Qualified opportunity funds (QOFs) tracked by Novogradac reported nearly $10 billion in equity investment in 2022, the biggest year since the opportunity zones (OZ) incentive was enacted at the end of 2017. The 1,661 QOFs tracked by Novogradac (1,274 of which report a specific equity amount) raised $9.68 billion last year, bringing the cumulative amount to $34.09 billion. That was despite a slowing in investment during the fourth quarter. Novogradac tracks QOFs based on voluntarily provided information as well as public information. Proprietary and private funds that are owned and operated by their principal investors are not included. Two blog posts by Novogradac provide details–the first with overall information, the second with information on the focus of investments. Future blog posts will address the cities and states with the most planned investments and the sizes of QOFs and the amount of equity overseen by different QOF managers.

Stay informed with a subscription to the Novogradac Journal of Tax Credits, which has a regular OZ section.