Brendan Wallace and Brad Greiwe

The six-year-old Fifth Wall Ventures has evolved into a granddaddy of themodern proptech sector. Part of that is due to the Los Angeles-based venturecapital fund’s reach, and part due to the popularity of proptech. It’s a symbioticrelationship that’s made Fifth Wall a powerful player — in fact, the largest VCplayer in proptech in an era when proptech draws record amounts of VC fund-ing ($32 billion in 2021, according to the Center for Real Estate Technology andInnovation).

It manages around $3 billion in commitments and capital, and routinelyappears as a driving funding force for companies as varied as accessory dwell-ing unit startup Cottage to residential waste reduction firm Sealed. In January,Fifth Wall announced it had raised more than $1.1 billion across its funds in2021, adding investors such as BNP Paribas Real Estate, Invitation Homes andthe Durst Organization to a roster that already included the variegated likes ofCBRE, Hudson Pacific Properties and News Corp.

And, in September, Fifth Wall also announced that its Climate Tech Fund hadraised more than $140 million on its way to a goal of $500 million, or, as thecompany bills it, “the largest pool of capital ever assembled to invest in the tech-nologies to decarbonize.” It’s this — the fund itself and the underlying strategy— that Brendan Wallace and Brad Greiwe, who run Fifth Wall with fellow man-aging partner Andriy Mykhaylovskyy, are pushing strongly in 2022 and beyond.

“We saw not only that established real estate players were hungry for inno-vation and excited to adapt to a new, tech-enabled future, but also that theywere impatient to get started on the work of decarbonizing,” the pair said in anemail. “They saw it as both an enormous economic opportunity and as an eth-ical imperative. Almost to an institution, they considered themselves not justoperators and allocators, but stewards of their communities.”

As far as other plans, the firm will continue to raise money to invest in decar-bonization technologies. It also plans to open its first offices in Asia, adding toits London outpost and offices in San Francisco and New York.