The Masses Are Drawn Toward Funds Chasing Real Estate Tax Breaks

Money managers are finally having some success enticing clients to invest in Opportunity Zone funds.

(Bloomberg)—The wealthy masses are starting to bet their money on a new U.S. tax break after more than a year of indecision.

The latest data point: Bridge Investment Group announced Tuesday it has $509 million that it is deploying in projects in opportunity zones. The money was gathered from about 500 investors, according to a person with knowledge of the matter, who asked not to be identified discussing the private fundraising. The minimum investment was $250,000, but average check size was closer to $1 million, the person said.

The new fund shows that 18 months after Republicans pushed through a tax overhaul with generous incentives to invest in low-income communities, money managers are indeed having some success enticing large numbers of clients to pool cash for qualifying projects.

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