Fifth Wall Kicks Off Climate Week NYC By Welcoming Many New Strategic Investors & A New Partner To Its Climate Tech Fund
Industry Heavyweights Equity Residential, Hudson Pacific Properties, Invitation Homes, Ivanhoé Cambridge, and Kimco Realty Corporation join the largest-ever real estate industry consortium to invest in climate tech to decarbonize the real estate industry
20 Sep, 2021, 09:00 ET
LOS ANGELES, Sept. 20, 2021 /PRNewswire/ -- Fifth Wall, the largest venture capital firm focused on technology for the global real estate industry, today announced its Climate Tech Fund has raised more than $140 million to date from Equity Residential (NYSE: EQR), Hudson Pacific Properties (NYSE: HPP), Invitation Homes (NYSE: INVH), Ivanhoé Cambridge, and Kimco Realty Corporation (NYSE: KIM). These new investors are part of Fifth Wall's rapidly growing consortium of leaders in sustainability from the real estate industry that have committed to Fifth Wall's Climate Tech Fund to decarbonize the industry.
With its ambitious target of $500 million, Fifth Wall's Climate Tech Fund represents the first time that real estate industry heavyweights have come together, collectively and cooperatively, to close the significant climate tech funding gap in real estate and dramatically reduce the industry's carbon footprint. Fifth Wall's Climate Tech Fund will represent the largest pool of capital ever assembled to invest in the technologies to decarbonize the $9 trillion real estate industry, which is responsible for 40% of all greenhouse gas emissions globally.
"Many real estate firms simply talk about their commitments to sustainability and decarbonization. However, it's inspiring to see organizations like Equity Residential, Hudson Pacific Properties, Invitation Homes, Ivanhoé Cambridge, and Kimco back up their sustainability commitments with such significant investments into the climate technology needed to decarbonize the industry through their participation in Fifth Wall's Climate Tech Fund," said Brendan Wallace, Co-Founder & Managing Partner, Fifth Wall. "We hope that more real estate organizations will follow their lead and equally commit to climate tech that is so critical to mitigating the real estate industry's contributions to climate change."
"Equity Residential was an initial partner of Fifth Wall in its property technology funds, which are generating both strong financial returns as well as innovations in how we operate our portfolio, and we are excited to continue this relationship with our investment in their Climate Tech Fund," said Mark J. Parrell, Equity Residential's President and CEO. "We expect this fund to give us early access to emerging ideas, companies and technologies that will help Equity Residential address crucial topics around environmental sustainability and climate resilience in our portfolio."
"Hudson Pacific is proud to invest in Fifth Wall's Climate Tech Fund to support the development of innovative technologies focused on decarbonization across our industry," said Victor Coleman, Hudson Pacific's CEO and Chairman. "In line with our Better Blueprint™ ESG platform, and our achievement of 100% carbon neutrality in 2020, this investment exemplifies our continued leadership in and commitment to employing technology solutions throughout our portfolio as a key component of our strategy to address climate change."
"Kimco's investment in Fifth Wall's Climate Tech fund marks a significant milestone on the path to achieving our sustainability goals," said Kimco Realty Corporation's CEO, Conor Flynn. "While we expect the fund to provide early access to emerging companies and technologies, the investment also underscores Kimco's commitment to exceptional, sustainable real estate and our belief that leadership in climate and sustainability goals can create long-term value for all of our stakeholders."
Thus far, the Fifth Wall Climate Tech Fund has invested in several companies addressing climate change for the global real estate industry, including ICON, Sealed, and Turntide Technologies.
This announcement comes as the Atlantic Council hosts Fifth Wall's Brendan Wallace and Natalie Teear, Hudson Pacific's Senior Vice President of Innovation, Sustainability and Social Impact during its Climate Week NYC event today, September 20 at 11 a.m. EDT. To view the panel discussion, click here.
Fifth Wall Adds New Climate Tech Investment Partner
Fifth Wall is also pleased to announce that Peter Gajdoš has joined the firm as a Partner and will co-lead the Climate Tech Investment team.
Peter brings 15 years of experience in climate tech to Fifth Wall, most recently serving as Head of Venture Capital at IPM Group and Managing Director and Portfolio Manager at Presidio Partners, where he focused on venture and growth investments in climate tech and biotech. Peter has been involved in several public listings, including Cnano Technology, Arcadia Biosciences, Auspex Pharmaceuticals, among others. He started his career in J.P. Morgan's Energy Group in New York before joining Sir Richard Branson's Virgin Green Fund in London.
"I am thrilled to join the Fifth Wall team," said Peter Gajdoš, Partner & Co-Lead of the Climate Technology Investment team. "I've dedicated my career to an investment thesis focused on climate tech and I look forward to leveraging my investment experience and my passion for climate tech to help Fifth Wall's Climate Tech Fund deliver the greatest possible impact together with our investors and corporate partners."
About Fifth Wall
Founded in 2016 and based in Los Angeles, California, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology-driven innovation for the global real estate industry. With approximately $2.5 billion in commitments and capital under management, Fifth Wall connects many of the world's largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 70+ investors from 15 countries, including Acadia Realty Trust, Azora, BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, D.R. Horton, Equity Residential, Gecina, GLP, Hines, Host Hotels & Resorts, Hudson Pacific Properties, Invitation Homes, Ivanhoé Cambridge, Jamestown, Kimco Realty Corporation, Knight Frank, Lennar, Lowe's Home Improvement, Macerich, Marriott International, MERLIN Properties, MetLife Investment Management, Mitsubishi Estate, News Corp, MOMENI, Nuveen Real Estate, PGIM Real Estate, Pontos Group, Prologis, PulteGroup, Related Companies, SEGRO, Starwood Capital, Toll Brothers, Vanke, and others. Fifth Wall believes this strategic corporate consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in game-changing investments and collaborations in promising portfolio companies in retail, residential and multi-family, commercial, industrial, hospitality, and more. For more information about Fifth Wall, its partners, and portfolio, visit www.fifthwall.com.
About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 307 properties consisting of 79,322 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas and Austin. For more information on Equity Residential, please visit our website at www.equityapartments.com.
About Hudson Pacific Properties
Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling over 20 million square feet, including land for development. Focused on global epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Google, Netflix, Riot Games, Square, Uber and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP and listed as a component of the S&P MidCap 400 Index. For more information visit HudsonPacificProperties.com.
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America's largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets. The company's portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of June 30, 2021, the company owned interests in 398 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space.
Equity Residential, Hudson Pacific Properties, Invitation Homes, Ivanhoé Cambridge, and Kimco Realty Corporation (collectively, the "Partners") currently are investors in one or more Fifth Wall funds and have, and may have in the future, other business relationships with Fifth Wall and its affiliates. Fifth Wall did not compensate any Partner directly or indirectly for the press release. The Partners have, and are expected to continue to have, certain preferential rights in Fifth Wall funds and its other strategic or business relationships with Fifth Wall or its affiliates, including preferential access to certain investment opportunities and access to certain strategic advisory services provided by affiliates of Fifth Wall unrelated to the Partners' investments in any Fifth Wall fund. As a result, the Partners' views with respect to Fifth Wall are not necessarily indicative of the views of other investors in Fifth Wall funds, including those who do not have access to such preferential rights.
Julie Lydon, Fifth Wall
SOURCE Fifth Wall
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