The Changing Face of PE

The private equity market has changed greatly over the three decades that Carl Thoma, Managing Partner of Thoma Bravo, has been in the business. In a Privcap interview, Thoma describes why and how his firm transitioned from a financially focused investor to one that deploys operating partners as “coaches and mentors” for portfolio company executives. He also discusses his firm’s preference for sticking with original management post-acquisition and analyzes the increasing competitiveness in the buyout world.