Fifth Wall has launched its third blank cheque company seeking to raise a further $250m (£180m) to invest in real estate tech.
This third special purpose acquisition company, or SPAC, will focus specifically on the residential sector.
Fifth Wall, the proptech VC set up by Brendan Wallace and Brad Greiwe (pictured) in 2016, has already launched two SPACs, which raised $150m and $345m. Neither has yet invested in a company to take public.
Fifth Wall has more $1.6bn of funds under investment and is invested in companies including VTS, Opendoor, Hippo, Blend and Notarize.
In its US filing, the group said: “We believe that SPACs are important extensions of Fifth Wall management’s approach to partnering with leading real estate technology companies to create long-term value.
“While Fifth Wall’s existing fund strategies typically invest relatively early on in a company’s lifecycle, our management has also developed a track record at Fifth Wall of investing in proptech companies — including Fifth Wall’s own portfolio companies — as they mature, opportunistically deploying SPV capital to invest in later-stage funding rounds.”
Fifth Wall said this latest SPAC will “form a long-term partnership with a business that has the potential to become a category-defining market leader, guiding them in their transition from private to public markets while leveraging Fifth Wall’s global consortium of some of largest owners and operators of real estate in the world”.
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