About This Fund
Thoma Bravo Discover Fund V is the fifth installment in Thoma Bravo’s mid-market buyout series, focusing on control investments in software and technology-enabled services companies. Launched in October 2023, the fund reached a final close of $8.1 billion in mid-2025, surpassing its $7 billion target. This demonstrates continued investor confidence in Thoma Bravo’s ability to identify and scale mid-sized enterprise software firms.
The fund follows Thoma Bravo’s proven “buy-and-build” strategy, emphasizing operational improvements and strategic add-on acquisitions. Discover Fund V targets founder-led companies with low EBITDA margins—typically between 5% and 10%—and aims to expand those margins to approximately 40% through value creation initiatives and consolidation.
Discover Fund V is focused on the technology, media, and telecommunications (TMT) sectors, with a primary geographic focus on North America. Target companies generally have enterprise values between $500 million and $3 billion, fitting within Thoma Bravo’s strategic mid-market mandate.