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Chicago-Based Firms Launch Opportunity Zone Fund
Cresset Capital Management has partnered with Diversified Real Estate Capital to launch a new fund that will invest and create impact in Qualified Opportunity Zones (QOZs). The Chicago-based firms reportedly seek to raise $500 million for the fund.
As part of the tax reform package signed into law this past December, QOZ provisions were established to stimulate economic development. These provisions provide potentially significant tax benefits to investors.
“With more than 8,700 Opportunity Zones across all 50 states, Washington D.C. and Puerto Rico, the opportunity to invest in the path of progress was compelling to us,” said Larry Levy, co-founder of Diversified. Added Avy Stein, Cresset’s co-founder, “A confluence of factors makes this an outstanding time to invest in QOZs.”
The Cresset-Diversified QOZ Fund will pursue a broad portfolio of investments, from real estate development and re-development, to private company investments in industries including data centers, manufacturing, distribution and energy.
Get to know us and Chicago’s commercial real estate elite at Connect Media’s Chicago launch event, scheduled for Nov. 8.
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