GTCR Backs Sophos Refinancing With $200M Second-Lien Term Loan

GTCR has jointly led a $200 million investment in Sophos, structured as a second-lien term loan raised alongside the refinancing of the cybersecurity company's existing $2.45 billion first-lien term loan.

Sophos, a Thoma Bravo portfolio company, sells cybersecurity software and services to approximately 625,000 customers worldwide, concentrated among small and medium-sized businesses and mid-market organizations. Its stack spans endpoint and network protection as well as managed detection and response services, which pair software with outsourced security expertise to monitor customer environments.

The company widened its enterprise footprint in February 2025 by acquiring Secureworks, adding an enterprise-focused managed detection and response operation to the platform.

The financing follows the close of GTCR's inaugural Capital Solutions Fund, which targets customized minority structured investments in established businesses. Other recent Capital Solutions investments include TELUS Health and Solmetex.

GTCR said its familiarity with the cybersecurity sector and its ongoing relationship with Thoma Bravo allowed the firm to move quickly on Sophos' financing requirements. The firm manages approximately $45 billion in equity capital and has invested more than $35 billion across over 300 companies since it was founded in 1980.

"We are excited to partner with Thoma Bravo and the Sophos management team," said Jason Prager, a Managing Director at GTCR. "Our ongoing dialogue with Thoma Bravo and familiarity with the sector enabled us to move quickly to address Sophos' financing needs. This transaction reflects our ability to work alongside existing owners and management to structure bespoke capital solutions."

Erwin Mock, Managing Director and Head of Capital Markets at Thoma Bravo, described GTCR as a constructive partner through the process. "GTCR brought a practical, collaborative approach to Sophos' refinancing," he said. "Their understanding of the sector and ability to respond quickly as the process evolved made them a constructive partner, and we appreciate their support for Sophos."

The deal places a private equity capital solutions vehicle into the debt stack of one of the larger privately held cybersecurity platforms, which competes in endpoint, network and managed detection markets against a mix of pure-play security vendors and broader IT platforms. For GTCR, Sophos adds a security asset to a structured-capital portfolio that already includes healthcare and dental services businesses, extending a strategy of taking minority positions in established companies rather than control buyouts.