Another: $73B Private Equity Firm Announces Miami Office To Tap Into Region’s Growing Tech Community

Miami has landed another big investment company – and its billionaire founder has purchased a home here.

Thoma Bravo, a private equity firm with more than $73 billion in assets under management, announced it is opening an office here in the second half of 2021.

The company said it hopes to tap into Miami’s “rich and growing community of tech entrepreneurs.”

“The office will not only reinforce our presence in the U.S., but will also serve as the firm’s first foothold on the East Coast, providing a gateway to other national and global markets,” Bravo said.

The company has not yet finalized an exact location for the office, a spokesperson told The Next Miami.

Some current employees of the firm will relocate, while others will be recruited here.

“We are thrilled to expand our business to this vibrant city as it rapidly evolves into a major financial and technology hub,” said Chip Virnig, a Partner at Thoma Bravo. “We are proud to join Miami’s flourishing investment community and look forward to further driving innovation and growth in the city.”

Orlando Bravo, the billionaire founder of the firm, purchased a home on North Bay Road for $39.25 million last month.

 

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Anonymous
5 months ago

Hope it won’t relocate to Doral

Anonymous
5 months ago

It’s a private equity firm. Most likely Brickell/Downtown but maybe the beach, the Grove, or the gables.

Sure Jan
5 months ago

They have about 50 employees currently…gonna be a very small office with minimal economic impact to the area. Economic impact meaning permanent jobs added.

Azarius
5 months ago

But as for investment wise they can influence much larger companies

Sure Jan
5 months ago

And when is the last time a much larger company gave raises to their employees or hired more people in Miami? I’m so tired of everyone treating finance firms (specifically alternative investment firms) as some great thing to attract. Financial investments (other than commercial mortgages and CMBS) provide no service or good to the average person. They’re typically small firms with large salaries that don’t add jobs or any meaningful good or service to the local economy. Do we care about attracting wealth hoarding organizations or employers who will invest in human capital?

Anonymous
5 months ago

“They’re typically small firms with large salaries”

Stores don’t care, they’re people with money and their cash is welcomed just like yours and mine.

Sure Jan
5 months ago

Still waiting for at least one example of a major employer in Miami giving pay raises or hiring more full time employees.

Anonymous
5 months ago

Dude you will wait forever. The fan boys on here get on their knees and get wet every time they learn of another rich man coming to town. That is what excites them. News flashes of an isolated big house being bought somewhere or a big money guy blessing the town with his presence really gets them going. Or a big building being stood up – oh boy. And yes it is usually men. It’s shameful, embarrassing and annoying – they have no idea how star struck they appear to be. They don’t know that people outside are laughing. I heard someone mention this the other day – that it was something she noticed…and this wasn’t even from reading stuff on sites like this, it was from actually running into people acting like sophomores.

Anonymous
5 months ago

Did you just assume my gender you bigot?

Anonymous
5 months ago

Dude, you must not be from Miami? This city has seen people like Sylvester Stallone to Madonna to Saudi Prince’s to Labron James to etc, etc, etc come through. One thing all of them will tell you, people in Miami are not “star struck” and don’t “praise and worship anybody (unless you’re Don Shula or Dwayne Wade).” Tall buildings?.. please, they’re announced almost everyday. People “outside laughing?” Who? I bet those people are trying to save up enough money to visit Miami right now! Remember, Miami is the Cruise Ship Capitol of the world!

Do some people get excited when they read about certain businesses that want to relocate to Miami?.. yeahhh.. and that’s because they’ve always seen the potential Miami has and know the city can get much, much better.

Anonymous
5 months ago

Without a doubt Realtors with market knowledge, exceptional skill, and the ability to sell to UHNWI’s are direct beneficiaries of the influx of new capital.
Real estate sales people are overwhelmingly female, an it is uncertain if anyone does the things that you suggest they do when a rich person comes to town, and I highly doubt that they do.

It is worth noting that when Peter Theil spends $18M on a house, one buyer’s broker gets a check for $540,000 and a seller’s broker gets a check for $540,000.
It is your prerogative to laugh at those brokers, call them names, make suggestions that they get on their knees and say that they act like sophomores.
Again, I’m just guessing, but I’d bet that they don’t care what you say or post about them.

Anonymous
5 months ago

YOu have your math wrong. For an $18 million sale, the commisstion is probably less than 6% (so not $1,080,000). So let’s go with 5%, 900,000. THat is split between the two brokerage FIRMS (so $450,00 each). Then the individual brokers get a % of that fee, depending on what they agreed upon with the brokerage.

Anonymous
5 months ago

And we know that is what will make this city grow into what all of you pretend it will become…supporting creation of solid jobs on a mass level, that requires education and intelligence to bolster and propel the community for years to come. Not just a few people you celebrate who has money to buy stuff from places that have a few dutiful jobs selling cars or wine. Jesus, people in this town are way pass gullible.

Anonymous
5 months ago

Large salaries sure as heck sounds like investing in human capital

Sure Jan
5 months ago

Not when the salaries of the people relocating here. How stupid can you all be? I’m getting down votes because none of you understands how job attraction, relocation, and retention work, especially in today’s day and age.

Anonymous
5 months ago

Gee Janice, you already said “They’re typically small firms with large salaries that don’t add jobs.” Do you know how many small firms there are in Miami already? What do you suggest people in Miami do, pound at these relocating firms doors with pitchforks, clubs, and flaming molotov (ocktails in hand and make them hire some locals? Do they owe Miami something?

Sure Jan
5 months ago

There’s a HUGE difference between small business owners and small finance firms. A small business, let’s say a restaurant, provides a good (prepared food) to the average Miamian. An alternative investment fund, does not provide a service or good that benefits the average Miamian. The average Miamian does not own a large company that this firm would want to invest in. Even startup owners won’t benefit from this. There’s a huge difference between venture capitalists and private equity firms. Considering the majority of Miamians work in retail and accommodation and food services. A private equity firm will do nothing to diversify the labor market of Miami, nor will it improve the pay of those jobs. The majority of folks who comment on here have no idea how local economics and labor economics work. Y’all have a hard on for bigger developments and rich firms because it’s what y’all believe is a symbol of success. Praising finance firms for coming here and bragging as if they’re going to make a difference in the quality of life for the average Miamian is beyond stupid.

Anonymous
5 months ago

Small finance firms have workers with big paychecks and connections. You can’t run a major city with cafecito stands as the backbone.

Anonymous
5 months ago

I’m down voting because I do understand job creation and retention.
Admittedly, I am down voting because I am not a great cryptologist, and it is difficult to decipher your posts into cohesive thoughts.

Anonymous
5 months ago

Sure Jan. There are a lot of incoherent ideas in that one post, and your feelings are respected, so do not be insulted personally just because you do not know what you are talking about.

The facts are that Financial Services firms provide capital investments in other companies that have great ideas but no money, or not enough money, to scale or bring those great ideas to market. When they invest in winners, they get rewarded handsomely, and when they invest in losers they get punished completely.
True. They do not invest directly in “the average person” or the below average person.
However, a technology ecosystem thrives when Private Equity firms are near in proximity. Miami’s above average leaders know this, and they are doing an excellent job attracting PE firms, Colleges, Incubators, Accelerators, tech conferences, etc.

As that ecosystem grows, average and below average people will certainly benefit as well.

Sure Jan
5 months ago

You must work for the Beacon Council if you actually believe local government has any influence on attracting any firms to relocate or expand. Our state tax structure and weather does all the recruitment work for local government. Mayors have no power or influence, and if they celebrate firms’ decisions to relocate or expand here, it’s all publicity. Tell me one policy of either the city or county mayor in the last ten years that can be directly tied to the relocation or expansion of a major firm. Also, private equity firms are vultures. Who took away 30,000 jobs from Toys R Us? Private equity.

Anonymous
5 months ago

Wrong again Sweet Jan. I do not work for the Beacon Council.
I know them well and I have utilized them (and the Downtown Development Authority) with recruiting efforts to bring companies to Downtown Miami. I promise. Those organizations do help, and they definitely do have influence.
The businesses that I have personally worked with are pleased that there are business leaders who extend the welcome mat and assist organizations throughout their transitions.
As for a Mayor’s power….Leadership matters. When Mayor Joe Carolllo presided over Miami’s 1996 financial crisis, and the Governor Lawton Chiles considered taking over the City finances, Leadership was horrible.
*********Newsflash. The tax structure was the same as today. The weather was the same as today.*******
So if you were correct Sweet Jan, there should have been companies expanding and skyscrapers popping up in downtown throughout the late 90’s because of the weather and the tax structure. They didn’t.
Mayor Manny Diaz, District 2 Commissioner Johnny Winton (who replaced a 29 year incumbent, JL Plumber), and their leadership turned the economy of Miami around. The transparency and prioritization of economic development was instrumental in the redevelopment in Downtown Miami. This Leadership set the stage for a myriad of policies to follow, and to answer your question about the last 10 years:
** The Mayor’s support of the Miami Port tunnel expansion. Advocacy, making sure that there was local, Federal, and an exceptional private partnership has not only cleared large trucks from driving through the streets of the Urban Core, but it has allowed for faster moves for cargo. The massive increase in efficiency has lead to extrodinary development of warehousing and transfers in Doral, Sweetwater, and regionally.
** Again, the Mayor’s support of the Deep Dredge project which made Miami the first port on the Eastern Seaboard to handle Post-Panamax ships. In the last 10 years, Cargo companies have expanded significantly, Cruise Ship business has expanded significantly, and more terminals have been developed.
** Local Mayor’s commitments to attracting events like the Superbowls, Art Basel, Tennis tourneys, etc etc etc
** The current Mayor of Miami has done exceptional work advocating for Education. Luring several world renowned colleges to the City and working to keep our exceptional Superintendent of Schools from accepting that New York City job. etc. etc.

The more you learn about Miami and what really happens, the more you appreciate the amazing successes of the last 25 years, and the terrific trajectory that we are on.

Sure Jan
5 months ago

They didn’t come in the 90s because Miami’s reputation from the 80s with cocaine and McDuffie still lingered. As a born and raised Miamian, I remember not wanting to step foot in downtown back then. If you think the DDA has actually helped with attracting firms, then you’re brainwashed. I’ll give them 500 Startups and that’s it.

Anonymous
5 months ago

Sure Jan, so “economic impact” means permanent jobs…what is your definition of “minimal”.

Sure Jan
5 months ago

They aren’t net new jobs. Folks relocate here and bring their jobs with them. If they’re hiring locally, then yes, permanent impact. But these firms are so small that 1-5 persons hired is less than 1% of the local labor force.

Anonymous
5 months ago

So you are aware of Blackstone leasing 42,000 sq ft and having 200 jobs at Miami Central…
For talking purposes, let’s say 100 of these new Technology and Finance workers all come from NYC, and 100 are local.

Sure…if you are counting the number of jobs on planet earth, moving 200 jobs from New York to Miami does not create new jobs on the planet.
But, in this scenario, moving 100 from NY to Miami would look like this:
-100 New York
+100 Miami
and then the new jobs would look like this
+100
Now, let’s say that 30% of those people eat at the Chik-fil-a in the lobby at some point….will the franchise owner of the Chik-fil-a be as upset as you are? Will the owner, or the person working the counter know which “job” is paying the for lunch?

Anonymous
5 months ago

Maybe Boca or Delray

Mike A
5 months ago

Welcome to the magic city!!

Anonymous
5 months ago

Magic mushrooms

J. M.
5 months ago

Miami winning!

Anonymous
5 months ago

Look at the negative Nancies below… “only 50 employees”, “minimal economic impact”, etc. Them Nancies don’t understand how things work. The bigger picture is way beyond their ability to comprehend for them Nancies.

Sure Jan
5 months ago

Hey Nancy, trickle down doesn’t work.

Anonymous
5 months ago

And bloated top down bureaucracy does? The Soviet Union must be doing well. Oh wait… I mean Russia.

Sure Jan
5 months ago

How about you tell me what industry you work in and what your salary was 10 years ago and what it is today? I work in economic development and my salary has only gone up $4k over the last 10 years. Your turn.

Anonymous
5 months ago

You must be bad at what you do. I work in finance and my salary has gone 400% up in the last 7 years. And it didn’t start low. I don’t expect this kind of growth for the rest of my career but hey, if somehow I achieve it, good for me! (I’m not the person you asked. But your comment deserved that answer.)

Sure Jan
5 months ago

You mean you work in finance where your income is usually dependent on some sort of commission? Yeah, not the case for other employment industries.

Anonymous
5 months ago

Real Estate 300% +
2011 $50,000
2021 $150,000+ (January was a great month)

Anonymous
5 months ago

Neither does raising taxes and minimum wages that get passed on to others, so what’s your point?

Anonymous
5 months ago

Sure, let’s freeze minimum wage while rent goes up and these fat cat owners get richer.

Anonymous
5 months ago

Yes it does. Ask my accountant, architect, lawyer, contractor, car salesman, suit maker, dry cleaner, charitable organizations, car detailer, concierge, valet, etc. etc.
When business is great for me, it is great for them.

Anonymous
5 months ago

Welcome!

Anonymous
5 months ago

WINNING

Anonymous
5 months ago

Miami need another business center like blue lagoon. You must separate the work from the fun. None serious company relocate in miami beach.

Anonymous
5 months ago

Or Miami for that matter.
Most hedge fund companies don’t hire a bunch of people and actually, most brokers work remotely. They can be in suburban NY, NJ and CT

Anonymous
5 months ago

So man;y empty lots in all of Miami business centers. Why not just build on them? Downtown MIami is the perfect example. The Biscayne Corridor from I95 to the bay is a total wasteland. There are more empty lots than developed sites.

Anonymous
5 months ago

All the companies relocating to Miami and driving up real estate prices and traffic should also be employing local residents!!

Anonymous
5 months ago

“driving up real estate prices?”

So anyone in the business of selling real estate in Miami are not culpable?

Anonymous
5 months ago

Why can’t Miami lure the big companies like Austin, Atlanta, Dallas and Seattle can?

Sure Jan
5 months ago

Because those types of companies need local talent, and Miami has brain drain. Financial firms like this are so small they typically don’t need to recruit locally. In fact, most hedge funds that have “relocated” or “expanded” to Miami consist of 5 or less guys working from home because why pay for an office downtown for less than 5 people?

Anonymous
5 months ago

Brain drain? Have you been living under a rock? Brain drain is what’s happening in NY and Cali right now. They’re all coming to us. Don’t believe me? Come take a walk in my hood (Brickell). Half the people you’ll meet are business people from NY who moved recently. And (to a lesser extent) many tech people from Cali. I don’t recognize my neighborhood from a couple of years ago.

Sure Jan
5 months ago

People born in Miami leave for better college education and don’t come back. People who move to big cities like NY and SF don’t leave as soon because jobs are there.

Anonymous
5 months ago

Wrong. Maybe 10 years ago. Not now.

Anonymous
5 months ago

We need thousands of people from New York and California to move to Miami. Com’on you people from New York and Cali, whatta waiting for?!!!.. HURRY!!!

Anonymous
5 months ago

I’m from NY. Just sold my downtown loft for a condo in Harlem and a condo downtown. Moving there soon!!

Anonymous
5 months ago

Bring your friends.

Anonymous
5 months ago

please come to hialeah and open your office on Palm avenue and 49st

Anonymous
5 months ago

lol

Anonymous
5 months ago

Let’s meet at Molina’s for lunch.