The real estate developer, owner of New York’s Rockefeller Center, looks to invest in early-stage companies to help it “shape and accelerate” transformation in the industry.
The Tishman Speyer Proptech Venture Fund, which hopes to raise up to $150m, will invest across the entire real estate value chain, the company said in an announcement.
Although real estate startups have raised $110bn in venture capital in the past five years, Tishman Speyer identified several areas with more potential for innovation, including:
- Design and construction
- Construction financing
- Leasing and tenant management
- Building infrastructure
The fund is anchored by the National Pension Service of Korea and Investment Management Corporation of Ontario.
With $121bn in assets under management around the world, Tishman Speyer said it will target emerging firms that can leverage its global portfolio.
CEO Rob Speyer said: “We are in the initial stages of a profound disruption that promises to dramatically improve how our customers, partners, and vendors interact with buildings.
“The Proptech Venture Fund gives Tishman Speyer the opportunity to help shape and accelerate this ongoing transformation by championing the next generation of innovators.”
A Tishman Speyer-sponsored SPAC took smart lock developer Latch public in June 2021.
Jenny Wong, senior managing director of proptech at Tishman Speyer, said: “Tishman Speyer is uniquely positioned to understand, pilot and power the growth of the world’s most promising proptech companies.
“As one of the first firms to embrace proptech as a tool to improve the customer experience and then as an investor, we have developed the insight and organisational infrastructure to serve as a valued thought partner, mentor, customer and accelerator.”