PTM Partners, a real estate investment and development firm focused on qualified opportunity zones, has launched its second qualified opportunity zone fund, PTM Partners Opportunity Zone Fund II LP (Fund II), with a targeted raise of $250 million. The company also reported the fund’s first closing at $40 million.
PTM Partners Opportunity Zone Fund II LP will focus on developing residential projects that are price accessible by large portions of the population.
The company closed its first opportunity zone fund, PTM Partners Opportunity Zone Fund I LP (Fund I), after raising approximately $100 million for acquisitions throughout the East Coast.
“We decided to launch Fund II to capitalize on attractive opportunities that we have sourced in our pipeline of projects that is north of $2 billion,” said Tillman, co-founder and chief executive officer of PTM.
Tillman continued, “At the onset of the pandemic and prior to launching Fund II, we ensured that our business plans for Fund I were updated to reflect an economic contraction and that sufficient capital was reserved in case it may be needed. With growing interest in the opportunity zone sector and the amplified need for private dollars to provide investment and stimulus in these geographic areas, we felt now was the right time to launch a second investment vehicle.”
PTM Partners was founded by Michael Tillman, Scott Meyer and Nicholas Pantuliano.