A high-profile Black Baltimore developer has launched a private fund to transform underserved communities here and in other U.S. cities.
Ernst Valery last month set up the Aequo Fund, which aims to invest in residential projects locally and in Philadelphia, Buffalo and Richmond, Virginia. The fund started off with $6.25 million and will allow Black, brown, women and immigrant real estate developers access to capital in order to kick off their careers or expand portfolios.
It was fueled with $5 million in financing from the nonprofit Reinvestment Fund and the Columbia-based Enterprise Community Loan Fund, and so far has 10 projects in the pipeline. Valery himself invested the first $1.5 million.
