Thoma Bravo Hires Smith as Partner on $1B Discover Fund

Aug 17 2016 | 10:49pm ET

Private equity giant Thoma Bravo has hired former HGGC executive Hudson Smith as a partner. 

Smith will initially work on the $1 billion Thoma Bravo Discover Fund, sourcing and managing lower middle market software investments, according to the company. Established in 2015, the fund enables Thoma Bravo to partner with management teams at smaller, growing companies that benefit from the firm's experience and expertise in software. The fund launched with $1.07 billion in February 2016

Smith joins Thoma Bravo from $2.4 billion middle-market PE firm HGGC, where he directed the firm's investments in the technology industry. Beforehand, he was a consultant at Bain & Co and an investment banker at Lincoln International LLC. 

"Hudson's proven track record of investment success is a testament to his deep knowledge of the software and technology industries," said Orlando Bravo, a managing partner at Thoma Bravo, in a statement. "We are looking forward to having Hudson on our team to help build and grow the Discover portfolio beyond the success that it has already seen."

Thoma Bravo is an investment specialist in the software and technology industries, and has completed approximately 140 software and technology-enabled services acquisitions since 2003, according to the statement. The firm is currently completing the investment of its flagship vehicle, Thoma Bravo Fund XI, which focuses on middle market and large software opportunities. 

Thoma Bravo is led by managing partners Seth Boro, Orlando Bravo, Scott Crabill, Lee Mitchell, Holden Spaht and Carl Thoma; as well as partners Rohde and Robert Sayle.

Based in Chicago and San Francisco, the firm traces its lineage to a predecessor firm founded in 1980 by Stanley Golder and Carl Thoma.  The firm currently manages a series of private equity funds representing more than $17 billion of cumulative committed capital. 


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