Venture capital firm Fifth Wall has closed its $500 million inaugural Climate Fund aimed at investing software, hardware, renewable energy, energy storage, smart buildings and carbon sequestration technologies to decarbonize the $10.5 trillion real estate industry.

The Fifth Wall Climate Fund received LP commitments from American Homes 4 Rent, CBRE, Hilton, Hudson Pacific Properties, MGM Resorts, UDR and several others. 

“Although the real estate industry has been among the largest contributors to greenhouse gases, most real estate organizations have underinvested in the critical climate tech necessary to decarbonize,” said Fifth Wall’s co-founder Brendan Wallace. “The strategic LP’s in our Climate Fund have instead taken a leadership role by making financial commitments to address real estate’s contribution to climate change.”

Thus far, the Climate Fund has invested in several promising tech companies, including Assembly OSM, Brimstone, Clarity AI, Electric Hydrogen, ICON, Sealed, SPAN, Turntide Technologies and Wildcat Discovery Technologies.

Pictured: Fifth Wall’s Brendan Wallace and Greg Smithies