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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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