Thoma Bravo secures leeway from backers to hand slice of PE deals to other investors
US software-focused private equity group negotiated broad carve-out in recent funds’ terms
US software-focused private equity group negotiated broad carve-out in recent funds’ terms

Firm’s co-founder Orlando Bravo tells FT that sector sell-off is creating a ‘huge buying opportunity’

Examples of assets shunted from one continuation vehicle into another are dribbling out

Investors question if some institutions rubber-stamp deals that could benefit other businesses

And the public private assets paradox

The sector’s pitch has worked but the next challenge is persuading investors to stay

Flood of money into evergreen vehicles has meant 7.5% share carved out in fund terms no longer sufficient