New Mountain to buy Asset Living in $2 billion-plus deal, sources say

New Mountain Capital has agreed to acquire Asset Living in a deal valued at more than $2 billion, according to three people familiar with the matter. Roark Capital, Asset Living’s owner, had been exploring a sale with William Blair, and Ryan McGrath will stay on as CEO in the combined entity. The deal encompasses Asset Living’s owned real estate portfolio and its proprietary technology suite, and the Houston-based company operates in more than 40 states. New Mountain, which manages about $60 billion in assets, is expanding its portfolio in residential property management as private equity buyers chase recurring fees tied to rental housing demand, signaling a broader consolidation trend in the sector.