Qualified opportunity funds (QOFs) raised an additional $436.8 million in equity in third quarter 2025, according to Novogradac. This marks a significant decrease in fundraising from the previous quarter and may signify an even slower period in 2026.
According to the firm, the total equity raised in 2025 reached nearly $2.4 billion, compared with the $1.9 billion in the first three quarters of 2024. Fundraising in 2025 has been strongest, so far, in the second quarter, as it accounted for nearly half of the yearly total.
Out of the 2,142 QOFs tracked by Novogradac, residential development leads in activity, with 535 funds focused on residential products amounting to $9 billion in equity raised. California leads in equity investment planned, followed by Arizona, Ohio, New York state and Florida.
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