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 |
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
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:
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PERE’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.
