Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.US private equity group Thoma Bravo has raised its first dedicated European fund, as one of the industry\u2019s most prolific investors hunts for software takeovers that are less pricey and competitive than in its home market.The firm said on Tuesday that it had closed a \u20ac1.8bn fund for regional software deals, after establishing a London office in 2023. While the firm has deployed \u20ac14bn of cash across deals in Europe during the past 14 years \u2014 including high-profile transactions like the buyout of the UK cyber security group Darktrace \u2014 the new fund cements its strategy in the region.\u201cWe think Europe is better value,\u201d said Irina Hemmers, a partner at Thoma Bravo who leads its Europe office.Particularly in software, where the firm has carved out a niche, \u201cthe market isn\u2019t as crowded as in the US\u2009.\u2009.\u2009.\u2009the ability for us to differentiate is even greater,\u201d she said in an interview with the Financial Times. Thoma Bravo\u2019s European presence is modest compared with its overall $166bn in assets under management. The group has about 10 staff in Europe, including seven members of the investment team, out of about 100 investors globally, Hemmers said.The new Europe fund will focus on mid-market software deals with enterprise values of between \u20ac150mn and \u20ac1bn, Hemmers said, with an emphasis on risk and compliance, healthcare, and tools for chief financial officers. Last year, Thoma Bravo closed its \u20ac400mn buyout of German corporate compliance group EQS.The European push comes as some investors say US technology stocks are overvalued, offering few opportunities for substantial gains.Hemmers cautioned that the macroeconomic outlook for Europe was still challenging, but that the software sector had fared better as bigger companies pushed to automate and digitise their operations.\u201cThe macro context is not great and I think that\u2019s why a lot of generalist investors are down on Europe,\u201d she said. \u201cSoftware is somewhat isolated from that.\u201dIn the US, Thoma Bravo is set for a $4bn windfall after the initial public offering of cyber security specialist SailPoint in a transaction that would mark a large gain from a takeover struck at the height of the pandemic dealmaking frenzy. Hemmers said that the US market for new listings was ahead of Europe, where many private equity groups are hoping for a revival that will allow them to exit some of their record unsold assets.\u201cWe\u2019re all watching the IPO markets hopefully opening,\u201d she said. \u201cWe still need to see evidence about the European markets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.US private equity group Thoma Bravo has raised its first dedicated European fund, as one of the industry\u2019s most prolific investors hunts for software takeovers that<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-220244","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/220244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=220244"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/220244\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=220244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=220244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=220244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}