Platform Ventures, a commercial real estate investment firm and sponsor of private placement offerings, has launched Platform Ventures Opportunity Zone Fund I LP, a Regulation D opportunity zone fund, according to documents filed with the Securities and Exchange Commission last month.
The fund seeks to raise $300 million along with a parallel opportunity zone fund sponsored by the company called Platform Ventures Opportunity Zone Fund I A LP. Both funds are structured under Rule 506(b) and have minimum investments of $250,000.
Platform Ventures Opportunity Zone Fund I had raised $852,660 from two investors at the time of the filing on July 10, and Platform Ventures Opportunity Zone Fund I A had raised $325,000 from three investors.
The opportunity zone program, which was established under the Tax Cuts and Jobs Act of 2017, provides federal tax incentives for investments in low-income census tracts that have been designated as qualified opportunity zones.
The tax benefit is designed to drive economic development, community revitalization and job creation by encouraging long-term investments in economically distressed communities nationwide. There are currently 8,761 designated opportunity zones located throughout the U.S. and its five territories.
Earlier this month, The DI Wire reported that Platform Ventures launched a new DST offering for a portfolio of nine outpatient dialysis facilities.
Platform Ventures is a holding company that, through certain subsidiaries, invests in real estate, real estate operating companies, and real estate technologies. The company and its affiliates have more than $1.4 billion in assets under management as of December 31, 2018.