Technology-focused private equity firms Vista Equity Partners Management LLC and Thoma Bravo LLC are seeking to raise money for their buyout funds, The Wall Street Journal reported, citing people familiar with the matter.

Vista Equity Partners aims to raise $12 billion, while Thoma Bravo is targeting $10 billion, according to the report.

The almost simultaneous fundraising activities may prompt investors who have backed both firms to choose only one, the Journal reported, citing an investment consultant. However, other investors say there is demand to accommodate both funds.