RE tech-focused Fifth Wall nears Fund II goal after pulling in $468m

Fifth Wall Ventures has made significant ground on its second venture capital fundraise as it looks to invest in technology for the ‘built world’.

The firm has secured $468m of capital commitments from at least 105 limited partners so far, according to an SEC filing.

The firm was initially aiming to raise up to $400m for Fund II, but appears to have revised its goal up to $500m in the new filing.

In January this year Fifth Wall’s second VC fund received a $25m commitment from the San Francisco City & County Employees’ Retirement System.

The firm typically invests in technology companies who support the various segments of the real estate market, including the retail, industrial, hospitality, multi-family, homebuilding, office and brokerage sectors.

Fifth Wall’s latest fundraise is a huge increase on its $212m debut back in 2017, which secured commitments from real estate majors such as CBRE, Equity Residential, Lennar, Macerich, Hines, Prologis, Host Hotels & Resorts, Lowe’s Home Improvement and Rudin Management company.

Fifth Wall manages $265m of assets through offices in Los Angeles and San Francisco.

The firm was founded by Brendan Wallace and Brad Greiwe, who collectively gained professional experience in traditional real estate at Blackstone, Goldman Sachs, Tishman Speyer, Starwood Capital, and UBS.

Last year the firm made three investments into the FinTech sector, most recently investing $4.25m to support real estate portfolio management company, Enertiv.

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

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