Fri, Sep 17, 2021
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

North Cost Partners launches opportunity fund

Friday, June 29, 2018
Opalesque Industry Update - North Coast Partners, a real estate investment company, today announced the launch of the Detroit Opportunity Fund, which will focus on investing in newly designated Opportunity Zones in the Detroit area. The Detroit Opportunity Fund is the first of several geographically-targeted Opportunity Funds that will be offered by North Coast Partners via North Coast Asset Management to realize the unique tax benefits of Opportunity Fund investment. The Detroit Opportunity Fund is beginning with a $500 million pipeline of new deals in the city.

"The new federal legislation that created Opportunity Zones and Opportunity Funds is bi-partisan supported, intelligent and bold. The future of the country depends on legislation exactly like this," said Matt Temkin, a managing member of North Coast Partners. "Given our history of investing in Detroit, we couldn't imagine launching our first Opportunity Fund anywhere else."

Opportunity Funds are brand new, tax-advantaged private investment vehicles created by the landmark Investing in Opportunity Act, which was passed as a part of the Tax Cuts and Jobs Act in 2017. Individual investors and corporations can roll capital gains from asset sales of any type into Opportunity Funds, deferring and eliminating federal and state taxes due on the rolled-in gains in the process. Further, gains produced by Opportunity Fund investment are tax free. Opportunity Funds can invest in over 8,700 Opportunity Zones that have been designated around the country over the last three months.

"This new legislation is coming at the end of the longest bull market in modern history. By some estimates, there are $6 trillion in unrealized capital gains sitting on the sidelines in America. The unique tax advantages of Opportunity Fund investment are something investors all over the United States should be examining. This is an entirely new asset class," said Mr. Temkin. "Plus, the program is going to do great things for the country."

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SPACs: The fall of the SPAC market has digital media companies in disagreement about best path forward, Cannae Holdings: SPAC bloodbath provides a good entry point, British car startup Cazoo raises $1bn from SPAC merger, Europe's incoming SPAC boom will create a demand for talent[more]

    The fall of the SPAC market has digital media companies in disagreement about best path forward From CNBC: The digital media industry has reached a strategic crossroads. Earlier this year, special purpose acquisition vehicles (SPACs) appeared to be the long-awaited savior of digital me

  2. Property: Real estate's new moneymaker is not design-driven, it's alternative, Two Sigma building quant tools to hunt real estate bargains[more]

    Real estate's new moneymaker is not design-driven, it's alternative From Forbes: There has been a recent shift of attention in the real estate market as to the types of investments which make the strongest returns. In the past, it's always been a combination of good design, prim

  3. PE/VC: Private equity GPs, LPs alike working on diversity and inclusion, Chinese regulator vows to crack down on private equity, venture capital funds, The VC playbook for portfolio companies: learning from the Covid-19 crisis[more]

    Private equity GPs, LPs alike working on diversity and inclusion From Private equity general partners and limited partners are doing more to increase diversity in private markets, according to a report released Tuesday by the Institutional Limited Partners Association.

  4. PE/VC: Private equity continues to lead fund closings, Venture capital firms are fighting to throw money at cleantech[more]

    Private equity continues to lead fund closings From Among private fund closings, private equity funds have led the pack starting in 2011, based on data collected by Pensions & Investments. During those years, private equity's share has ranged from 56% to 72% of the total

  5. PE/VC: Climate tech is hot, but VCs can't forget about water, Five top trusts to tap into the private equity boom[more]

    Climate tech is hot, but VCs can't forget about water From Crunch Base: "It is unequivocal that human influence has warmed the atmosphere, oceans, and land." These fiery words come from the latest landmark U.N. report detailing intensifying, universal climate change impacts. They cover