Orlando Bravo is no ordinary financier. Born in Mayagüez, a small port town in Puerto Rico, he embodies the American dream revisited. His path, punctuated by decisive encounters and a pragmatic investment philosophy, led him to become the first billionaire in history to hail from Puerto Rico. Yet behind his firm's impressive figures lies a meticulous investment method, patiently developed over decades.
Thoma Bravo's DNA: Buyout with a tech twist
Thoma Bravo's history dates back to the 1980s, when Carl Thoma, one of the pioneers of private equity, co-founded the company. But it was in the 2000s, with the arrival of Orlando Bravo at the helm, that the company took a radically different direction.
At a time when the dot-com bubble had just burst and the technology sector was in the midst of a crisis of confidence, Bravo saw a unique opportunity: software companies, often undervalued and unprofitable at the time, represented a goldmine for patient, well-informed investors.
"Our entry into the software business was almost accidental," Bravo tells Altaroc in an exclusive interview from his Miami office. "We did one of the first take-privates in the industry at the time, and it worked. We've done it again and again.
The success is there for all to see. Today, Thoma Bravo has become one of the largest private equity managers specializing in software, with over $166 billion in assets under management and a portfolio that includes giants such as McAfee, Coupa and Sophos.
A three-act philosophy: partners, acquisitions, performance
Orlando Bravo's approach to investing is simple, but highly effective. His credo rests on three pillars:
1. build lasting relationships with partners ;
2. acquire strategic software companies ;
3. improve their operational performance.
"Everything we do is based on these three elements," explains Bravo. "If we have the right partners, buy the right companies, and help them perform better, the rest will follow."
This pragmatism is coupled with a long-term vision. Thoma Bravo does not simply cut costs to improve the immediate profitability of its acquisitions. The manager adopts a "Buy and Build" strategy, consolidating fragmented sectors to create market leaders capable of evolving over the long term.
The secret recipe: tight governance and key mentors
While Orlando Bravo readily refers to his Puerto Rican origins as a source of humility, he attributes much of his success to two mentors who had a profound impact on his career.
The first was Carl Thoma, the firm's co-founder, who taught him the fundamentals of investing: patience, discipline and ethics. " Carl taught me that private equity is all about values," says Bravo. "He instilled in me the idea that a good investment is measured not just by its return, but by the way it is made."
His second mentor was Marcel Bernard, a former Motorola executive, who taught him the nuts and bolts of running a technology company.
Under their influence, Bravo has developed a strict and rigorous governance style. Companies acquired by Thoma Bravo are monitored on a weekly basis, with every performance indicator under the microscope. This intense involvement enables the firm to quickly identify areas for improvement and implement changes when necessary.
A unique corporate culture: zero departures in 25 years
But what really sets Thoma Bravo apart from other private equity firms is its corporate culture. In 25 years, it has never lost a single partner.
This exceptional stability is based on a culture of collaboration and mutual respect. Thoma Bravo's partners have been working together for almost two decades, enabling them to make collegial decisions based on deep trust and a mutual understanding of their objectives.
"We operate in a very collaborative way," explains Bravo. "We make decisions together, and that creates a very strong sense of belonging."
And this approach is bearing fruit: the manager has recorded remarkable performances, with an internal rate of return (IRR) regularly exceeding 20%, well above industry standards.
From Puerto Rico to Wall Street: the path of a visionary
Orlando Bravo's trajectory is that of a man who has never forgotten his roots. Born into a modest family, he has always been deeply grateful to those who helped him progress.
"Every stage of my life has been a special moment," he confides. "Even today, every acquisition we make is unique and carries with it extraordinary potential."
This humility, combined with an unwavering investment vision, makes Orlando Bravo a role model for a whole new generation of investors.
As the technology sector continues to evolve at high speed, Thoma Bravo looks set to capitalize on the next big trends, while staying true to its proven strategy: buy solid software companies, improve their performance and resell them at a significant capital gain.
In a sector often perceived as opaque and ruthless, Bravo proves that it is possible to combine financial performance with human values.
As he likes to say: "Private equity is all about people. Companies are the people who make them run."
In an exclusive interview with Altaroc, Orlando Bravo looks back on his career and gives us a detailed introduction to Thomas Bravo.
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