Newsletter Edition 72
Jun 5, 2025
Thoma Bravo Closes $34.4B Across Buyout Funds, Surpassing Targets
Thoma Bravo has raised a combined $34.4 billion across three private equity vehicles, exceeding targets in one of the largest software-focused fundraising efforts in recent memory. The raise includes $24.3 billion for its flagship Thoma Bravo Fund XVI, $8.1 billion for Discover Fund V, and €1.8 billion ($2 billion) for its first-ever Europe Fund.
Each of the funds surpassed its initial goals, with the flagship and Europe funds reaching their hard caps and Discover Fund V growing by over 30% compared to its previous vintage. The successful close comes amid a selective fundraising environment, reflecting strong investor preference for established managers.
“This fundraise is a testament to the strong relationships we’ve built with our investors over many years,” said Orlando Bravo, Founder and Managing Partner. “It reflects their belief in our ability to generate meaningful results by partnering with leading software companies and helping them scale profitably.”
Thoma Bravo focuses on control-oriented investments in enterprise software and technology companies. Its portfolio currently includes more than 75 firms generating $30 billion in combined annual revenue and employing over 93,000 people globally.
The $34.4 billion raise follows a period of active dealmaking for the firm, which has completed approximately $35 billion in buyouts and exits over the past year. The new Europe Fund signals a broader international push for a firm historically focused on North America.
“All three funds far exceeded their targets,” said Jennifer James, Managing Director, COO, and Head of Investor Relations & Marketing. “This reflects the depth of our investor partnerships and their continued conviction in our ability to deploy capital effectively across market cycles.”
Investors in the new funds span sovereign wealth funds, pensions, insurers, corporates, family offices, endowments, and fund-of-funds globally.
Thoma Bravo has now raised over $130 billion since inception and has backed more than 535 software companies over the past 20 years. Kirkland & Ellis served as legal counsel on the fund formation.
Carlyle Invests $1.3B in Trucordia at $5.7B Valuation to Support Growth and Ownership Restructuring
Private equity giant Carlyle has announced a $1.3 billion investment in U.S.-based insurance brokerage Trucordia, valuing the company at $5.7 billion. The deal, led by Carlyle’s Global Credit platform, is designed to deleverage Trucordia, restructure its ownership, and support future growth initiatives.
The transaction—expected to close by the end of June 2025—will enable Trucordia to repurchase equity from existing minority investors and simplify its governance structure. Carlyle’s investment also strengthens the firm’s balance sheet, offering greater flexibility for strategic M&A and platform development.
“This partnership with Carlyle will significantly enhance our financial foundation and ownership structure,” said Felix Morgan, CEO of Trucordia. “Coupled with our recent operating model changes and M&A momentum, this investment supports our long-term growth trajectory.”
Carlyle’s Credit Opportunities team, which manages $199 billion in assets as of Q1 2025, provided the financing. The group specializes in tailored capital solutions for sponsor-backed and founder-led businesses.
Brandon Gray, CFO of Trucordia, emphasized that the investment will materially reduce leverage, enabling the company to reinvest in core business segments. Trucordia, one of the top 20 insurance brokerages in the U.S., offers commercial, personal, employee benefits, and life insurance products and has expanded rapidly through acquisitions and organic growth.
Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America, described Trucordia as a “category leader with a clear strategic vision,” and expressed confidence in the long-term value of the insurance distribution sector.
Gary Jacovino, also a Partner in the Credit Opportunities team, added, “We are excited to deepen our partnership with Trucordia as the company scales its platform and enhances its client offering.”
JPMorgan acted as the sole advisor and placement agent to Trucordia, with legal counsel from Orrick, Herrington & Sutcliffe LLP. Carlyle was advised by Latham & Watkins LLP.
Yale Nears $2.5bn Secondary Sale of PE and VC Stakes in ‘Project Gatsby’
Yale University is close to completing a major secondary sale of private equity and venture capital fund interests valued at up to $2.5 billion, in what would be one of the largest GP-led secondary transactions in recent months, according to a report by Bloomberg News.
The process, internally referred to as “Project Gatsby,” reflects a growing trend among institutional investors to rebalance private market exposures in response to shifting liquidity demands and macroeconomic volatility.
Sources familiar with the matter said Yale is in advanced negotiations with multiple buyers, with pricing anticipated to come in at a discount of less than 10% to net asset value (NAV). The structure of the deal is described as a “mosaic,” allowing buyers to cherry-pick specific fund interests rather than acquiring the portfolio in its entirety — a format increasingly used in large-scale secondaries to align with individual buyer mandates.
Secondaries market leaders Lexington Partners and HarbourVest Partners are among those that have reviewed the portfolio, though the final buyer group has not been disclosed. The transaction is expected to close in the coming weeks, pending final due diligence and documentation.
Yale retained Evercore as its advisor on the deal, according to Reuters, which first reported the potential transaction in April. The Ivy League endowment, long considered a pioneer in alternative asset investing, maintains a roughly 40% allocation to private markets and is widely regarded for its early commitments to top-tier venture capital and buyout managers.
The sale is part of a broader wave of activity in the secondary market, as institutions with large, mature private market portfolios seek ways to manage denominator effects, fund liquidity needs, and recalibrate long-term asset allocation strategies.