoma Bravo has held a final close at $3.3 billion for Thoma Bravo Credit Fund II, more than three times its target of $1 billion when leverage is included, Private Debt Investor has learned.

Like its parent Thoma Bravo, one of the biggest private equity managers, Thoma Bravo Credit Fund II is focused on financing growth-oriented and innovative companies in the software and technology sectors. It was launched in September 2019, according to PDI research. Its predecessor, Thoma Bravo Credit Fund I, closed in August 2019 on its $750 million target, per PDI research. The credit platform has collectively invested $6 billion since its inception in 2017, sources familiar with the funds told PDI.

Thoma Bravo declined to comment. Specifics on investors in the latest fund aren’t known. But the earlier credit fund included a $50 million investment from San Francisco Employees’ Retirement System and $25 million from Taiwan Life Insurance, per PDI research.

The Thoma Bravo credit platform had record deployment in 2021, according to the sources, investing more than $2 billion into 39 unique portfolio companies across the platform.

Thoma Bravo had more than $103 billion in assets under management as of 31 December 2021. It has offices in Chicago, Miami and San Francisco.