Successful entrepreneur, Don Peebles, announced his firm is launching a $500M investment fund for minorities and women property developers.
What We Know:
- Peebles announced the launch at The Real Deal’s annual residential real estate showcase in West Hollywood.
- He also moderated a panel at the event about diversity in the real estate developing business. “Access to capital has been the biggest challenge,” Peebles said, referencing the obstacles minorities and women face in the industry.
- “The idea is to create this business model that shows that investing in emerging developers and investing in diversity will result in higher returns with less risk,” Peebles said.
- The fund will help developers in New York, Los Angeles and South Florida.
- Peebles also intends to support the underrepresented developers beyond providing funding. His firm, Peebles Corp., will offer to partner with the new developers or co-develop some properties according to TRD.
This sounds like a great way to help budding developers break into the business.
