Cresset Capital and Diversified Real Estate Capital to Launch Opportunity Zone Fund
Cresset Capital Management has partnered with Diversified Real Estate Capital to launch a new fund that will invest in qualified opportunity zones.
Cresset Capital Management has partnered with Diversified Real Estate Capital to launch a new fund that will invest in qualified opportunity zones.
The federal government’s Tax Cuts and Jobs Act of 2017 established the opportunity zone program to stimulate economic development in distressed communities across the country by offering potentially significant tax benefits to investors that make long-term investments in qualified opportunity zones. The Treasury Department released their proposed guidelines for the new program on Friday.
The Cresset-Diversified QOZ Fund will pursue a portfolio of investments, from real estate development and re-development to private company investments in industries which include data centers, manufacturing, distribution and energy.
“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, founder of Levy Family Partners and co-founder of Diversified Real Estate Capital. “We expect the fund’s investments to help create significant impact and opportunity in many communities.”
Cresset Partners focuses on private investments offering clients access to direct real estate, direct private company and private equity secondaries investment opportunities. Cresset Asset Management, a registered investment advisor, offers wealth advisory, planning and innovative family office services.
Diversified Real Estate Capital seeks to create institutional quality assets focused on office, retail, multi-family, industrial, residential and mixed-use properties.
