Thoma Bravo exits growth equity

Thoma Bravo is shutting down its growth-equity strategy and will not raise another fund for it. (privateequityinternational.com) Private Equity International reported on April 13 that the firm will invest the remaining dry powder in its only growth fund and then run the strategy off. The same report said growth co-heads Ross Devor and Robert Sayle have already left the firm. (privateequityinternational.com) Growth equity is the part of private markets where firms buy minority stakes in fast-growing companies instead of taking full control. Thoma Bravo built its name on software buyouts, and its website still describes its Explore platform as a lower middle-market buyout business. (thomabravo.com) The retreat narrows how one of the biggest software investors is deploying capital at a time when it is still raising and spending heavily in buyouts. Thoma Bravo said in June 2024 that it closed Fund XVI, its latest flagship buyout fund, on $24.3 billion. (pitchbook.com) The firm’s own materials show where that emphasis sits today. Thoma Bravo says it manages more than $181 billion in assets and calls itself the world’s largest software-focused investment firm. (thomabravo.com) Thoma Bravo pushed into minority and late-stage deals around 2021, backing companies such as Applitools, Figment, Aisera and Alma in growth rounds rather than outright acquisitions. Its press releases described those checks as a strategic growth investment in Applitools in May 2021, a lead role in Figment’s $110 million Series C in December 2021, participation in Aisera’s $90 million Series D in October 2022, and a lead role in Alma’s $130 million Series D in August 2022. (thomabravo.com 1) (thomabravo.com 2) (thomabravo.com 3) (thomabravo.com 4) It has not stopped writing minority checks entirely. In February 2026, Thoma Bravo highlighted TRM Labs’ $70 million Series C round at a $1 billion valuation, showing the firm can still back a company without buying it outright even as the dedicated growth vehicle is being wound down. (thomabravo.com) The personnel changes underline that this is more than a branding tweak. Private Equity International said Sayle’s LinkedIn profile shows he left in July, while Devor had rejoined Thoma Bravo in 2022 after nearly a decade at Insight Partners. (privateequityinternational.com) Thoma Bravo’s public messaging in 2026 has centered on buyouts, portfolio operations and its Explore platform rather than a standalone growth franchise. Its recent press and media pages feature deals such as Dayforce, WWEX Group and portfolio-company announcements, with no successor growth fund on offer. (thomabravo.com 1) (thomabravo.com 2) The result is a simpler playbook: Thoma Bravo is back to leaning on control deals in software, while the one growth fund finishes investing what it has left. (privateequityinternational.com)