Thoma Bravo pulls in up to $499m for its debut credit fund

January 8, 2018

US-based private equity firm Thoma Bravo has pulled in up to $499m for its maiden credit vehicle.

Thoma Bravo Credit Fund I has a set target of $750m; however, it is unclear if this figure is a hardcap, according to the latest US SEC filing.

So far, there have been 46 registered contributors to the new investment fund.

Alongside this credit vehicle, the firm operates middle market, buyout and co-investment funds, but it is unclear what the investment strategy will be for the new credit fund.

Thoma Bravo is currently in the process of raising its 13^th flagship fund, which is targeting $10bn, which recently received a $150m pledge from MassPRIM, according to FinTech Global sister site AltAssets.

Earlier in the year, the firm closed its second Discover Fund on its $2.4bn hard cap and will be used to make buy-and-build investments.

Investments from its flagship funds tend to be between $400m and $1bn, while its middle market vehicles make deals valued around $50m to $300m. Transactions made through the co-investment line vary and can reach â€˜almost any size.â€™

The firm, which has offices in Chicago and San Francisco, is focused on application, infrastructure and security software and technology-enabled services businesses. It looks to companies which have or near an EBITDA greater than $50m, and have a strong management team.

Thoma Bravo typically focuses on companies headquartered within the US, but it does invest internationally as well.

There are a number of FinTech companies currently in Thomaâ€™s portfolio, including workflow automation platform Nintex, payment processor ABC Financial, risk management technology developer Riskonnect and online security solution DigiCert.

Last month, the firm led the $350m acquisition and merger of MeridianLink and the ACTion, Synergy, and Achieve divisions of CRIF Lending Solutions. This deal will enable both companies to increase technology investments into services that will provide financial institutions with improved lending solutions, privacy protections and data analytics.