Orlando Bravo on Building Thoma Bravo: Journey, Mentorship & Software Investment

Early Life and Stanford Journey

• 💡 Orlando Bravo's journey began in a small coastal town in Puerto Rico, moving to Florida at 15 to attend a prestigious tennis academy.
• 🎾 Tennis taught him humility and a winning mindset, emphasizing that success requires figuring out how to win regardless of external factors.
• 🎓 At Stanford GSB, he pursued both a JD and MBA, valuing the personal connections made with his future wife and best friends.
• ⚠️ Faced early career rejection when he didn't receive a return offer from a summer private equity internship, learning the importance of persistence.

Mentorship and Thoma Bravo's Genesis

• 🔑 Carl Thoma became a pivotal mentor, instilling ethical principles and a focus on value investing.
• 📉 After early failures in the dot-com bust, Carl Thoma gave him a second chance, teaching him to avoid similar high-risk mistakes.
• 🛠️ Marcel Bernard, an operational mentor, taught him to restructure businesses by focusing on 20% cost reductions and aligning with existing management.
• 🚀 Thoma Bravo pioneered software buyouts, a then-unconventional strategy, by focusing on recurring revenue and restructuring businesses for profitability.

Growth, Philosophy, and Impact

• 📈 Thoma Bravo grew from $1 billion to nearly $200 billion in assets under management by consistently applying its core philosophy: get the money, win the deal, and improve the deal.
• 🎯 Bravo emphasizes doing your own thing and maintaining a hands-on approach, staying grounded despite the firm's massive growth.
• 🇵🇷 Following Hurricane Maria, Bravo initiated relief efforts in Puerto Rico, demonstrating entrepreneurial problem-solving in a crisis.
• 🌱 Established the Bravo Family Foundation to foster entrepreneurship in Puerto Rico, applying Thoma Bravo's playbook to create a local ecosystem for young adults.

Future Outlook and Key Lessons

• 📊 Believes the **private equity industry is still