Fifth Wall has raised $123.25 million for its latest proptech fund, Fifth Wall REACT, which is targeting $500 million, according to a recent regulatory filing.
Founded in 2016 by chairman Brad Greiwe, Roelof Opperman and chief executive officer and chief investment officer Brendan Wallace, Fifth Wall is based in New York and invests in the real estate, technology, property technology, climate tech and energy sectors. It currently manages about $3.2 billion in assets.
Other members of the leadership team include partner and deputy CIO Peter Gajdoš; general counsel and chief operating officer Luke Harris; partner and chief financial officer Eric Lee; chief marketing officer Elise Szwajkowski; and partners Jon Hong, Anastasia Istratova, Miguel Nigorra and Dan Wenhold.
Fifth Wall closed on $866 million for its third venture fund in 2022. This fall, the firm ranked second in affiliate title PERE’s annual Proptech 20, which lists the leading investment managers globally by total capital raised over a running five-year period. The list shows Fifth Wall having secured a total of $1.98 billion in commitments from 2020 to 2024, amid a slower pace of proptech fundraising overall, as reported last month.
As one of the largest asset managers investing in the nexus between real estate and technology, Fifth Wall has amassed an extensive list of more than 110 strategic limited partners across 20 countries, including several of the leading real estate owner-operators, according to the firm’s website.
LPs in the REACT Fund include Federal Realty Investment Trust, Public Storage (NYSE: PSA), Ryman Hospitality Properties (NYSE: RHP) and Kite Realty Group Trust. Among the LPs in Fifth Wall’s previous funds are Annaly Capital Management, Arbor Realty Trust, Northwood Investors, BNP Paribas, Bpifrance, CBRE Group, British Columbia Investment Management and Caisse de dépôt et placement du Québec.
Among its recent M&A exits are Urbint, acquired by Itron in October in a deal valued at $325 million, Wreno, acquired by Doorvest in July, and climate tech company NZero, acquired by Asuene in May – both for undisclosed amounts. The IPO of ServiceTitan last December raised roughly $625 million and was valued at $6.3 billion. Another portfolio company, Neutron Holdings (also known as Lime), began hiring investment bankers in May and said it is preparing for a public listing, which is likely to be in 2026.
