Jeremy Fox and G.M. Nicholas Vik Named Co-Presidents of Fifth Wall
By Nick Trombola April 23, 2024 10:00 am
reprintsWhat was once a scrappy venture capital firm in Southern California has transformed into a global proptech powerhouse with some $3 billion in assets under its wing — and it’s tapped two new leaders to help guide its next phase of growth.
G.M. Nicholas “Magnus” Vik and Jeremy Fox have been named co-presidents of New York-based Fifth Wall, Commercial Observer has learned. The pair will helm the firm alongside co-founders Brendan Wallace and Brad Greiwe.
Vik and Fox joined Fifth Wall in the relatively early stages of its development, with pedigrees at some of the most well-known and powerful companies in the world. Though each said they saw something in Fifth Wall that made it an irresistible draw.
Vik joined the firm in March 2020 from Renew Health, a healthcare tech startup, where he served as director of strategy and finance. He previously held senior roles at Snap (developers of Snapchat) and investment firm Iconiq Capital. In addition to his co-presidential duties, Vik has also been named chief operating officer and will oversee the day-to-day operations of the Fifth Wall.
“I aspire to be a builder of businesses,” Vik said. “And [at Fifth Wall] I feel as though we’re building the next generation of asset management at the intersection of real estate, tech and sustainability.”
Fox, for his part, came to Fifth Wall in 2021 from Credit Suisse, where he co-led the storied financial firm’s North American real estate, gaming and lodging investment banking division. Before that, Fox worked at Deutsche Bank (DB) for nearly 20 years, most recently as its head of U.S. equity capital markets, and before that as a financial analyst at Goldman Sachs (GS).
He will lead Fifth Wall’s global partner coverage team, a continuation of his previous role, as well as all of its fundraising efforts.
“My background is in investment banking, but I found myself wanting to transition to something I really believed in,” Fox said. “Magnus and I both come from big places, but Fifth Wall had this entrepreneurial spirit that was really exciting. It was an opportunity to join something that could not only be much bigger, but also important [due to its focus on sustainability and decarbonizing the commercial real estate industry].”
Vik will be based out of the firm’s Los Angeles office, though Fox will be based out of Fifth Wall’s new headquarters at The Spiral, Tishman Speyer‘s recently built skyscraper in Manhattan’s Hudson Yards. The firm, which moved from its 7,400-square-foot Meatpacking District location in February, has taken roughly 7,000 square feet at the 65-story tower, Vik said.
Launched in L.A. in 2016, Fifth Wall quickly became the largest asset manager focused on investing in proptech companies, particularly in the sustainability space. The firm has over 110 strategic limited partnerships in over 20 countries, counting firms like CBRE (CBRE), Cushman & Wakefield (CWK), Hines, Hilton, MGM Resorts and Marriott International as partners, to name a few.
“In their time at Fifth Wall, Jeremy and Magnus have proven to be highly valuable assets to our team, our limited partners, and our portfolio companies,” Greiwe said in a statement. “Their unmatched expertise will be instrumental in continuing to nurture the firm’s core growth — ensuring we are best positioned to serve the needs of the global real estate industry.”
Nick Trombola can be reached at ntrombola@commercialobserver.com.