Fifth Wall Ventures pulls in over $100m for Fund II

Fledgling real estate tech venture capital firm Fifth Wall Ventures has already pulled in over $100m for a second fund, just over a year after closing its debut investment vehicle.

The firm is out targeting up to $400m for Fund II – a huge increase on its $212m debut – according to a filing it lodged with the US Securities and Exchange Commission, and has already collected capital from at least 19 investors.

Despite the rapid return to market with such a sizeable fund increase, Fifth Wall expects to complete the new fundraise within the next 12 months, it adds.

The Los Angeles-based firm, founded by Brendan Wallace and Brad Greiwe, came out of stealth to announce its debut fund close in May last year. Fifth Wall said at the time that its LPs included the largest and most influential owners and operators of real estate in the world.

It landed commitments from CBRE, Equity Residential, Lennar, Macerich, Hines, Prologis, Host Hotels & Resorts, Lowe’s Home Improvement and Rudin Management company according to a blog post by the founders.

It is not clear from the filing if these investors have returned to back the second fund.

The firm has made three investments into the FinTech sector this year, having most recently invested $4.25m to support real estate portfolio management company Enertiv.

Its other deals in the space this year include a lead investment into digital real estate buying and selling support application Opendoor, and home insurance company Hippo.

Having collectively gained professional experience in traditional real estate at Blackstone, Goldman Sachs, Tishman Speyer, Starwood Capital, and UBS, the pair said last year that they had identified a ‘unique whitespace in the venture capital ecosystem’.

Greiwe started his career at UBS Investment Bank in the real estate, lodging, and leisure group where he worked on over $33bn of M&A advisory work and $1bn of debt and equity financings.

He previously co-founded Invitation Homes, a multi-billion dollar owner and operator of single family rental properties backed by The Blackstone Group.

Wallace started his career at Goldman Sachs in investment banking in the real estate, hospitality, and gaming group where he worked on $22bn in M&A Advisory work. He previously co-founded Identified, a data & analytics company focused on workforce optimization, and Cabify, the largest ridesharing service in Latin America.

To date, Fifth Wall has made investments worth including b8ta, Clutter, Notarize, and Opendoor.

Copyright © 2018 FinTech Global

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