IRR
-1.6%
Multiple
0.99x
DPI
0.05x
Size
$24.3B
Vintage
2022
RETURN GRADE:UNDERWATERLOW DISTRIBUTIONSBELOW COST
MARK VS PUBLIC MARKET
How does the GP's self-reported return compare to simply buying the S&P 500 at the same vintage?
Thoma Bravo Fund XV
-1.6% IRR
~-6% total return over 4 yrs
S&P 500 (2022 vintage)
-2%
Total return, 2022 to present
VERDICT: GP marks trail the S&P 500 by ~4pp. LPs paid 2/20 for underperformance.
Notes
Invested at peak 2021 valuations. Software-focused.
ALL RETURNS ARE SELF-REPORTED BY GP MARKS — NOT AUDITED, NOT MARK-TO-MARKET