But the group has also begun to pursue larger deals more often.Of the five buyouts in Thoma Bravo’s history that were larger than billion, four occurred since December 2014, according to the Pitch Book Platform—and all four were in the software industry.Investing primarily in the US, Thoma Bravo’s targets also tend to have at least million in EBITDA and established management teams.
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His only other previous stop was at First Chicago, where Thoma initially crossed paths with Stanley Golder.
Thoma is also a former president and chairman of the NVCA.
A new name was bestowed: Golder, Thoma, Cressey, Rauner, or GTCR for short.
For the next 14 years, the firm built its status as one of the PE industry’s most powerful players, using its buy-and-build strategy to deliver excellent returns to LPs. In 1998, the firm’s name partners split, with Golder and Rauner retaining the GTCR brand and Thoma and Cressey departing to open their own business. One primary issue behind the separation: the handling of partnerships.
In 1987, Jerome Kohlberg left KKR to form Kohlberg & Co. A little more than a decade later, Golder Thoma underwent a split of its own.
The result was the formation of the firms today known as GTCR and Thoma Bravo, two shops that retain significant presences on the private equity scene.Orlando Bravo, Managing Partner Bravo possesses one of the most unusual résumés of any private equity executive.Born in Puerto Rico in 1970, he moved to the US as a teen to attend the legendary Nick Bollettieri Tennis Academy; Bollettieri’s other former students include Andre Agassi and Maria Sharapova.After making his name at First Chicago, Stanley Golder departed in 1980 to form his own buyout firm with Carl Thoma.In 1984, they added as partners Bryan Cressey, another veteran of First Chicago, and Bruce Rauner, who’s today the governor of Illinois.Accompanying the rise in fund size is a gradual increase in Thoma Bravo's activity, as you can see here: How were the roles reversed?