Thoma Bravo, the Chicago-based software investment giant, has successfully closed its debut European-focused fund at €1.8 billion ($1.9 billion), surpassing its initial target of €1.5 billion.
The newly launched Thoma Bravo Europe Fund will target mid-market software companies in key European markets, capitalizing on the region’s accelerating digital transformation. The firm highlighted that European software companies are increasingly seeking dedicated investments to scale their growth amid rapid digitalization.
Since establishing its London office in 2023, Thoma Bravo has already made four investments across Europe, including in the Netherlands, Germany, and Sweden. In the past 14 years, the firm has deployed more than €14 billion in 16 European transactions.
The fund’s close comes amid a banner year for private equity investments in the European software sector, with over €57 billion transacted in 2024, a slight increase from €53 billion in 2023, according to PitchBook. Despite a drop in deal count from 1,012 to 881 in comparison to 2021’s peak, the market remains robust.
Among the most notable European deals last year was Thoma Bravo’s £4.3 billion ($5.4 billion) take-private acquisition of Darktrace, the largest software transaction in Europe for 2024. Other significant deals included TPG and Caisse de dépôt et placement du Québec’s €3.9 billion buyout of Aareon and Bridgepoint and General Atlantic’s €1.6 billion take-private of Esker.
With its strong European presence, Thoma Bravo is positioning itself as a major player in the region’s rapidly growing software market.
Source:
- PitchBook Data
