Breaking down the stocks Orlando Bravo (Thoma Bravo) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Thoma Bravo's 13F filed on August 04, 2025.
Who are Orlando Bravo and Thoma Bravo?
Orlando Bravo is the founder and managing partner of Thoma Bravo (commonly referred to as Thoma Bravo). The firm is known for its highly concentrated public equity portfolio, typically consisting of 3-5 stocks, with the top holding comprising over 90% of assets, and minimal cash holdings as it deploys capital into strategic software investments. His investment strategy is a growth-oriented private equity buyout approach specialized in software and technology, emphasizing value creation through operational improvements, strategic partnerships, and targeted acquisitions to transform companies into industry leaders. Bravo focuses on innovative companies in sectors like enterprise software, cybersecurity, and tech-enabled services that can achieve massive scale and long-term compounding, with strong qualitative factors like recurring revenue streams, high margins, defensible moats, market-leading positions, resilient business models, and alignment with secular trends such as digital transformation and AI adoption.
Thomabravo.com
Thoma Bravo on X
Orlando Bravo on X
Q2 '25 13F filed with SEC
Holdings in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SAIL | SailPoint | 91.7% | $10.97B | |
| MLNK | MeridianLink | 3.9% | $469.57M | |
| NABL | N-able | 3.4% | $405.73M | |
| TTAN | ServiceTitan | 0.9% | $111.37M | |
| NDAQ | Nasdaq | 0.0% | Exited | $-3.25B |
| SWI | SolarWinds | 0.0% | Exited | $-926.68M |
| CYBR | CyberArk Software | 0.0% | Exited | $-386.18M |
Current Investment Strategy
Orlando Bravo's Thoma Bravo maintained its ultra-concentrated software strategy in Q2 2025, holding just four positions across identity security leader SailPoint, digital lending platform MeridianLink, MSP remote monitoring provider N-able, and field service management software ServiceTitan, while exiting Nasdaq, SolarWinds, and CyberArk Software. The firm's portfolio reflects its hallmark approach of backing high-margin, recurring-revenue software businesses in enterprise infrastructure, cybersecurity, and vertical-specific SaaS markets with defensible competitive positions and operational improvement potential.
New Investments
Thoma Bravo did not open any new positions during Q2 2025.
Added, Trimmed, and Exited
Added
Thoma Bravo did not initiate any new positions or add to existing holdings during Q2 2025.
What it means: The firm maintained disciplined capital allocation, opting not to deploy the proceeds from its significant liquidations into new public equity positions. This suggests Thoma Bravo may be redirecting capital toward private investments or waiting for more attractive entry points in public markets.
Trimmed
Thoma Bravo did not reduce any existing positions during the quarter; all four common holdings maintained identical share counts.
What it means: The firm demonstrated conviction in its remaining portfolio companies—SailPoint (SAIL), MeridianLink (MLNK), N-able (NABL), and ServiceTitan (TTAN)—despite liquidating other positions. This selective approach indicates these holdings remain core to the firm's investment thesis around software and technology businesses with strong operational characteristics.
Exited
Thoma Bravo completely liquidated three positions: Nasdaq (NDAQ) worth $3.25 billion, SolarWinds (SWI) valued at $926.7 million, and CyberArk Software (CYBR) at $386.2 million, totaling approximately $4.56 billion in exits.
What it means: These exits represent significant capital realization events, likely driven by the firm's private equity playbook of harvesting mature investments after value creation. The Nasdaq exit in particular—representing the largest position—suggests Thoma Bravo achieved its target returns on what was previously a dominant holding. These liquidations reduced the public portfolio from $12 billion to $10 billion, concentrating exposure even further in SailPoint, which now represents an even larger share of public holdings. This portfolio simplification aligns with the firm's strategy of maintaining a highly concentrated public equity book while rotating capital back into private buyout opportunities.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
