EJF Capital Raises Approximately $280 Million for Inaugural OpZone Fund
Summary
ARLINGTON, Va.--(BUSINESS WIRE)--EJF Capital LLC (“EJF”), a global alternative asset management firm, today announced the successful closing of its inaugural Opportunity Zone investment fund, EJF OpZone Fund I LP (the “Fund”) with approximately $280 million1 in investor subscriptions and commitments. The Fund, which launched in August 2018 in response to the federal Tax Cut and Jobs Act of 2017, aims to take advantage of the resulting tax benefits for investing in lower income census tracts known as “Opportunity Zones.” There are more than 8,700 Qualified Opportunity Zones across the U.S. “ The Opportunity Zone investment strategy is a good fit for EJF given our focus on regulatory driven investment ideas combined with our industry expertise in financials and real estate,” said Neal Wilson, Co-CEO of EJF. “ The real estate team here at EJF has done an excellent job creating a diversified portfolio of Opportunity Zone investments focused on multifamily and industrial development.” Asheel Shah, Head of Real Estate Development at EJF, added, “ We are very pleased with the confidence shown in EJF by the investors in the Fund, many of whom invested more than once. The Fund’s investor base is comprised of numerous high-net-worth investors, RIAs and broker dealers, corporations, a leading private bank, and a state pension fund.” The Fund has closed on eight investments to date including development projects in Washington, D.C., Florida, California, Washington state, South Carolina, and Maryland. EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of December 31, 2020, EJF manages approximately $5.9 billion across a diverse group of alternative asset strategies.