Fifth Wall held a final close of its fund, Fifth Wall Ventures II, at $503 million, exceeding its $500 million target. The fund also surpasses its predecessor, Fifth Wall Ventures, which closed in May 2017 at $212 million.
The vehicle received several capital commitments, including a $25 million commitment from San Francisco Employees’ Retirement System on 17 December 2018. Capital raised will be used to invest in real estate technology startups throughout the United States.
Based in Los Angeles, Fifth Wall currently manages around $1.2 billion in assets. With the closing of Fifth Wall Ventures II, the firm now manages the largest active venture capital vehicle in the greater Los Angeles area.