Fifth Wall Ventures has raised twice the amount of its debut fund, after hitting a $503m final close of its sophomore vehicle.
This latest fundraise has driven Fifth Wall’s assets under management to more than $1bn, following on from the $212m close of its debut fund in May 2017.
The LA-based VC had initially registered to raise up to $400m for Fund II according to an SEC filing from June last year. Fifth Wall then bumped its fundraising goal for the vehicle to $500m in a subsequent a filing.
A filing published earlier this week showed Fund received commitments from 114 limited partner, including a number of real estate majors such as British Land, SEGRO, CBRE, Cushman & Wakefield and Starwood Capital, among others.
The San Francisco City & County Employees’ Retirement System committed $25m to the fund according to a report from CIO William Coaker published in January.
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.
“As the real estate and technology industries increasingly converge, Fifth Wall has become central to that convergence, fostering a level of strategic collaboration that has never before characterized the real estate industry,” said Fifth Wall co-founder and managing partner Brendan Wallace.
“Fifth Wall sees powerful network effects in our unique fund model as it becomes a centralized platform for the world’s largest real estate companies to share insights and access new technologies to enhance their businesses.
“For our entrepreneurs, Fifth Wall efficiently opens distribution channels for their products to more than 50 corporate strategic investors globally and we have dedicated a team to support the success of those partnerships and integrations.”
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.
