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Holden Spaht

Managing Partner

Holden Spaht

Holden Spaht is a managing partner at Thoma Bravo. Based in San Francisco, he joined the firm in 2005 and has played a key role in the firm's growth and success in software private equity. Holden is responsible for leading the firm’s application software strategy, with a specific focus on the financial technology, e-commerce, education and office of the CFO spaces, among other sectors. He currently sits on the boards of Anaplan, Auctane, Bottomline Technologies, Conga, Coupa Software, Dayforce, Jeppesen ForeFlight, Nasdaq, QAD and RealPage.

During his career at Thoma Bravo, Holden has held more than two dozen board seats, led over 15 exits and been at the forefront of digital transformation in enterprise software. He has been recognized many times over for the deals he has led, including Private Equity Deal of the Year [Over $1B] for the 2024 sale of TRADER to AutoScout24 (2025 M&A Advisor International M&A Awards);1 Americas M&A Deal of the Year for the 2023 sale of Adenza to Nasdaq (2024 M&A Atlas Awards);2 Information Technology Deal of the Year [Over $1B] for the sale of Adenza to Nasdaq (2024 M&A Advisor Awards);3 M&A Deal of the Year for the sale of Adenza to Nasdaq (2024 M&A Advisor International M&A Awards);4 Deal of the Year in North America for the 2023 acquisition of Coupa (PEI Awards 2023);5 and Deal of the Year for the 2020 sale of Ellie Mae to Intercontinental Exchange (Buyouts).6

Beyond his work in private equity, Holden is deeply committed to philanthropic causes. He is the president and chair of the Spaht Family Foundation, which Holden founded with his wife, Claire, in 2019. The foundation, which focuses on mental health, the arts, environmental conservation and humanitarian assistance, is also the lead donor to the Lindley Center, Washington and Lee University’s student health and wellness clinic that bears the name of his late sister.

In addition, Holden and his foundation have been active in community development, education and athletic initiatives. His foundation is a strategic investor in programming targeted at the intersection of athletics and mental health, including support for his alma mater’s Peak Performance Training program (driven in part by his own days as the captain of Dartmouth’s tennis team). Among other activities, Holden has served as the chair of the board of trustees for Schools of the Sacred Heart San Francisco, where he helped guide the institution's strategic direction and growth.

The son of educators, Holden was born and raised in Baton Rouge, Louisiana (and he remains a rabid LSU football fan to this day). He attended Dartmouth College, earning a B.A. in economics, and went on to study international politics at the University of Cologne on a Fulbright Scholarship. He later earned an MBA from Harvard Business School. Holden began his career as an analyst at Morgan Stanley in New York and subsequently held analyst and associate roles at Thomas H. Lee Partners in Boston and Morgan Stanley in London and San Francisco.

A thought leader on the intersection of finance and technology, Holden provides data-driven analyses and commentary on a range of topics on LinkedIn. He also frequently appears in the media and is a regular contributor to various publications, including The Financial Times The Information and Institutional Investor.

Recent News

1 This award is the opinion of the third party conferring the ranking and should not be considered an endorsement of Thoma Bravo. Issued by M&A Advisor on June 20, 2025, the International M&A Awards are based on the time period of April 1, 2024 – March 31, 2025. Thoma Bravo paid a reprint fee in relation to this award. In general, the receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award. There can be no assurance that other providers or surveys would utilize the same criteria used to determine this award or reach the same conclusion.

2 These awards are the opinion of the third party conferring the awards and should not be considered an endorsement of Thoma Bravo. Issued by Global M&A Network on February 6, 2025, the 16th Annual Americas M&A Atlas Awards are based on the timeframe between January 1, 2024, and December 31, 2024. Thoma Bravo paid an award reception fee in relation to these awards. In general, the receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award or ranking. There can be no assurance that other providers or surveys would utilize the same criteria used to determine this ranking or reach the same conclusion.

3 This list is the opinion of the third party conferring the list and should not be considered an endorsement of Thoma Bravo. The 23rd Annual M&A Advisor Awards, issued by M&A Advisor on November 20, 2024, were based on the time period between July 1, 2023, and June 30, 2024. Thoma Bravo paid a nomination processing fee. In general, the receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award. There can be no assurance that other providers or surveys would utilize the same criteria used to determine these awards or reach the same conclusion.

4 This award is the opinion of the party conferring the award and not of Thoma Bravo. The International M&A Awards, issued by M&A Advisor on 7/25/24, were based on the time period of 1/1/23 to 3/31/24. Thoma Bravo paid a processing fee in relation to the award. In general, the receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.

5 This award is the opinion of the party conferring the award and not of Thoma Bravo. The PEI Awards 2023: Americas winners, issued by Private Equity International on 3/1/24, was based on the time period of 11/1/22–10/31/23. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.

6 This award is the opinion of the third party conferring the award and should not be considered an endorsement of Thoma Bravo. Issued by Buyouts Insider on April 1, 2021, the Deal of the Year awards are based on the time period between 1/1/2020 through 12/31/2020. Thoma Bravo paid a reprint fee in relation to this award. In general, the receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award or ranking. There can be no assurance that other providers or surveys would utilize the same criteria used to determine this award or reach the same conclusion.