NCSHA Opportunity Zone Fund Directory Expands to 89 Funds and $19 Billion in Anticipated Investment

NCSHA released an updated edition of its Opportunity Zone Fund Directory today, providing details on 89 Qualified Opportunity Funds planning to invest in designated Opportunity Zones. The latest edition of the directory includes 17 new funds and details on each fund’s management, organization, size, investment focus, and geographic focus.

The 89 funds featured in the directory represent $19 billion in total investment. Listed funds range in size from $1 million to $3 billion, with an average fund size of approximately $213 million.

OZ Funds’ Target Sizes Range Widely

Commercial real estate continues to be the strongest anticipated investment focus for the funds, with 91 percent (81 of 89 funds) reporting investment in multifamily residential, student housing, mixed-use, hospitality, or other commercial development.

OZ Funds Mostly Target Commercial Real Estate

The percentage of funds in the directory planning to invest in community revitalization, affordable housing, or workforce housing has increased to 55 percent (49 of 89 funds), while 47 percent of the funds (42 of 89) plan investment in economic development or small business development, and 19 percent of the funds (17 of 89) plan to focus on infrastructure or renewable energy investment. Most funds report investment focus in multiple categories.

While one-third of the funds (29 of 89) are open for investment nationwide, the majority (60 of 89) target specific states or regions. Geographic focus continues to be strongest in the Northeast/Mid-Atlantic and the West/Southwest. Six of the 17 new funds, however, are targeting investment in other areas, including new funds specifically targeting Arkansas, Illinois, Indiana, Virginia, and Puerto Rico.

OZ Funds Are Spread Throughout the Country

NCSHA will update the directory as additional Opportunity Funds are announced. To add a fund to the directory, please complete this form.