East Chop Capital, a leading Black-owned private equity firm in the vacation rental space, has successfully closed its second fund at $11 million. This new capital infusion will allow the company to expand its portfolio and target the luxury vacation rental market in the United States.
“The market is certainly much more competitive than when we first started nearly 10 years ago,” said Carrington M. Carter, Co-founder and General Partner at East Chop Capital. “This capital infusion provides us with the opportunity to scale further and move higher up into the luxury spectrum, with some custom built homes that will create amazing guest experiences.”
The company, known for its focus on building wealth within the Black community, expressed gratitude for the diverse group of investors who participated in the fund. “We are tremendously grateful for our investors who believed in us,” Carter added. “It’s extremely humbling to have support from Hamptonians, who make up 11% of our individual investors, other HBCU alum, countless fraternity brothers (Alpha Phi Alpha Fraternity, Inc. – Carrington; Omega Psi Phi Fraternity, Inc. – Calvin), and others in our community. Teamwork truly does make the dream work, and we must focus more on working together.”
East Chop Capital’s focus extends beyond the luxury vacation rental market. Co-founder Calvin L. Butts, Jr. highlighted the company’s commitment to real estate development and fostering entrepreneurship. “Real estate development will continue to be a focus for East Chop Capital, and we’ll break ground on additional projects later this year,” Butts stated. “We are equally excited about our angel investing vertical that we piloted over the last two years with our base of 200 investors. We see both of these verticals as key components to building wealth, and empowering the next generation of startups and other businesses.”
With a growing presence in the private equity landscape, East Chop Capital is well-positioned to make a significant impact in the luxury vacation rental sector while fostering financial empowerment within the Black community through various investment strategies.
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