Hedge Fund EJF Raising $500 Million for Tax-Advantaged ‘Opportunity Zones’
- Hedge fund seeking to raise $500 million for low-income areas
- Investments in ‘opportunity zones’ are eligible for tax breaks
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Manny Friedman’s $6.9 billion hedge fund firm, EJF Capital, is raising money for real estate projects in low-income neighborhoods, seeking to take advantage of incentives created by last year’s U.S. tax overhaul.
The so-called opportunity fund will start by bankrolling ground-up development in designated zones across the country. The Arlington, Virginia-based money manager is seeking to raise about $500 million for the strategy, according to two people with knowledge of the matter who asked not to be identified because the information isn’t public.