Two weeks later Bravo took to Twitter again. “Amazing how some miss the whole point that cryptocurrencies are backed by something so much more valuable - a decentralized system of ultimate trust.”
“A professor doesn’t believe in #crypto because these currencies aren’t backed by the ‘trust’ of a ‘bank’ or ‘government,’ Bravo tweeted on October 26. He’s been on a quick pace since then on social media, firing off enthusiastic public messages about cryptocurrencies, the underlying blockchain technology that supports them, and the creation of digital tokens for secure transactions.
29, when he shared a link to a talk he gave at a Wall Street conference. “How could you not love crypto?” Bravo tweeted on Sept. On the other hand, Bravo spent much of this past fall tweeting about his joy of cryptocurrencies. Jamie Dimon, CEO of JPMorgan Chase & Co., JPM, +4.01% the nation’s biggest bank, recently called bitcoin “worthless.” Paul Singer, who runs one of the largest hedge funds, has said cryptocurrencies will rank as “one of the most brilliant scams in history.” Berkshire Hathaway’s vice chairman, Charlie Munger, has called bitcoin a “currency that’s useful to kidnappers and extortionists.” This spectacular track record has made Bravo a highly visible member of Wall Street, where many billionaire leaders of other big institutions continue to frown on cryptocurrencies, which recently carried a market capitalization of $2.2 trillion, according to CoinMarketCap. Last year, the widely followed HEC-Dow Jones ranking listed Thoma Bravo as the industry’s sixth-best performing private equity firm. The flagship fund Thoma Bravo raised in 2012 has posted a net internal rate of return of 38.8% as of Sept. The long-term numbers are equally impressive. In just the last two years, Thoma Bravo has generated an incredible $29 billion in cash and public stock value on $7 billion invested.
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In September, Thoma Bravo’s assets under management reached $91 billion, doubling in size in two years and outpacing the most recent figures from the other big private equity software and technology specialists, Vista Equity Partners ($81 billion) and Silver Lake ($88 billion). He commands a portfolio of more than 50 software companies that employ 72,000 people and generate combined annual revenues of $21 billion, including control and non-control investments. “This was an example for me of stopping and thinking deeper and broader about a new movement that was currently not applying to us, but I now feel will be applicable in a big way for Thoma Bravo.”Īt the age of 51, Bravo runs Thoma Bravo, which has used a groundbreaking approach to software buyouts to arguably become the hottest private equity firm on the planet. “When I’d socialize, I would come across young people who were heavily involved in crypto projects of all kinds and I learned from the ground up,” says Bravo.
Without any in-person meetings to attend, Bravo spent a lot of time talking randomly to people about bitcoin BTCUSD, +1.92%, particularly around Dorado Beach, named for the Spanish word for “golden,” just 23 miles west of the capital of San Juan. Wandering around in flip flops on sandy stretches of Caribbean coastline on Puerto Rico’s north shore, Bravo found that many of the people he met were passionate about cryptocurrencies and eager to share their views. Orlando Bravo, the billionaire chief of private equity firm Thoma Bravo, had left San Francisco to spend the first months of the pandemic on the island where he grew up. While the nation was in lockdown mode in the spring of 2020, the nation’s most successful private equity software investor found himself in Puerto Rico with nothing to do.
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