Welcome to the Proptech 20, showcasing the world’s top property technology fundraisers
Fundraising by the top 20 technology-focused managers in this year’s ranking fell 23 percent from 2024 totals amid a challenging environment for real estate. However, a sharper focus on scale and selectivity signals the sector’s evolution.
As artificial intelligence becomes the competitive infrastructure of real estate investing, this year’s ranking – led by China and New York-based firms – highlights those positioned to deploy capital intelligently in an era defined by data and performance.
TOP 5 PROPERTY TECHNOLOGY FUND MANAGERS
| Rank | Manager | Headquarters | Amount raised ($m) |
|---|---|---|---|
| 1 | Hidden Hill Capital | China | 2,294 |
| 2 | Fifth Wall | US | 1,982 |
| 3 | Gaw Capital Partners | Hong Kong | 971 |
| 4 | Camber Creek | US | 703 |
| 5 | Moderne Ventures | US | 580 |
Proptech 20
PERE’s ranking of the largest capital raisers in the proptech space as of 2025. Clicking the firm names will take you to their institution profile where you can view a swathe of information regarding their investment activities, contacts, addresses and specific fund information.
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Hidden Hill Capital
Shanghai-based Hidden Hill Capital has topped PERE’s ranking for two consecutive years, amassing $2.3 billion in capital raised for proptech investment over the five years to the end of 2024. The firm, an investment arm of GLP, specializes in tech-enabled logistics and supply chain technologies, with a focus on minority investments in Asia-Pacific markets.
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Fifth Wall
Los Angeles-based Fifth Wall has maintained its second position in PERE’s ranking, raising $2 billion in proptech capital over the five years to the end of 2024. The firm, the largest VC focused on real estate technology, has built a global portfolio spanning climate tech, AI, and fintech for real estate.
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Gaw Capital Partners
Hong Kong-based Gaw Capital Partners has held its third place in PERE’s ranking, raising $ 971 million in proptech capital over the five years to the end of 2024. The firm, with a strong track record in Asia-Pacific real estate, extends its expertise to proptech through its alternative investments division, emphasizing sustainability, climate-tech, and related sectors.
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Camber Creek
Washington, DC-based Camber Creek has climbed from fifth to fourth place in PERE’s ranking, raising $703 million in proptech capital over the five years to the end of 2024. The firm invests in innovative technologies for the real estate industry, including property management, construction, and finance solutions.
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Moderne Ventures
Chicago-based Moderne Ventures has jumped from ninth to fifth place in PERE’s ranking, raising $580 million in proptech capital over the five years to the end of 2024. The female-led firm invests in early-stage technology companies across real estate, finance, insurance, home services, and sustainability.
INSIDE THE PROPTECH 20
PROPTECH 20 | METHODOLOGY
The 2025 ranking is based on the amount of private direct investment capital raised by firms between January 1, 2020, and December 31, 2024
For the purposes of the ranking, “proptech” is equity capital raised for the purpose of investing into the real estate technology sector, with capital raised primarily in blind-pool limited partnerships. Proptech, also known as property technology, is the application of information technology and platform economics for real estate markets.
This year, the counting period remains five years to allow for continued comparison against other manager rankings published by PERE and its affiliate publications.
Where two firms have raised the same amount of capital over this period, the higher ranking goes to the firm with the largest currently active pool of capital raised since 2020. If there is still a tie after taking into account the size of a single fund, we give greater weight to the firm that has raised the most capital within the past year.
We give the highest priority to information we receive from, or confirm with, the proptech managers themselves. When the proptech firms confirm details, we seek to ‘trust but verify.’ Some details simply cannot be verified by us and, in these cases, we defer to the honor system.
In order to encourage co-operation from firms that might make the Proptech 20, we do not disclose which firms have aided us on background and which have not. Lacking confirmation of details from the firms themselves, we seek to corroborate information using firms’ websites, press releases, limited partner disclosures and other sources.
PROPTECH 20 | PREVIOUS RANKINGS
LATEST TECHNOLOGY HEADLINES
OTHER RANKINGS
In addition to the Proptech 20, PERE also compile other private real estate rankings.
What’s more, our sister titles also produce their own industry rankings covering private equity, infrastructure investing and private debt.
To view the latest rankings from PERE, plus those from Private Equity International, Infrastructure Investor and Private Debt Investor, simply navigate through the sections below:
SEEN OUR DATABASE?
PERE’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.