Qualified opportunity funds (QOFs) tracked by Novogradac reported equity investment of $6.88 billion over the final six months of 2021, according to the Novogradac Opportunity Zones Investment Report: Data Through Dec. 31, 2021, which was released today. As of the end of 2021, the 1,342 QOFs tracked by Novogradac (978 of which report a specific amount of equity raised) had raised $24.40 billion in equity. The jump of nearly $7 billion in reported equity since June 30, 2021, is the largest increase in any reporting period since Novogradac began tracking QOF investment in May 2019. The semiannual report also includes data on the types of reported investment, the planned geographic focus of investment and the top 20 states and top 40 cities for targeted QOF investment. Novogradac’s report is based on a rolling collection of information from QOFs voluntarily providing information or through public sources such as Securities and Exchange Commission filings and press releases. Novogradac’s list does not include proprietary or private funds owned and managed by their principal investors. A blog post by Michael Novogradac provides more insight into the report and the Feb. 15 episode of the Tax Credit Tuesday podcast delves into the details of the report.

QOF investment will be a topic at the Novogradac 2022 Spring Opportunity Zones Conference April 21-22 in Long Beach.