Fifth Wall hires general counsel, announces impact fund

Fifth Wall Ventures, which considers itself the largest firm focused on real estate tech, hired Joelle Khoury as general counsel. And it blogged about why it is raising a $200m impact fund.

Fifth Wall Ventures, which invests in North America, Asia and Europe, hired Joelle Khoury as general counsel. Previously, she was vice president of business and legal affairs at Saban Capital Group.

The hire was unannounced, but she is listed on the firm’s website.

The move comes as the firm, which calls itself the largest venture firm focused solely on tech related to the real estate community, announced it will raise a Carbon Impact Fund to invest in technology and business models aimed at helping the global real estate industry minimize and help eradicate greenhouse gas. The firm expects the fund to be about $200 million in size.

In a Medium blog post put out today, the firm says the real estate industry is the world’s largest contributor to the climate crisis. But Fifth Wall is encouraged by regulations aimed at reducing emissions, including Los Angeles’ Green New Deal, passed in May 2019 and which requires that new buildings be net-zero carbon by 2030, with the entire building stock converted to zero-emission technologies by 2050.

The firm, which recently moved to Marina Del Rey, California, last year, raised $503 million for its second fund. It was 60 percent more than its inaugural fund of $212 million raised two years prior.

The firm also disclosed that in addition to hiring Khoury, it has promoted several on staff.

  • Dan Wenhold, promoted from principal to partner;
  • Josh Schwartz, promoted from associate to vice president;
  • Kate Miller, promoted from associate to vice president;
  • Kevin Campos, promoted from principal to partner;
  • Sarah Liu, promoted from associate to vice president; and
  • Vik Chawla, promoted from principal to partner.

Their bios are available on the firm’s website.

Fifth Wall was founded in 2016 by Wallace and Brad Greiwe. The pair have backgrounds in traditional real estate at Goldman Sachs and at Blackstone Group, and as entrepreneurs. Wallace co-founded Cabify, the ridesharing service in Latin America, and Greiwe co-founded Invitation Homes, operator of single-family rental properties.