Polish off the résumé. Chicago’s Thoma Bravo is joining the Miami migration.
Private equity firm Thoma Bravo is joining the growing list of out-of-town firms migrating to South Florida.
The company hopes to open a Miami office in the second half of 2021, according to Orlando Bravo, the co-founder and managing partner of the Chicago-headquartered firm. The firm also expects to hire local talent but is uncertain how many jobs it will fill here.
Bravo launched the firm about 20 years ago by investing in start-up software companies.
The firm has a total of 114 employees between its Chicago and San Francisco locations. Miami will be the company’s first East Coast outpost. Some of its current employees, including firm partner Chip Virnig, are relocating to Miami, Bravo said by email.
He said Miami appealed to the company because of its growing business community and diverse population. “Miami is an amazing city with one of the most vibrant and fast-growing technology and business communities in the U.S. A key factor behind our decision to open an office in Miami is the ability to tap into diverse local talent.”
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HEC-Dow Jones heralded the company as one of the world’s highest performing private equity firms consecutively starting in 2017. Thoma Bravo continues to grow its 40-company portfolio through acquisitions including real estate software company RealPage, which it bought last year for $9.6 billion.
In January, Bravo and his wife Katy Bravo bought Phil Collins’ Miami Beach house for $39.25 million. They own homes in New York, California, Palm Beach and in Orlando Bravo’s native Puerto Rico. The couple has three children.
A stream of out-of-state firms began searching for office space in Miami last fall. The calls and tours soon turned into new leases, including with Blackstone, Ireland-headquartered tech firm R&D and another half-dozen tech and financial firms. Many more are pondering moves, reportedly including Microsoft.
The new arrivals are driving residential sales activity, especially for luxury single-family homes.
Thoma Bravo is here to stay, Bravo said by email. “Miami has a flourishing investment community. Thoma Bravo looks forward to further driving innovation and growth in the city now and for years to come.”
This story was originally published February 2, 2021 at 7:00 AM.
