Thoma Cressey Bravo is winding up its eighth fund and splitting into three firms, according to a source close to the firm. Thoma Cressey Fund Bravo VIII "will be fully invested or committed in the near future," according to a statement from the firm. But "after considerable study and discussion among the firm's partners about the most effective way to invest subsequent funds, the
partners now expect to raise two separate successor funds."
Partners Bryan Cressey and Peter Ehrich formed Cressey & Co., a midmarket private equity firm concentrating on the health-care industry, according to Chuck Dohrenwend, spokesman for Cressey & Co.
Carl Thoma, Orlando Bravo, Lee Mitchell and Scott Crabill have formed a new firm, Thoma Bravo, and they will raise and manage a fund in other areas including software and the service sector.
Sources who declined to be identified said Thoma Bravo is raising $1.5 billion for Thoma Bravo Fund IX, while Cressey & Co. is targeting a $500 million first fund.
All of the partners will continue to work on the original firm, Thoma Cressey Bravo's existing portfolio.