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Exclusive | Thoma Bravo’s $34 Billion Fundraising Haul Bucks Private-Equity Slowdown

Reported by WSJ
Jun 3, 2025· 1 min read
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Key Takeaways
  • • Thoma Bravo said it raised a total of $34.4 billion across three funds, according to the Wall Street Journal.
  • • The total tops the firm's last big fundraising year, 2022, while the broader private-equity industry faces a slowdown.
  • • The WSJ frames the raise as evidence of a sharpening divide between private-equity firms that continue to attract capital and those that do not.
Summary
Thoma Bravo said it raised $34.4 billion across three funds, a total that exceeds the firm's last big fundraising year in 2022, according to a Wall Street Journal exclusive by Miriam Gottfried. The result stands out against a private-equity fundraising slowdown.

The article describes a reckoning in the private-equity industry that is sharpening the divide between the haves and have-nots. Thoma Bravo's haul is presented as an example of a manager that has continued to attract capital in that environment. The available source material is brief and does not detail the individual fund names, strategies, or investor composition.

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Sources

1 outlet

AlphaMaven summarised this story from the reporting below. Each link opens the original article.

WSJ Exclusive | Thoma Bravo’s $34 Billion Fundraising Haul Bucks Private-Equity Slowdown