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Public commenter urges SFERS to freeze new investments in Thoma Bravo over RealPage litigation
Summary
A public speaker at the SFERS meeting requested the board halt future investments in Thoma Bravo funds until RealPage removes its rental‑price‑sharing component. The commenter said SFERS has about $500 million invested in Thoma Bravo vehicles.
At the public‑comment portion of the SFERS meeting, Alyssa Giacchino, who identified herself as representing a nonprofit watchdog called the “bridal equity stakeholder project,” urged the board to stop investing further in the private‑equity firm Thoma Bravo because the firm owns RealPage, a property‑management software company that is the subject of litigation and local bans.
Giacchino told the board that SFERS had “around $500,000,000 invested in Thoma Bravo funds” and said RealPage is the subject of more than 30 class‑action lawsuits and litigation led by the U.S. Department of Justice and state attorneys‑general. She asked the pension system to suspend future commitments to Thoma Bravo until RealPage removes the software’s rental‑price‑sharing component and to meet with Thoma Bravo about reputational and litigation risk.
SFERS staff did not provide an immediate response at the meeting. A separate caller (Grant Martin, a retirement‑plan actuary) requested that SFERS publish the demographic experience study on its public website alongside the valuation reports; staff confirmed the study will be posted after board acceptance.
Giacchino also noted that San Francisco passed an ordinance in 2024 banning the use of RealPage‑type software; she referenced actions in other cities and state legislative activity targeting the software industry.
