A.J. Rohde

A.J. Rohde is a Senior Partner at Thoma Bravo, one of the largest and most prominent software-focused private equity firms in the world. He joined the firm in 2010 as a Vice President after beginning his career at Ford Motor Company in Irvine, California, and subsequently working in investment banking at Jefferies & Company and Saban Capital Group in Los Angeles, where he focused on media and technology transactions. His early career in investment banking gave him deep expertise in deal structuring and sector-specific valuation across technology and media.

At Thoma Bravo, Rohde has been instrumental in expanding the firm's investment platforms and global reach. He played a pivotal role in founding and currently leads the Discover platform, which focuses on middle-market software and technology companies, growing it to over $7 billion in assets under management across 19 portfolio companies. He also founded and oversees the firm's Europe platform, extending Thoma Bravo's reach into international markets. In January 2021, he was promoted to Senior Partner, a newly created position reflecting his outsized contributions to the firm's growth and leadership. He sits on the firm's Investment Committee for all funds.

Rohde holds a B.A. in Economics from Villanova University, where he was captain of the Division I tennis team, and earned his MBA from the University of Chicago Booth School of Business. He is active in philanthropy as co-founder of the Rohde Family Foundation, which supports children and families in need, and serves as a board member and former treasurer of the MarinHealth Foundation. He is a member of the Booth Polsky Private Equity Council and serves on the Villanova Athletics campaign committee.

Rohde's investment strategy centers on middle-market software and technology companies with strong fundamentals. He targets businesses exhibiting double-digit revenue growth combined with the potential for 50% EBITDA margins. His approach applies Thoma Bravo's hallmark operational playbook, including buy-and-build strategies, to accelerate growth and margin expansion in portfolio companies.

Rohde has articulated a clear perspective on vertical B2B marketplaces, noting that "these vertical marketplaces kind of become monopolies" with low revenue volatility, making them ideal candidates for private equity investment. He emphasizes the importance of platform neutrality, observing that PE firms are natural owners because "the moment that there is a captive buyer in an industry, the neutrality element goes away." He advises founders to prioritize the demand side (OEMs) in their go-to-market strategy, as this approach enables them to "get a lot more pop with a lot less work."

He cautions portfolio companies and entrepreneurs against premature product sprawl, warning against building too many products too soon. He has observed companies with 30+ modules generating revenue from only three, representing lost focus and capital inefficiency. His investment focus spans application software, infrastructure software, security software, and technology-enabled services.