The Cresset-Diversified QOZ Fund, an opportunity zone fund recently launched by Cresset Partners and Diversified Real Estate Capital, announced that Matt Reilein has joined both the fund and the Cresset team to lead community development efforts.
Reilein, who has a background in community finance and development and impact investing, spent more than 15 years as head of impact investing with O’Brien-Staley Partners. He previously served as managing director of community development banking at J.P. Morgan.
According to the company, Reilein built J.P. Morgan’s new markets tax credit business, overseeing more than $5 billion of qualified investments into low-income communities.
Additionally, he was president of J.P. Morgan’s community development entity and led the community development intermediary lending business, which makes loans to community development financial institutions and low-income housing tax credit syndicators.
Reilein currently serves as chair of the board of directors of the Chicago Community Loan Fund and previously served on the executive committee of the New Markets Tax Credit Coalition.
“Matt’s extensive industry relationships—including with economic development authorities and other organizations delivering capital at a local level—coupled with his expertise in structuring tax-advantaged investments uniquely positions him to help build our QOZ investment strategy,” said Larry Levy, founder of Diversified Real Estate Capital.
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 Cresset-Diversified QOZ Fund will pursue a portfolio of investments in industries which include data centers, manufacturing, distribution and energy.
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.