Real estate mogul Don Peebles is giving a leg up to up-and-coming minority and female real estate developers by launching a $500 million investment fund. 

According to The Real Deal, the fund will assist developers in the New York, Los Angeles, Boston, Philadelphia, Washington, D.C., Charlotte and South Florida real estate markets. The real estate giant announced plans for the investment fund during The Real Deal’s annual residential real estate showcase, in which Peebles was a moderator during a diversity panel. 

“[Minorities and female developers] access to capital has been the biggest challenge,” Peebles said. “I looked at how to address that for a number of years. No one in the country is doing this on a national level.”

Investments discussions are currently underway between Peebles Corp. and financial institutions; the founder and CEO is looking for 60 deals in the fund. 

“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,” he said.   

Ranging between $10 to $70 million, the fund will focus on urban infill projects and affordable housing efforts, Black Enterprise reports

“It’s a very positive thing to have the developments that are taking place in communities of color, to have the projects be developed by people of color,” Peebles said. "We see this as a win-win and an untapped market.”