This article was supported by RTC’s Research Analyst Joseph Chiang. If you are a college junior or senior with IB/PE experience interested in supporting RTC’s research, check out the internship description.
State of Play
Last week, the big buzz inside the serial acquirer community was Dwelly, a UK-based platform rolling up property management companies with AI transformation as its core thesis. So why the excitement?
Dwelly recently raised $93 million, led by General Catalyst and Trinity Capital. With 10+ acquisitions in less than two years, the company is scaling aggressively.
In the U.S., however, private equity has been consolidating property management for years. So let’s unpack:
How the business model works
Why the sector has attracted PE interest
And what AI might change going forward