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"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."