All-In with Chamath, Jason, Sacks & Friedberg How Orlando Bravo Built One of the Most Successful Firms in Private Equity
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Oct 15, 2025 
Orlando Bravo, founder of Thoma Bravo, shares his inspiring journey from Puerto Rico to leading a top private equity firm. He discusses the unique strategies behind his firm's success, including their focus on software and technology. Bravo addresses misconceptions about private equity and highlights the transformative role it plays in businesses. He dives into deal-making tactics, the importance of mentorship, and the careful assessment of leadership post-acquisition. Additionally, he reflects on Puerto Rico's identity and the allure of remaining private over going public.
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Keep The Team Small
- Keep your firm small to avoid internal focus and stay outward facing on deals and operations.
- Prioritize mentorship and direct contact between senior leaders and the next generation of partners.
PE Has Become A Growth Investor
- Private equity now functions largely as a growth investor, especially in software, with returns driven by terminal value appreciation.
- Modern PE deals in SaaS generally use far more equity and less leverage than old-school leveraged buyouts.
Underwrite AI Risks Carefully
- Treat AI as a major, evolving risk and continuously update due diligence and learning across the firm.
- Avoid touching areas where AI disruption is unclear until you deeply understand the ROI for enterprise customers.