Key Takeaways
- • Thoma Bravo is winding down its Growth Fund and will not raise a successor vehicle, marking an exit from its growth equity strategy despite the firm's strong overall fundraising performance.
- • Ross Devor and Robert Sayle, the two co-heads of Thoma Bravo's growth business, have departed the firm, signaling leadership instability in the strategy prior to its wind-down.
- • The decision reflects a strategic pivot away from minority growth equity investments, despite Thoma Bravo's track record of ranking among the top private equity firms and successfully deploying capital in software and technology sectors.
- • This move occurs within a broader private equity fundraising environment that posted its lowest Q1-Q3 total since the pandemic in 2025, indicating sector-wide headwinds that may have influenced the strategic decision.
Summary
Thoma Bravo, the Chicago-based private equity giant, has announced plans to wind down its Growth Fund and will not establish a successor vehicle for the growth equity strategy. According to Private Equity International, the two co-heads of Thoma Bravo's growth business, Ross Devor and Robert Sayle, have already left the firm ahead of the wind-down decision, indicating leadership departures that preceded the strategic announcement.
The wind-down represents a notable strategic shift for a firm that has built significant capabilities in growth equity investing. Thoma Bravo's growth platform historically focused on minority investments in high-growth software and technology companies, positioning itself as a specialized player in the growth capital space. The departure of both co-heads—Devor and Sayle—from their leadership roles underscores organizational disruption within the growth division.
The timing of this decision comes amid challenging conditions across the private equity sector. According to Private Equity International's latest fundraising report, private equity posted its lowest Q1-Q3 total since the pandemic in 2025, creating a fundraising environment that has constrained capital deployment across numerous strategies. Despite these broader headwinds, Thoma Bravo itself has demonstrated strong fundraising capability, having raised $34 billion and delivered more than $13 billion in realizations to limited partners, indicating the wind-down decision reflects strategic choice rather than capital constraints.
The wind-down of the Growth Fund narrows Thoma Bravo's strategic focus, likely concentrating the firm's efforts on its core buyout and software-focused acquisition capabilities. This decision underscores shifting dynamics within the growth equity sector as larger generalist private equity platforms reassess the viability and returns of minority growth investments relative to control-based acquisition strategies.
The wind-down represents a notable strategic shift for a firm that has built significant capabilities in growth equity investing. Thoma Bravo's growth platform historically focused on minority investments in high-growth software and technology companies, positioning itself as a specialized player in the growth capital space. The departure of both co-heads—Devor and Sayle—from their leadership roles underscores organizational disruption within the growth division.
The timing of this decision comes amid challenging conditions across the private equity sector. According to Private Equity International's latest fundraising report, private equity posted its lowest Q1-Q3 total since the pandemic in 2025, creating a fundraising environment that has constrained capital deployment across numerous strategies. Despite these broader headwinds, Thoma Bravo itself has demonstrated strong fundraising capability, having raised $34 billion and delivered more than $13 billion in realizations to limited partners, indicating the wind-down decision reflects strategic choice rather than capital constraints.
The wind-down of the Growth Fund narrows Thoma Bravo's strategic focus, likely concentrating the firm's efforts on its core buyout and software-focused acquisition capabilities. This decision underscores shifting dynamics within the growth equity sector as larger generalist private equity platforms reassess the viability and returns of minority growth investments relative to control-based acquisition strategies.
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