Broker-dealer firm · Chicago, IL
Thoma Bravo
Thoma Bravo, L.P. · SEC-registered investment adviser · CRD 157041 · SEC 801-73780
At a glance
Thoma Bravo is an SEC-registered investment adviser based in Chicago, Illinois, with $182.9 billion in regulatory assets under management as of its Form ADV filed March 31, 2026. Its largest client group by assets is pooled investment vehicles. By Form ADV it is a broker-dealer firm, ranked 18th of 391 broker-dealer firms and 147th of 17,210 SEC-registered advisers by assets.
Main office 312-254-3300thomabravo.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $183B
- Rank among broker-dealer firms
- #18 of 391
- Rank among all SEC RIAs
- #147 of 17,210
- Rank in Illinois
- #11 of 684
- Clients
- 153
- Accounts
- 153
- Discretionary
- 100% of AUM
- Employees
- 246
- Advisory staff
- 89
- Offices
- 7
Owners and executives on its Form ADV
- Orlando N. BravoManaging Partner / Limited Partner
- Samuel S. CrabillManaging Partner / Limited Partner
- Lee M. MitchellManaging Partner / Limited Partner
- Amy L. RedenbaughManaging Director, Chief Financial Officer
- Carl D. ThomaManaging Partner / Limited Partner
- Seth J. BoroManaging Partner / Limited Partner
- Paul H. SpahtManaging Partner / Limited Partner
- Steven A. SchwabManaging Director, General Counsel and Chief Compliance Officer
- Jennifer J. AlperManaging Director, Chief Operating Officer, Head of Investor Relations & Marketing
- Gerald T. NowakManaging Director, Chief Administrative and Legal Officer
Custody and brokerage
Custodian
Thoma Bravo’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.
Broker-dealer
Hybrid RIA
Thoma Bravo is a hybrid RIA: 18 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Thoma Bravo Capital Markets, LLC.
- Thoma Bravo Capital Markets, LLC ↗CRD 311317
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Pooled investment vehicles | 153 | $183B | 100% |
Private funds
Thoma Bravo reports 151 private funds with $183B in gross assets: hedge funds, private equity funds (Form ADV Item 7.B).
Disciplinary disclosures
Thoma Bravo reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Other services
How it’s paid
- A percentage of assets under management
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗thomabravo.com ↗
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The full record on Thoma Bravo
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 30 peers of its type and size
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- Owners and executives, with titles and stakes
- 10 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
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Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does Thoma Bravo manage?
Thoma Bravo reports $182.9 billion in regulatory assets under management across 153 accounts, 100% of it on a discretionary basis, on its Form ADV filed March 31, 2026.
What kind of firm is Thoma Bravo?
Thoma Bravo is a broker-dealer firm by its Form ADV answers. The firm is itself registered as a broker-dealer as well as an investment adviser.
Who are Thoma Bravo’s clients?
By assets, its largest client types are pooled investment vehicles ($182.9 billion, 153 clients).
Does Thoma Bravo manage private funds?
Yes. It reports 151 private funds with $182.9 billion in gross assets, including hedge funds, private equity funds.
Does Thoma Bravo have any disciplinary history?
Thoma Bravo reports no disciplinary disclosures in Item 11 of its Form ADV. Check the SEC’s adviser search for the latest record.
Where these numbers come from
Every figure is Thoma Bravo’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-03-31), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →