Thoma Bravo expands credit team with key Morgan Stanley hires - InforCapital

Chicago-based private equity firm Thoma Bravo has made a significant move to expand its private credit business by recruiting two senior executives from Morgan Stanley’s private credit division. The firm has appointed Jeff Levin and Kunal Soni, both of whom bring extensive experience in direct lending and technology-focused credit strategies.

Levin previously served as Head of Direct Lending and Co-Head of North America Private Credit at Morgan Stanley. He also held the role of CEO at Morgan Stanley Direct Lending Fund, the firm’s business development company (BDC). Soni, on the other hand, managed Direct Lending for the Western US and specialized in technology sector deals.

The move comes just months after Thoma Bravo closed its third credit fund in January, amassing $3.6 billion in capital, including leverage. The firm’s private credit platform is centered on senior secured loans to software and tech-enabled service companies—a strategy that has gained momentum amid tighter bank lending and growing demand for flexible capital.

Levin’s exit from Morgan Stanley was made public earlier this month via a regulatory filing, which also named Michael Occi as the new CEO of the BDC. The transition signals a broader reshuffle within the investment bank’s credit team as several firms compete to attract top-tier talent.

The hires reflect a broader industry trend, as other major private equity firms like Blackstone and Apollo Global Management also continue expanding their private credit divisions. In July, Blackstone raised $10 billion for its latest private credit strategy, and Apollo closed a $6 billion fund focused on senior secured lending in technology and healthcare.

Thoma Bravo’s aggressive expansion into private credit positions it as a formidable player in enterprise lending, particularly at a time when traditional banks are pulling back due to regulatory pressure. The addition of Levin and Soni is expected to bolster origination capabilities and deepen the firm’s reach in North America’s tech-heavy markets such as Silicon Valley, Austin, and Toronto.

With increasing investor appetite for high-yield, lower-risk private debt, Thoma Bravo’s strategic hires signal confidence in the long-term viability of direct lending—especially in high-growth industries that require nimble and tailored financing solutions.