New Opportunity Zone Fund to Focus on Rebuilding Puerto Rico
Monllor Capital Partners, an alternative asset management and advisory firm based in San Juan, Puerto Rico, recently launched the Puerto Rico Opportunity Zone Fund LP, a Regulation D opportunity zone fund focused on rebuilding Puerto Rico.
Monllor Capital Partners, an alternative asset management and advisory firm based in San Juan, Puerto Rico, recently launched the Puerto Rico Opportunity Zone Fund LP, a Regulation D opportunity zone fund focused on rebuilding Puerto Rico and its economy. NES Financial | JTC (LON: JTC) will serve as the fund’s administrator.
The fund has an initial target of $20 million to invest in qualified opportunity zone businesses, including those with a sustainable and renewable energy focus, and infrastructure to help the local communities devastated by the recent natural disasters and economic downturn. According to a filing with the Securities and Exchange Commission, the fund is structured as a 506(c) and has a minimum investment of $100,000.
Act 21-2019, also known as the Act for the Development of Opportunity Zones of 2019 (PR-QOZ Act), was enacted on May 14, 2019 to promote more investments into qualified opportunity zones in Puerto Rico. As a local counterpart to the U.S. opportunity zone provisions, the PR-QOZ Act provides for additional incentives for investments made in Puerto Rico.
“Puerto Rico has over 860 designated opportunity zones, so the potential benefits to the community are significant and needed immediately,” said Jose Torres, managing partner at Monllor Capital. “Our projects will create jobs and provide other economic and environmental benefits to an area whose tourism industry has been hard hit by both Hurricanes Maria and Irma, as well as the COVID-19 pandemic.”
NES Financial | JTC is the US division of JTC Group, a multi-jurisdictional provider of fund, corporate and private client services. Listed on the London Stock Exchange and included in the FTSE 250 Index, JTC Group administers more than $130 billion in assets and employs more than 900 people in 23 offices worldwide.
Monllor Capital Partners (MCP) was founded in late 2018 by Jose Torres and focuses on making and facilitating tax advantaged ESG investing in renewable energy, sustainable business, and infrastructure in Puerto Rico.
