/PRNewswire/ East Chop Capital (East Chop) today marks the successful closure of its Fund II at $11 million, which focuses exclusively on luxury vacation.
HBCU Grads Turn Travel Passion Into $10 Million Real Estate Portfolio in Less Than 5 Years
(Image Credit: Jack Manning, Jaxon Photo Group)
HBCU grads, Carrington M. Carter and Calvin J. Butts, Jr. of East Chop Capital, are changing the face of private equity.
The two Hampton graduates recently announced the closing of their $4 million fund. With a strong background in real estate and entrepreneurship, Carter and Butts are capitalizing on the multi-billion dollar global vacation rental market.
“Our firm was created to help accredited investors build wealth and gain exposure to private investments that they may not have access to,” says Butts, Jr. in a statement. “East Chop Capital’s first fund exposes our investors to the travel and hospitality industry via luxury vacation rental homes, by owning and operating homes in places like Martha’s Vineyard, Hilton Head, Gatlinburg, Orlando, and several other markets that we will expand to in 2021.”
Black history in the United States is American history, so while February is Black History Month, think about it as a month that gives you an excuse and ample resources to dive deeper into American history.
Every year the ASALH chooses a theme. The theme for Black History Month 2021 is Black Family: Representation, Identity and Diversity. This explores the African diaspora and the spread of Black families throughout the United States from slavery to The Great Migration to present day.
With travelers looking for more local options within the United States, this creates a unique opportunity to support Black businesses and explore previously overlooked locales in the US that go beyond well-known Black-history rich destinations, such as D.C. or Atlanta.
Calvin L. Butts Jr. and
Carrington M. Carter are looking to make a change in the real estate, travel and hospitality industries. Butts Jr. and Carter have formed East Chop Capital to pool “the resources of many, to accomplish much more than individuals can on their own.” Through their work as real estate developers, they have helped minority investors enter the $170 billion vacation rental market.
“Our firm was created to help accredited investors build wealth and gain exposure to private investments that they may not have access to,” Butts Jr. said.
“East Chop Capital’s first fund exposes our investors to the travel and hospitality industry via luxury vacation rental homes, by owning and operating homes in places like Martha’s Vineyard, Hilton Head, Gatlinburg, Orlando, and several other markets that we will expand to in 2021.”
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When it comes to funding minority entrepreneurs, only 1 percent goes to Black founders. With only 2 percent of investment professionals being Black, one private equity firm seeks to change the face of the industry. Today, East Chop Capital, a Black-owned private equity firm, announces the successful closing of its inaugural $4 million fund. The fund was created to capitalize on the thriving $113 billion global vacation rental market.
East Chop Capital was founded in 2018 by experienced entrepreneurs and real estate developers, Calvin L. Butts, Jr., and Carrington M. Carter. The firm seeks to expand access to capital and other resources for Black, women, and minority entrepreneurs, while also building generational wealth for its investors.