Griffin Capital Company LLC, a private alternative asset manager and sponsor of non-traded alternative investment programs, has launched a second Regulation D opportunity zone fund, the Griffin Capital Qualified Opportunity Zone Fund II L.P., according to documents filed with the Securities and Exchange Commission.
Griffin registered the private placement offering earlier this week and seeks to raise $180 million, according to the filing. The 506(b) offering has a minimum investment amount of $150,000 and has raised $4.1 million from two investors.
The company’s first opportunity zone fund, Griffin Capital Qualified Opportunity Zone Fund, raised nearly $460 million from 855 investors, as of October 14, 2020.
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 tax advantaged strategies. Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored more than $18 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, and Griffin Institutional Property Exchange Delaware statutory trusts, among others.