National + Finance | December 13, 2022

Venture capital firm Fifth Wall has closed its latest fund at $866 million, aiming at investment in both early- and late-stage proptech firms

Fifth Wall Closes Largest Proptech Fund to Date at $866M

Venture capital firm Fifth Wall has reached the final close of its Real Estate Technology Fund III, totaling $866 million. It’s reportedly the largest proptech fund in history, surpassing Fifth Wall’s Fund I and Fund II, each of which held that distinction at closing. It’s also Fifth Wall’s first hybrid fund, comprised of both early-stage and late-stage vehicles.

“It’s the natural next step that we’d expand the aperture, deploying two vehicles that enable us to invest from seed to IPO,” said Fifth Wall co-founder Brendan Wallace. “It signifies our commitment to the ecosystem as it navigates the next wave.”

Fund III received commitments from existing and new investors globally, including Annaly Capital Management, Arbor Realty Trust, bpifrance through the Digital Funds of Funds, CBRE, Cushman & Wakefield, Equity Residential, Granite Properties, Hines, Invitation Homes, JBG SMITH Properties, Meritage Homes, The Moinian Group, Physicians Realty Trust and PulteGroup, among others.

Pictured: Fifth Wall’s senior management.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).