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      Dry Powder: The Private Equity Podcast

      Exit Strategies with Thoma Bravo’s Holden Spaht

      Thoma Bravo’s leading enterprise software investor explains how the firm continues to find exit opportunities and source new deals.

      By Hugh MacArthur

      Podcast

      Exit Strategies with Thoma Bravo’s Holden Spaht
      en

      On the previous episode of Dry Powder, Holden Spaht, a managing partner at Thoma Bravo, told us why he remains so bullish on the tech sector. On today’s episode, we turn our attention to exit strategies. I ask Holden how his team has been navigating the bid-ask spread problem and finding opportunities to exit.

      You can listen to this episode of Dry Powder and catch future episodes by subscribing on Apple Podcasts, Google Podcasts, Spotify, or wherever you may listen.

      “Last year, including some stock that we took back in Nasdaq, we returned $13 billion to our investors,” Holden says. “It was more than double what we invested.”

      We also discuss where Thoma Bravo is looking for new deals and why Holden no longer sees tech as a sector of the economy. In his view, it’s a superior play across the economy.

      MORE PODCASTS

      The Private Equity Podcast

      In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.

      Authors
      • Headshot of Hugh MacArthur
        Hugh MacArthur
        Partner, Boston
      Contact us
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      When the Dam Breaks on Tech Deals with Thoma Bravo’s Holden Spaht

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      In part two of our interview with Gryphon’s co-CEO, we discover why his $11 billion firm built a 40-person ops team—something most middle-market firms wouldn’t even contemplate.

      Read More
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      Private Equity Outlook 2026: Gaining Traction

      Deal and exit value surged reassuringly in 2025 in a narrow recovery powered by megadeals.

      Read More
      Published in May 2024
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