PSP anchors US$100-million property-tech venture fund aiming to bring green innovation to real estate sector

“Greensoil PropTech Ventures, co-founded and chaired by former Minto Group executive Alan Greenberg, has raised about half of a targeted US$100-million for its second property technology, or Proptech, fund. Public Sector Pension Investment Board (PSP), one of Canada’s largest pension funds, is anchoring the Toronto-based fund.”

“The need for innovation has never been greater” for the real estate industry, said Kristopher Wojtecki, managing director of real estate with PSP, one of Canada’s largest pension managers. “Investing in proptech will allow us to stay at the forefront of the changing landscape of the real estate sector and help future-proof our existing portfolio … [and] add new ways in meeting the fund’s real estate mandate.”

“Proptech has since become one of the fastest-growing segments in venture capital. While the amount of global financings last year dropped by 25 per cent to US$23.8-billion owing to the pandemic, the proptech sector is expected to rebound in 2021, driven partly by growing commitments by building owners to achieve net-zero carbon emissions over the next 30 years. Several large U.S. real estate investors are also sponsoring special purpose acquisition companies (SPACs) in the proptech space."

Sean Silcoff
Globe and Mail, March 15, 2021

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