Dry Powder: The Private Equity Podcast
Exit Strategies w/ Thoma Bravo’s Holden Spaht
May 7, 2024
Thoma Bravo’s leading enterprise software investor discusses exit strategies, bid-ask spread challenges, impact of interest rate spikes on valuations, competitive deal structures, efficient debt markets, software's superior business model, evolution of strategic exits in software industry, cloud computing impact, proactive company sourcing, and transformative partnerships in private equity.
11:57
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Quick takeaways
- Focus on strategic exits and quality investments leads to stable valuations even in volatile markets.
- High-profit-margin software companies show stability, emphasizing the importance of quality investments for long-term value creation.
Deep dives
Navigating Exits and Bid-Ask Spread
Tomar Bravo focuses on navigating the bid-ask spread challenge in exiting investments. Despite market volatility, building strong companies like Adenza has attracted strategic buyers like Nasdaq. The company's focus on quality over revenue growth resulted in stable valuations even in challenging market environments. High-profit-margin software companies have shown less volatility, emphasizing the importance of strategic exits and quality investments.
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