—The Firm also announced its second annual Climate Summit—
NEW YORK, Jan. 30, 2024 /PRNewswire/ -- Fifth Wall—the largest asset manager focused on improving, future-proofing, and decarbonizing the built world—announced that at the end of 2023, the Firm closed an additional $340M into its climate strategy on top of the $500M raised into its inaugural Climate Fund. Additionally, the Firm promoted 10 of its team members and added 14 new portfolio companies. Fifth Wall now has more than 110 strategic Limited Partners across 20 countries—approximately 300 investors worldwide—and in excess of 145 portfolio companies, maintaining its stance as the largest fund to invest globally in Built World Technology, including Property Technology (PropTech) and Climate Technology (Climate Tech).
"Fifth Wall helped define PropTech as an investment category and continues to meaningfully drive the sector's growth. Over the last twelve months, we have seen real estate stand at the critical precipice of a new transformation with a profound global impact – the decarbonization of the built world," said Brendan Wallace, CEO and CIO of Fifth Wall. "In 2024, as owners and operators continue to adopt tech, it'll become increasingly impossible to ignore the hardware and software that's decarbonizing the industry. PropTech will become an overarching, inclusive term not just for software for the industry, but for the tech that makes buildings more efficient. We are committed to helping our Limited Partners—representing the largest owner-operators of real estate globally—our Portfolio Companies, and the entire industry navigate this collision."
PropTech Momentum
In early December 2022, Fifth Wall announced the closing of its $866M Real Estate Technology Fund III—one of the company's nine funds since inception—representing its initial hybrid fund, composed of both early- and late-stage vehicles. Fifth Wall now holds more than 110 PropTech portfolio companies, including Industrious, VERO, VTS, Neighbor, Bilt Rewards, Tailorbird, and WiredScore, amongst others. The Firm's initial real estate technology seed investments over the course of the last 12 months included Propexo, TrueBilt, TrunkTools, Construex, and TradeKnight. Since inception, Fifth Wall's been an investor in 20 PropTech unicorns—privately held companies that are valued at over a billion dollars—and rapidly growing. The Firm was a core voice at many of the industry's leading conferences including Inman Connect New York, BuiltWorlds Venture West, RETCON 2023, Blueprint, NMHC's OpTech, MIPIM Cannes and more.
"Whether it is how to leverage generative AI; navigate office to residential conversions; or lower carbon emissions, today's owner-operators are navigating uncharted territories when it comes to managing their assets," said Jeremy Fox, Partner on Partner Coverage. "Core to Fifth Wall's platform is our ability to thoughtfully and regularly listen to our network of Limited Partners' most critical pain points and seek out key tech solutions that will meaningfully solve for them."
Enhanced Commitment To Decarbonizing Real Estate
Fifth Wall announced that at the end of 2023, the Firm closed an additional $340M into its climate strategy on top of the $500M raised into its inaugural Climate Fund. To-date, Fifth Wall has received commitments from American Homes 4 Rent, BBVA, British Land, Camden Property Trust, CBRE, Cosan, The Durst Organization, Equity Residential, Hilton, Host Hotels & Resorts, MGM Resorts, Kimco Realty Corporation, Hudson Pacific Properties, Invitation Homes, Ivanhoé Cambridge, NZ Super Fund, Lineage Ventures, UDR, and many others. Aimed at dramatically reducing the industry's carbon footprint, responsible for approximately 40% of total greenhouse gases, Fifth Wall's Climate Strategy has completed investments in more than 30 Climate Tech companies. These industry-defining entrepreneurs include Brimstone, Loop, Mill, RoadRunner, Mojave, nZero, Runwise, EV Realty, and others. Fifth Wall also invested in the year's two largest Climate Tech financing rounds, Electric Hydrogen's $380M Series C & Ascend Elements' $542M Series D. The Firm was also an integral voice at numerous Climate forums including hosting a fireside chat with the Department of Energy's Chief Investment Officer, Christopher Creed during Climate Week NYC and participating in Hack Summit, UN General Assembly, SXSW, RE+, Verge, Deploy23, COP28, IMN's ESG & Decarbonizing Real Estate Forum, and many others.
Fifth Wall Climate Summit Returns In 2024
In September 2023, Fifth Wall launched its Climate Summit at Blueprint in Las Vegas, marking the first conference that is squarely focused on real estate's astronomical CO2 emissions. The event brought together the leading real estate owners and operators, climate entrepreneurs, thought-leaders in the energy sector and integral policymakers to discuss the path towards reducing the global real estate industry's carbon footprint to achieve net-zero by 2050. Some of the notable speakers included CNBC's Diana Olick, Axios' Alan Neuhauser, Canary Media's Julian Spector, The Department of Energy's Elizabeth Bellis Wolfe, The General Services Administration's Jetta Wong, EQR's Rebecca Becker, MGM's Michael Gulich, Hudson Pacific Properties' Natalie Teear, SOLARCYCLE's Suvi Sharma, Source's Cody Friesen, and Cyclic Materials' Ahmad Ghahreman, among others. The core content covered integral topics ranging from circular economy, EV revolution, incentives and regulations, public sector ongoing action, navigating ESG, unlocking sustainable real estate's potential, the climate crisis, real estate's reckoning, to the way forward; and much more. Fifth Wall's 2024 Climate Summit will be held on September 17th, 2024 at 12pm to 5pm PST at The Venetian in Las Vegas.
For more information—such as registration & agenda updates—visit fwclimatesummit.com.
Notable Promotions
Fifth Wall's team of nearly 70 professionals across its five offices in New York City, Los Angeles, San Francisco, London, and Singapore — represents some of the most talented executives in their respective focus areas from Investment and Platform to Partner Coverage. Fifth Wall is proud to congratulate the following team member on their key 2024 promotions →
SPAC
In August 2023, Fifth Wall Acquisition Corp. III (NASDAQ: FWAC)—a special purpose acquisition company (SPAC) sponsored by a Fifth Wall affiliate—announced the completion of its business combination with Mobile Infrastructure Corporation, the only publicly listed exclusive owner of parking assets. This marks the Fifth Wall affiliate's second SPAC, following FWAA, which had completed a merger with the Fifth Wall portfolio company SmartRent—the category-leading smart home operating system for residential property owner-operators, homebuilders, homebuyers, and residents—in 2021. Between these two SPACs, the Fifth Wall affiliate raised $620M.
About Fifth Wall
Founded within 2016, Fifth Wall, a Certified B. Corp, is the largest asset manager focused on improving, future-proofing and decarbonizing the built world. With approximately $3B in commitments and capital under management, Fifth Wall is backed by a global mix of more than 110 strategic limited partners from more than twenty countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Hines, Host Hotels and Resorts, Kimco Realty Corporation, Lennar, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others. This consortium represents one of the largest groups of potential partners in the global built world ecosystem, resulting in transformational investments and collaboration with portfolio companies to cut emissions, improve efficiency, and maximize returns. Founded in Los Angeles and headquartered in New York, Fifth Wall's other offices include San Francisco, London & Singapore. For more about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.
SOURCE Fifth Wall