Public commenters urge UC to pause investments in Thoma Bravo over RealPage litigation
January 17, 2026 | University of California, Boards and Commissions, Executive, California
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A public commenter told the University of California regents on Jan. 26 that the university's reported $1.3 billion investment with private equity firm Thoma Bravo — which owns RealPage — raises reputational and legal concerns.
"We are asking you to halt all future investments into Thoma Bravo until RealPage removes the rental price sharing component of its software," said Michael Fenney, identifying himself with a tenant-equity stakeholder project and pointing to lawsuits and regulatory actions that have targeted RealPage since 2022.
Fenney noted the Department of Justice and multiple states have pursued litigation tied to RealPage 's algorithmic rent-recommendation tools, and he urged the regents to press Thoma Bravo on how it will address ongoing litigation and public concern. He also asked the university to consider reputational risk when evaluating future private-equity commitments.
No regental response was recorded during the public comment period.
"We are asking you to halt all future investments into Thoma Bravo until RealPage removes the rental price sharing component of its software," said Michael Fenney, identifying himself with a tenant-equity stakeholder project and pointing to lawsuits and regulatory actions that have targeted RealPage since 2022.
Fenney noted the Department of Justice and multiple states have pursued litigation tied to RealPage 's algorithmic rent-recommendation tools, and he urged the regents to press Thoma Bravo on how it will address ongoing litigation and public concern. He also asked the university to consider reputational risk when evaluating future private-equity commitments.
No regental response was recorded during the public comment period.
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