Key Takeaways
- • Thoma Bravo will run off its Growth Fund and will not raise another vehicle for its growth equity strategy, according to PEI.
- • The two co-heads of Thoma Bravo's growth business have left the firm, per PEI reporting.
- • The decision marks a strategic retreat from growth equity by the software-focused private equity firm.
Summary
Thoma Bravo, the software-focused private equity firm, is winding down its growth equity strategy, according to PEI Private Equity. The firm will run off its existing Growth Fund and will not raise a successor vehicle for the strategy, PEI reported on April 13, 2026.
The move follows the departure of the two co-heads of Thoma Bravo's growth business from the firm, PEI has learned. The primary source does not disclose the reasons for the departures or the size of the Growth Fund, and no fund-level performance figures were provided in the available reporting.
The decision reflects Thoma Bravo's focus on its core buyout franchise in technology and software, where the firm has been among the largest specialists. Investors in the Growth Fund will see the vehicle run off rather than be followed by a new raise, a development relevant to limited partners with existing exposure to the strategy and to those tracking growth-stage software allocations.
PEI's coverage is tagged under North America, TMT, and manager strategy. Related PEI features published alongside the story profile women in private equity at Thoma Bravo and Bain Capital, but those pieces do not bear on the wind-down itself.
The move follows the departure of the two co-heads of Thoma Bravo's growth business from the firm, PEI has learned. The primary source does not disclose the reasons for the departures or the size of the Growth Fund, and no fund-level performance figures were provided in the available reporting.
The decision reflects Thoma Bravo's focus on its core buyout franchise in technology and software, where the firm has been among the largest specialists. Investors in the Growth Fund will see the vehicle run off rather than be followed by a new raise, a development relevant to limited partners with existing exposure to the strategy and to those tracking growth-stage software allocations.
PEI's coverage is tagged under North America, TMT, and manager strategy. Related PEI features published alongside the story profile women in private equity at Thoma Bravo and Bain Capital, but those pieces do not bear on the wind-down itself.
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