TPG, a leading global alternative asset management firm, signed a definitive agreement to acquire a majority stake in Conservice, reinforcing its strategy of investing in mission-critical, tech-enabled infrastructure serving property managers at a national scale. Advent International will retain a significant minority position, and TA Associates will fully exit. The transaction underscores Conservice’s role as essential operating infrastructure, managing metering, billing, payments, procurement, and analytics across ~8 million units, where scale, accuracy, and integration with fragmented utility ecosystems create high switching costs and durable growth potential. TPG’s majority investment positions Conservice to accelerate platform expansion and product depth in an increasingly critical segment of property operations, aligning private equity capital with long-term efficiency, cost reduction, and sustainability trends in real estate.

TPG to Acquire Majority Stake in Conservice