—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
→
- Tommy Wesely, Chief Marketing Officer & Head of
Platform
- Virginia Drennen, Principal, Go-To-Market
- Mackenzie Chisholm, Vice President, Strategy &
Platform
- William Smiles, Vice
President, Strategy & Platform
- Ethan Goldberg, Vice
President, Partner Coverage
- Michael Foell, Vice President, Tax &
Accounting
- Alec Morgan, Vice
President, Investing
- Anthony Perasso, Director, Social Media &
Platform Development
- Josh Melnyk, Associate, Investing
- Nolan Fearon, Associate, Partner Coverage
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.
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SOURCE Fifth Wall