Thoma Bravo snags Summit exec

Jack Le Roy joined the firm as it markets its first $750m credit fund.

Thoma Bravo has hired Jack Le Roy to join its San Francisco offices, working to boost the company’s first-ever private credit fund, according to the firm’s website.

Le Roy left a post as principal at Summit’s credit team. He had also previously worked for Guggenheim Investment Management as a member of the firm’s leveraged finance group in the US, a statement from Summit showed. Buyouts first reported the news.

Thoma Bravo did not respond to requests for comment.

Le Roy joins the private equity giant as it jumps into private debt by launching a debut credit fund this year, for which it is seeking $750 million.

Though prior to the new fund, Thoma Bravo made headlines in the credit space. The firm tapped Ares Capital Corporation to lead a record $1.08 billion unitranche to back the June 2016 buyout of Qlik Technologies. Thoma Bravo refinanced the loan earlier this year.

Thoma Bravo invests with companies in industries that include enterprise, infrastructure, security software and technology-enabled business services. It targets companies with EBITDA greater than $20 million, mostly in the US, according to its website.

Investments at the firm include buyouts, corporate carve-outs, recapitalisations and growth equity investments, with the option of co-investments funds. Thoma Bravo is based in San Francisco and Chicago and has a series of funds totaling more than $17 billion in capital commitments, according to a statement.

In launching a debt fund this year, Thoma Bravo is following the footsteps of other technology-focused private equity funds. Francisco Partners hired Scott Eisenberg, formerly of Blackstone credit arm GSO Capital Partners, earlier this summer to lead a credit investing practice, as Private Debt Investor previously reported. Private equity firms Vista Equity Partners and Silver Lake have both successfully launched debt platforms.