Griffin Capital Company LLC, an alternative investment asset manager, has launched Griffin Capital Qualified Opportunity Zone Fund L.P., an opportunity zone fund with a capital raising goal of $275 million.
Griffin registered the private placement offering in late April, and as of June 28, 2019, has raised $13.5 million from 19 investors. The minimum investment is $150,000.
Passed as part of the Tax Cuts and Jobs Act of 2017, qualified opportunity zones are land tracts designated by the U.S. Treasury Department and Internal Revenue Service. To incentivize private investment in these communities, the legislation creates tax breaks for investors who make qualified long-term investments that have the potential to promote economic growth in these zones.
Griffin Capital’s alternative investments include three groups of products: non-traded real estate investment trusts (REITs), interval funds in the company’s Institutional Access fund family and Delaware statutory trusts (DSTs). Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored approximately $16.8 billion in assets.
The company’s investment programs include Griffin Capital Essential Asset REIT, Griffin Institutional Access Credit Fund, Griffin Institutional Access Real Estate Fund, Griffin Institutional Property Exchange DSTs. Griffin Capital Securities is the dealer manager for non-traded programs sponsored by Griffin Capital Company and the exclusive wholesale marketing agent for the its interval funds.