EJF Capital has closed its inaugural opportunity zone investment fund, EJF OpZone Fund I, with approximately $280 million in investor subscriptions and commitments.
The fund, which launched in August 2018 in response to the federal Tax Cut and Jobs Act of 2017, aims to take advantage of the resulting tax benefits for investing in lower-income census tracts known as opportunity zones. There are more than 8,700 qualified opportunity zones across the United States.
“The opportunity zone investment strategy is a good fit for EJF, given our focus on regulatory-driven investment ideas combined with our industry expertise in financials and real estate,” said Neal Wilson, co-CEO of EJF. “The real estate team here at EJF has done an excellent job creating a diversified portfolio of opportunity zone investments focused on multifamily and industrial development.”
The fund’s investor base comprises numerous high-net-worth investors, RIAs and broker-dealers, corpor
