The announcement comes a year after it reported a huge haul for its flagship fund.

Thoma Bravo, the Chicago-based, software-focused private equity shop, is considering a megafund.

Bloomberg reports the PE firm wants to establish a $15 billion megafund in early 2020.

The firm may start raising capital for its 14th flagship fund during the first half of 2020. This is just chatter for now. However, Thoma Bravo closed a $12.6 billion fund in January 2018.

The rumors also suggest that Thoma Bravo leaders expect significant software deal flow next year. The private equity firm centers its investments around application software, infrastructure software, and tech-enabled services sectors.

Who Might Invest in a new Thoma Bravo fund?

Investors in a new fund would likely center around pension funds if history repeats itself. Its 13^th Flagship fund received tens of millions from the Florida State Board of Administration, the Maine Public Employees Retirement System, and the New Hampshire Retirement System.

This fund relies on a strategy that combines inorganic with organic growth. It invested in deals ranging from $400 million to more than $1billion. Just this week, the private equity shop announced it was completing a $3.8 billion buyout of cybersecurity giant Sophos.

Further, the cybersecurity firm’s board of directors is poised to unanimously recommend the sale to the private equity firm. Meanwhile, the private equity firm announced plans to sell cloud-software firm iPipeline for $1.625 billion earlier this summer.

[Related: Vista Equity Partners Raises Largest Tech-Focused PE Fund in History.]