# Thoma Bravo

> Thoma Bravo is an SEC-registered investment advisory firm in Chicago, IL, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 157041
- Filed as: THOMA BRAVO
- Legal name: Thoma Bravo, L.P.
- Also doing business as: THOMA BRAVO
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157041
- AdvisorCensus page: https://advisorcensus.com/firm/thoma-bravo-chicago-il-157041

## Quick answers

**How is Thoma Bravo compensated?**
On its Form ADV (Item 5.E, October 2026), Thoma Bravo reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Thoma Bravo located?**
Thoma Bravo's principal office is in Chicago, IL, according to its Form ADV; the April 2026 filing also lists 6 other offices (Schedule D, Section 1.F).

**Is Thoma Bravo registered with the SEC or a state?**
Thoma Bravo is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157041.

**How much does Thoma Bravo manage?**
Thoma Bravo reports $182,937,300,000 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Thoma Bravo's assets and staff changed since 2021?**
In the Form ADV data for Thoma Bravo: Regulatory assets under management: $78,106,400,000 in the October 2021 data and $182,937,300,000 in the October 2026 data, up 134%. Total employees: 130 in October 2021 and 246 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Thoma Bravo serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (153).

**Does Thoma Bravo report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/157041

**What changed in Thoma Bravo's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 93 to 89. Regulatory assets under management went from $151,903,200,000 to $182,937,300,000 (+20%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $182,937,300,000
- Discretionary: $182,937,300,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 153 | $182,937,300,000 |

### Advisory services (Item 5.G)
- Other

### Firm details
- Registered since: 2012 (14 years)
- Employees: 246 total, 89 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, IL, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Dallas, TX
- Difc, Dubai
- London
- Miami, FL
- New York, NY
- San Francisco, CA

### Websites listed on Form ADV (Item 1.I)
- thomabravo.com
- LinkedIn @thoma-bravo
- X @thomabravo
- YouTube @thoma-bravo

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $78,106,400,000 | 130 | August 30, 2021 |
| October 2022 | $105,805,500,000 | 174 | July 8, 2022 |
| October 2023 | $121,197,500,000 | 212 | March 31, 2023 |
| October 2024 | $137,680,800,000 | 224 | May 21, 2024 |
| October 2025 | $151,903,200,000 | 223 | March 28, 2025 |
| October 2026 | $182,937,300,000 | 246 | March 31, 2026 |

Regulatory assets under management: $78,106,400,000 in the October 2021 data and $182,937,300,000 in the October 2026 data, up 134%.
Total employees: 130 in October 2021 and 246 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 93 to 89.
- Regulatory assets under management went from $151,903,200,000 to $182,937,300,000 (+20%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Thoma Bravo (CRD 157041): Form ADV filing data as of October 2026.