Key Takeaways
- Geography: United States.
Analysis
Thoma Bravo is strengthening its private credit platform by welcoming Jeff Levin and Kunal Soni as partners. Levin also takes the helm as head of Thoma Bravo Credit, signaling a formal escalation of the platform's growth strategy.
Both executives arrive from top-tier private credit pedigrees: Jeff Levin was a founding member of Morgan Stanley Investment Management's Private Credit franchise and most recently Co-Head of its North America Private Credit platform, with responsibilities spanning portfolio management, U.S. Direct Lending and governance of the investment committee. Kunal Soni, formerly Head of the Western Region and Technology Lending for Morgan Stanley’s Private Credit business, also led Western Direct Lending initiatives at Carlyle Group.
Since inception in 2017, Thoma Bravo Credit has deployed upwards of $25 billion across more than 100 transactions, and it closed Thoma Bravo Credit Fund III earlier this year, underscoring robust investor demand for private credit solutions in software-enabled growth companies.
Industry dynamics are favorable: private credit has emerged as a core liquidity channel for mid-market platforms, with institutional demand driving steady fund inflows and diversified risk profiles. As borrowers seek longer tenors and flexible capital, specialized credit platforms tied to sector-focused sponsors—like Thoma Bravo—are well-positioned to capture opportunistic, tech-enabled opportunities across cycles. The leadership expansion is expected to broaden origination, structuring and underwriting capabilities and unlock cross-sell opportunities for portfolio companies and investors alike.
Orlando Bravo, a founder and managing partner, notes that private credit's role in supporting growth and diversification is rising, and the additions will help deliver broader services and compelling opportunities for investors and borrowers.
As of mid-2025, Thoma Bravo reports approximately $181 billion in assets under management, with a global footprint across Chicago, Dallas, London, Miami, New York and San Francisco.