Griffin Capital Qualified Opportunity Zone Fund L.P., a Regulation D opportunity zone fund sponsored by alternative investment asset manager Griffin Capital Company LLC, has raised approximately $361.4 million from nearly 700 investors, according to an amended notice filed late last week with the Securities and Exchange Commission.
Griffin registered the private placement offering in late April 2019. The fund originally sought to raise $275 million, according to the original filing, and the total offering amount was later increased to $445 million.
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.