Thoma Bravo, LP is a prominent American private equity and growth capital firm headquartered in Chicago, Illinois, specializing in investments in software, cybersecurity, and technology-enabled services companies. Founded in 1980 as part of Golder, Thoma & Cressey, the firm underwent several evolutions, including a rebranding to Thoma Cressey Bravo and finally to Thoma Bravo in 2008 under the leadership of partners Orlando Bravo and Seth Boro. It focuses on acquiring and scaling enterprise software businesses through strategies such as leveraged buyouts, operational enhancements, and strategic partnerships, often taking controlling stakes to drive value creation, with a particular emphasis on middle-market investments. The firm has built a portfolio of over 400 investments, including high-profile companies like Ping Identity Corporation, and manages over $130 billion in assets under management as of 2023, making it one of the largest software-focused private equity firms globally. Thoma Bravo is known for its strategy of partnering with management teams to drive operational improvements and technological innovation in its portfolio companies, operating through various funds including those with offshore connections like TB Fund Management (Cayman) Ltd. While primarily known for its business acumen and successful exits via IPOs and sales to strategic buyers, the firm has faced scrutiny in broader private equity contexts regarding leverage levels and impacts on acquired companies, though specific controversies tied directly to Thoma Bravo are limited in public records.