Opportunity Zone Funds Approach $25 Billion Milestone, Per Novogradac

Alternative investments continue to amass investor assets, with the Opportunity Zones program providing a nascent source of growth in the industry.

According to Novogradac, Qualified Opportunity Funds had raised $24.4 billion in equity through the end of 2021, with $6.9 billion of that total coming in the second half of the year. 

Novogradac tracks a total of 1,342 QOFs; nearly 1,000 of those reported their equity raise totals. 

The report from Novogradac also provided insights into the geographical distribution of the OZ equity raised: 

  • California led the way with $2.4 billion in OZ equity, representing approximately 10% of the total; 
  • Arizona — the 14th largest state by population — has the second largest OZ equity raise at $1.3 billion; 
  • Texas, New York, and Florida round out the top five states with the most OZ equity raised; 
  • 20 cities have raised $200 million or more in OZ equity, led by Washington, DC, Los Angeles, New York City, Nashville, and Austin.

The full report is available for purchase from Novogradac; more information on current Opportunity Zone offerings can be found at OpportunityDb.com.