EJF Capital collects $280m for opportunity zone fund

Manny Friedman’s EJF Capital has raised approximately $280 million in investor subscriptions and commitments for its inaugural Opportunity Zone investment fund.

The EJF OpZone Fund I was launched in August 2018 in response to the Tax Cut and Jobs Act of 2017, which aims to take advantage of tax benefits for investing in lower income census tracts known as opportunity zones. In total there are more than 8,700 such opportunity zones across the U.S.

So far, the fund has closed on eight investments to date, including development projects in Washington, D.C . . .

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