Private equity firm Thoma Bravo has successfully closed its first European fund, amassing €1.8 billion ($1.9 billion) in capital. With this fund, the firm intends to acquire equity stakes in mid-sized software companies throughout Europe.
Europe hosts numerous well-established venture capital funds, such as Atomico and Cherry Ventures, which have recently closed early and growth-stage funds. In contrast, North American investment firms have been gradually withdrawing from the European market. For instance, the prominent Silicon Valley venture capital firm Andreessen Horowitz recently closed its U.K. office, while Omers Ventures and Coatue have also shuttered their European offices over the past 18 months.
This situation presents an opportunity for private equity firms aiming for strategic investments to enter the market. Thoma Bravo established its London office in 2023 — its first outside the U.S. — further consolidating a regional presence it began building in 2011 with the acquisition of French software company InfoVista. Since then, the Chicago-based firm has reportedly invested approximately €14 billion across 16 deals in Europe. Thoma Bravo was also involved in some of the most substantial take-private transactions of 2024, including the acquisition of U.K. cybersecurity company Darktrace in a deal valued at $5.3 billion.
Commenting on the fund closure, Thoma Bravo partner and European lead Irina Hemmers described it as a significant opportunity to enhance the firm’s presence in the region. She emphasized that Europe is undergoing rapid digitization and that leading software companies are increasingly seeking dedicated financial support and investment to expedite their growth strategies.
