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Thoma Bravo closes latest technology-focused buyout fund at $12.6 billion

Thoma Bravo closed its latest technology-focused buyout fund, Thoma Bravo Fund XIII, at its $12.6 billion hard cap, spokesman Matthew Gorton said in an email.

Thoma Bravo's new flagship fund was significantly oversubscribed. Thoma Bravo Fund XIII is 66% larger than the prior fund in the series, the $7.6 billion Thoma Bravo Fund XII, which closed in 2016.

Thoma Bravo Fund XIII is the largest pool of capital raised to invest in enterprise software companies, according to a news release.

"The number and size of private equity investment opportunities in enterprise software and technology is expanding," said Orlando Bravo, a Thoma Bravo managing partner in the release.

Investors in the fund include the Florida State Board of Administration, Tallahassee, which oversees the $155.7 billion Florida Retirement System; State of Wisconsin Investment Board, Madison, which oversees the $101.1 billion Wisconsin Retirement System; $80.2 billion Virginia Retirement System, Richmond; $71.2 billion Michigan Retirement Systems, East Lansing; $65.7 billion Alaska Permanent Fund Corp., Juneau; $20.1 billion Louisiana Teachers' Retirement System, Baton Rouge; $17.3 billion Arkansas Teacher Retirement System, Little Rock; $16.5 billion Los Angeles City Employees' Retirement System; $15.4 billion Orange County Employees Retirement System, Santa Ana; $14.2 billion Maine Public Employees Retirement System, Augusta; $9 billion Sacramento County (Calif.) Employees' Retirement System; and $8.8 billion New Hampshire Retirement System, Concord.