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Development firm Peebles Corp. is launching a $500 million investment fund for minority and women developers in markets that include New York, Los Angeles, and South Florida, according to an article in The Real Deal.
The Peebles Corp. founder Don Peebles announced the company’s new fund during TRD’s annual residential real estate showcase on Friday, at the London Hotel in West Hollywood, where he moderated a panel on diversity in the industry.
For minorities and female developers, “access to capital has been the biggest challenge,” said Peebles, who has been an outspoken advocate for diversity in the industry. “I looked at how to address that for a number of years. No one in the country is doing this on a national level.”
In addition to supplying capital, Peebles said his company will look at ways to support the emerging developers. Through co-developing or partnerships, he hopes the fund will “help mitigate risk and help them grow quicker.”
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— Black Enterprise (@blackenterprise) June 9, 2018