The private equity firm East Chop Capital announced the $11 million closure of its Fund II, which focuses exclusively on luxury vacation rental homes.
According to the company, Fund II drew equity investments from 93 LPs, including Liberty Financial Services.
“Fund II is about scale and pattern recognition as we invest in undiscovered, overlooked/undervalued, or value-add vacation rental homes and developments across the United States,” said Carrington M. Carter, co-founder and general partner. “We’re pleased to already be putting this capital to work in Florida and Texas.”
East Chop closed its first fund in December 2020 at $4 million, and the company said in a statement that this fund was “on track to deliver 25% returns, net of fees, and a focus on the $75 billion global vacation market that is projected to reach over $130 billion by 2033.” The company added that with its $30 million in AUM, East Chop’s growing network includes approximately 200 investors, 90% of whom are Black and approximately 23% of whom are women.
“East Chop Capital is building on its extensive ecosystem to educate investors in private equity and venture capital, and simultaneously opening doors to unique investment opportunities,” said Calvin L. Butts Jr., co-founder and general partner. “These key pillars are part of our philosophy of investing to build generational wealth while tackling socioeconomic disparity.”
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