New Zealand’s superannuation fund has committed US$100m (€87m) to Fifth Wall Climate Technology Fund, a property-technology fund dedicated to decarbonising the global real estate industry.
NZ Super Fund said its commitment to the Fifth Wall fund followed a commitment last month to participate in climate solutions seeking to achieve net zero emissions by 2050 or sooner.
Del Hart, head of external investments and partnerships for NZ Super, said: “In addition to delivering attractive returns, we expect this investment to be a ‘positive’ one, and will measure the decarbonisation impact it has over time.”
To date, US-based real estate technology venture capital firm Fifth Wall has raised more than US$300m towards a targetted fund size of US$500m for the fund.
Existing Fifth Wall Climate Technology Fund investors include Equity Residential, Hudson Pacific Properties, Invitation Homes, Ivanhoé Cambridge, Kimco Realty Corporation, and a Brazilian energy company, Cosan.
Brendan Wallace, co-founder and managing partner of Fifth Wall, said: “NZ Super Fund’s US$100m investment into Fifth Wall’s Climate Technology Fund symbolises the massive opportunity which lies ahead for climate tech for the global real estate industry.”
Real estate was the keystone industry in decarbonising the economy, he said. He hoped the NZ Super Fund’s investment would encourage other real estate investors and operators to invest in the climate tech required.
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