With more than $38 billion of capital raised through second quarter 2024, Qualified Opportunity Zone Funds (QOFs) have become an important source of capital for community investment and development. While capital raising and deployment slowed in 2023 in the midst of a challenging real estate market and decrease in capital gains events, QOFs have continued to raise money at a solid pace.
According to a Novogradac survey from August, QOFs have raised a total of $38.3 billion through second quarter 2024. While the amount raised in the second quarter ($447 million) was significantly lower than the amounts reported from 2019 through most of 2023, it was the largest equity total reported since third quarter 2023. The bifurcated nature of QOF capital raising is still highly apparent
