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The nation's biggest real estate companies are trusting two men in Venice to find them the next Airbnb or WeWork

The nation's biggest real estate companies are trusting two men in Venice to find them the next Airbnb or WeWork

Two real estate software start-ups were neck-and-neck until one landed an investment and partnership deal with Blackstone Group. The firms merged last year, but the one with Blackstone’s backing got to keep its name and chief executive.

“Blackstone played kingmaker,” said Brendan Wallace, who’s hoping his new investment firm can be just as successful in anointing winners.

Wallace and business partner Brad Greiwe unveiled a Los Angeles venture capital firm Tuesday that has raised $212 million, mostly from nine of the nation’s largest real estate companies. The pair say the size and caliber of Fifth Wall Ventures’ investors means the start-ups it funds will emerge as...

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