Breaking down the stocks Orlando Bravo (Thoma Bravo) bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Thoma Bravo's 13F filed on January 28, 2026.
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.
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Q4 '25 13F filed with SEC
Holdings in Q4 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SailPoint | 95.4% | $9.71B | ||
| NABL | N-able | 3.7% | $374.68M | |
| TTAN | ServiceTitan | 0.9% | $93.34M | |
| MLNK | MeridianLink | 0.0% | Exited | $-576.62M |
Current Investment Strategy
Thoma Bravo maintained its highly concentrated public equity portfolio in Q4 2025, anchored by dominant stakes in enterprise software companies including identity security leader SailPoint, IT services provider N-able, and field service management platform ServiceTitan, while exiting its position in MeridianLink. The private equity giant continues to deploy its signature buyout-to-public-markets playbook, taking mission-critical B2B software companies private for operational transformation before returning them to public markets—as demonstrated by SailPoint's February 2025 IPO that raised $1.38 billion at a $12.8 billion valuation.
New Investments
Thoma Bravo did not open any new positions during Q4 2025.
Added, Trimmed, and Exited
Added
Thoma Bravo did not add to any existing positions during Q4 2025.
Trimmed
Thoma Bravo did not trim any existing positions during Q4 2025.
Exited
Thoma Bravo fully liquidated its position in MeridianLink (MLNK), selling all 28,932,388 shares previously valued at approximately $577 million.
What it means: This exit aligns with Thoma Bravo's typical private equity playbook of acquiring software companies, driving operational improvements, and eventually exiting positions once value creation targets are achieved. MeridianLink, a cloud-based lending software provider, was taken private by Thoma Bravo in 2023, and this complete liquidation suggests the firm has successfully concluded its investment thesis for the company—likely through a sale or other exit event. This move keeps the portfolio highly concentrated in its remaining core holdings: SailPoint, N-able (NABL), and ServiceTitan (TTAN), with SailPoint continuing to dominate as the overwhelming majority of the public equity portfolio.
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.
