Thoma Bravo Credit Fund?
Thoughts on TB Credit? Seems to have solid leadership under Oliver Thym but am curious on others thoughts (comp, reputation, exit opps, lifestyle, culture, credit folks in Miami?, etc.). Do they focus more on LMM junior debt software deals or unitranche?
Bravo > Vista?
I don’t know about that. Vista is a beast in the tech space.
Ok. Would agree that Vista credit is more active / notable than Thoma Bravo. Didn’t even know Bravo had a credit fund.
Bumping
Big unitranche stuff. Compete against Blue Owl (formerly Owl Rock), AB, Vista, etc.
Very important to note that TB credit is still new (raised $750mm in 2018, then were raising $1billion in 2019/2020 I never saw a close announcement). Also it is often, at least at first, to collect some of the economics, but not all. I.e. TB credit invested in Medallia (announced today), but BX led it and collected $1.7bn of the quantum for itself. Often need the lead to be someone else that is credible (i.e. Owl Rock, BX etc.) to validate the quantum, pricing of debt etc. (establish independence) and then they can participate in own deals. Same reason you need / want a pipe in SPACs
Thank you. SBed. Have you heard anything on comp, culture, etc? Are the credit folks in Miami?
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