RealPage

active

Real Estate / Software — Thoma Bravo

Deal Terms

Entry Year2021

Entry EV$10.2B

Entry Multiple15x

Leverage6x

Debt Amount$6.12B

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

Thoma Bravo $10.2B take-private (2021). Real estate software managing rent pricing for 19M+ units. DOJ antitrust lawsuit alleges RealPage's algorithm enables landlords to coordinate rent increases — effectively a price-fixing tool. PE-owned software accused of driving up rents for millions of Americans. Thoma Bravo facing existential regulatory risk.

Sponsor

Thoma Bravo$166B AUM