US-based venture capital firm Fifth Wall Ventures closed its second fund yesterday after raising $503m from more than 50 corporate limited partners (LPs) hailing from 11 countries.
Fifth Wall identified about half of the LPs in its announcement, naming real estate investment trusts Gecina, Merlin Properties, British Land, Segro, Equity Residential, Host Hotels & Resorts, Hudson Pacific Properties, Macerich and Kenedix.
Commercial real estate company Cushman & Wakefield, home construction firms Lennar, PulteGroup, Toll Brothers and DR Horton, mortgage insurance provider Essent, infrastructure conglomerate Keppel, real estate services provider CBRE and media conglomerate News Corp have also backed the fund.
LPs also include property developers Mitsubish Estate, Related Companies and Hines, hotel group Marriott International and MetLife Investment Management, the investment arm of insurance provider MetLife.
Fund II was oversubscribed and follows the firm’s $212m first vehicle closed in 2017. It will focus on real estate technologies, also known as property technology or proptech, and work closely with its corporate LPs to identify opportunities and support portfolio companies.
Brett White, executive chairman and chief executive of Cushman & Wakefield, said: “We are committed to identifying and partnering with organisations that can help us develop the next generation of technology solutions for our clients, our colleagues, and the built environment.
“We believe we have found a great partner and advisor in Fifth Wall, and together, we can help put Cushman & Wakefield’s clients at the centre of some of the most innovative technology solutions in our industry.”
