- Recent Funding
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- Thoma Bravo
Thoma Bravo portfolio
Thoma Bravo has 4 portfolio companies on record at Recent Funding, with 1 investment in the last 12 months.
About this page
It is a private equity firm based in Chicago, US, founded in 2016. It led 4 of the 5 rounds it joined. Its most recent investment on record is TRM Labs's $70M Series B+ round in February 2026, alongside Goldman Sachs, DRW Venture Capital, Citi Ventures and 6 others. By category, its portfolio leans toward AI agents (2) and Developer tools and cloud (2). It has co-invested with Goldman Sachs, CMT Digital and DRW Venture Capital, most often Goldman Sachs (2 rounds).
About Thoma Bravo
The companies Thoma Bravo bought, as a private equity firm: Thoma Bravo acquisitions.
Fund returns
| Fund | Vintage | Size | Net IRR | TVPI | DPI | As of |
|---|---|---|---|---|---|---|
| Thoma Bravo Europe Fund, L.P. | 2025 | — | — | 1.12x | 0.00x | Jun 30, 2025 |
| Thoma Bravo Discover Fund V LP | 2024 | — | — | 0.00x | — | Dec 31, 2024 |
| Thoma Bravo Fund XVI | 2024 | — | — | 1.00x | 0.00x | Dec 31, 2025 |
| Thoma Bravo Co-Invest Opportunities XV-1, L.P. | 2022 | — | 16.1% | 1.46x | 0.00x | Jun 30, 2025 |
| Thoma Bravo Discover Fund IV, L.P. | 2022 | — | 21.3% | 1.34x | 0.20x | Nov 30, 2025 |
| Thoma Bravo Fund XV | 2022 | — | 14.2% | 1.40x | 0.09x | Dec 31, 2025 |
| Thoma Bravo Growth Fund, LP | 2022 | — | — | 0.79x | 0.00x | Mar 31, 2025 |
| Thoma Bravo XV | 2022 | — | 15.0% | 1.38x | 0.00x | Jun 30, 2025 |
| Thoma Bravo XV Co-Invest | 2022 | — | 16.1% | 1.46x | 0.00x | Jun 30, 2025 |
| Thoma Bravo, LLC | 2022 | — | 18.7% | 1.38x | 0.04x | Jun 30, 2025 |
| Thoma Bravo Growth I | 2021 | — | -6.0% | 0.83x | 0.04x | Jun 30, 2025 |
| Thoma Bravo Discover Fund III, L.P. | 2020 | — | 10.6% | 1.47x | 0.06x | Sep 30, 2025 |
| Thoma Bravo Discover III | 2020 | — | 11.4% | 1.47x | 0.05x | Nov 30, 2025 |
| Thoma Bravo Explore Fund | 2020 | — | 23.4% | 1.75x | 0.27x | Jun 30, 2025 |
| Thoma Bravo Fund XIV, L.P. | 2020 | — | 3.8% | 1.12x | 1.12x | Sep 30, 2025 |
| THOMA BRAVO XIV LP | 2020 | — | 6.2% | 1.23x | 0.32x | Dec 31, 2025 |
| Thoma Bravo Disc II | 2018 | — | 21.3% | 2.18x | 1.11x | Sep 30, 2025 |
| Thoma Bravo Discover Fund II | 2018 | — | 21.9% | 2.18x | 1.11x | Jun 30, 2025 |
| Thoma Bravo Fund XIII | 2018 | — | 21.2% | 1.96x | 1.01x | Dec 31, 2025 |
| Thoma Bravo Fund XIII PE | 2018 | — | 57.5% | 1.79x | 0.52x | Jun 30, 2021 |
| Thoma Bravo Fund XIIIr | 2018 | — | 23.0% | 1.90x | 0.95x | Mar 31, 2025 |
| Thoma Bravo Disc I | 2016 | — | 34.4% | 3.11x | 2.64x | Sep 30, 2025 |
| Thoma Bravo Discover Fund LP | 2016 | — | 34.4% | 3.08x | 2.64x | Jun 30, 2025 |
| Thoma Bravo Fund XII | 2016 | — | 14.9% | 1.92x | 1.53x | Sep 30, 2025 |
| Thoma Bravo Fund XII PE | 2016 | — | 18.8% | 1.76x | 0.27x | Jun 30, 2021 |
| Thoma Bravo XII | 2016 | — | 14.9% | 2.18x | 1.68x | Sep 30, 2025 |
| Thoma Bravo Special Opportunities Fund II | 2015 | — | 15.7% | 2.19x | 1.63x | Sep 30, 2025 |
| Thoma Bravo Special Opportunities Fund II PE | 2015 | — | 20.6% | 2.18x | 1.01x | Jun 30, 2021 |
| Thoma Bravo Special Opportunities Fund Il LP | 2015 | — | 16.7% | 2.21x | 1.19x | Mar 31, 2023 |
| Thoma Bravo Fund XI | 2014 | — | 26.0% | 2.67x | 2.36x | Sep 30, 2025 |
| Thoma Bravo Fund XI PE | 2014 | — | 31.8% | 3.03x | 1.71x | Jun 30, 2021 |
| Thoma Bravo XI | 2014 | — | 26.0% | 3.63x | 3.14x | Sep 30, 2025 |
| Thoma Bravo Special Opportunities Fund I LP | 2013 | — | 33.6% | 3.98x | 3.98x | Jun 30, 2025 |
| Thoma Bravo Special Opportunities Fund LP | 2013 | — | 33.7% | 3.90x | 3.26x | Mar 31, 2023 |
| Thoma Bravo Fund X LP | 2012 | — | 38.0% | 4.04x | 3.79x | Jun 30, 2025 |
| Thoma Bravo X | 2012 | — | 37.8% | 3.10x | 2.94x | Sep 30, 2025 |
| Thoma Bravo Fund IX LP | 2008 | — | 48.1% | 4.08x | 4.08x | Jun 30, 2025 |
| Thoma Bravo Overage Fund, L.P. | 2001 | — | 35.5% | 4.19x | 3.13x | Dec 31, 2021 |
What Thoma Bravo invests in
- AI agents · 2 · 50%
- Developer tools and cloud · 2 · 50%
- ZK and privacy · 1 · 25%
- Crypto security · 1 · 25%
- Data and analytics · 1 · 25%
- Consumer and social · 1 · 25%
- HR and recruiting · 1 · 25%
- AI infrastructure and compute · 1 · 25%
Thoma Bravo recent investments
| Company | Round | Date | Alongside |
|---|---|---|---|
| Series B+ · $70M | Goldman Sachs, DRW Venture Capital, Citi Ventures +6 | ||
| Series B+ · $120M · lead | Sanabil (lead), Dell Technologies Capital, Queensland Investment Corporation +6 | ||
| Series B+ · $70M · lead | Green D Ventures, Goldman Sachs, DRW Venture Capital +6 | ||
| Series B+ · $90M · lead | Khosla Ventures, Menlo Ventures, Norwest Venture Partners +6 | ||
| Series B+ · $230M · lead | Company Ventures, BAM Elevate, Franklin Templeton +2 |
How Thoma Bravo invests
| Stage | Deals | Capital in rounds |
|---|---|---|
| Series B+ | 5 100% | $580M |
Thoma Bravo portfolio companies
TTRM Labs$70MSeries B+ · Feb 2026
AAlation$120MSeries B+ · Dec 2022
AAisera$90MSeries B+ · Aug 2022
IIllumio$230MSeries B+ · Jun 2021
| Company | Round with Thoma Bravo | Total raised | Latest raise |
|---|---|---|---|
ZK and privacy |
Series B+ · $70M | $219.9M | Sep 10, 2026 Series B+ |
AI agents |
Series B+ · $120M · lead | $312M | Jul 3, 2025 Series B+ |
AI agents |
Series B+ · $90M · lead | $150M | Aug 3, 2022 Series B+ |
AI infrastructure and compute |
Series B+ · $230M · lead | $428M | Oct 2, 2025 Series B+ |
Most frequent co-investors
GGoldman Sachs2 shared rounds · last Feb 4, 2026
CCMT Digital2 shared rounds · last Feb 4, 2026
DDRW Venture Capital2 shared rounds · last Feb 4, 2026
IIcon Ventures2 shared rounds · last Dec 16, 2022
TTiger Global Management1 shared round · last Feb 4, 2026
YY Combinator1 shared round · last Feb 4, 2026CCiti Ventures1 shared round · last Feb 4, 2026
GGalaxy Digital1 shared round · last Feb 4, 2026
BBlockchain Capital1 shared round · last Feb 4, 2026
BBrevan Howard Asset Management1 shared round · last Feb 4, 2026
SSapphire Ventures1 shared round · last Dec 16, 2022
DDell Technologies Capital1 shared round · last Dec 16, 2022
Acquisitions
| Acquired company | Announced |
|---|---|
| · AOL |
Similar investors
GGood Capital4 companies · 1 deal in 12 moCClaypond Capital5 companies · 3 deals in 12 mo
CCollide Capital5 companies · 3 deals in 12 mo
BBicycle Capital3 companies · 2 deals in 12 mo
FFundomo6 companies · 7 deals in 12 mo
RRitual Capital6 companies · 4 deals in 12 mo
Investors whose portfolios on Recent Funding center on the same category (AI agents).
How this is counted
Net returns as reported by the public-pension and foundation LPs invested in each fund.
Firm profile and fund returns: Fundraising Fox Open Dataset v2026-11, CC BY 4.0. Track-record counts are theirs, not Recent Funding's.
Share is of the 5 rounds on Recent Funding that name Thoma Bravo. Rounds with no announced date are left out of the year split, and "round" is a round whose stage is not on file.
Portfolio companies are the companies on Recent Funding with a round that lists Thoma Bravo, which is a subset of its real portfolio. API: /api/v1/investors/thoma-bravo (get a free API key). More: the most active VC firms and new venture capital funds.