Salt Lake City-based RET Ventures, a VC firm focused on technologies for the multifamily, single-family rental and homebuilding industries, announced the final close of its second fund. The oversubscribed $165 million fund will complement RET’s $109 million initial fund raised in November 2018.

The fund far surpassed its initial target of $130 million due to strong investor interest. It is backed by RET’s investors including more than 40 multifamily and single-family real estate owners, operators and developers in North America.

Participants in RET Ventures Fund II include affiliates of major multifamily REITs including Essex Property Trust Inc., Invitation Homes Inc., Mid-America Apartment Communities Inc. and UDR Inc. as well as private owners and managers. The group collectively owns or manages approximately 2.4 million rental units, and includes nine of the top 20 multifamily owners and nine of the top 20 managers as ranked by the National Multifamily Housing Council.

 “Our mission at RET Ventures from the beginning has been to bring together entrepreneurs and the institutional owners and operators that power the $7 trillion multifamily and SFR industries to drive innovation and create a better, more efficient and more sustainable housing sector. After the great success of our first fund, we are excited to more than double the size of our strategic investor base in this new fund, which will enable us to further shape the future of real estate technology in the years to come,” said John Helm, founder and partner at RET Ventures.