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Feb 17, 2022, 09:00 ET
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NEW YORK, Feb. 17, 2022 /PRNewswire/ -- GTIS Partners ("GTIS"), a real assets investment firm that manages $4.3 billion in gross assets with a US focus on residential and industrial logistics investments, announced today that it has raised $630 million for its GTIS Qualified Opportunity Zone Fund I (the "Fund"). Investors in the Fund include over 1,600 individuals across over 100 registered investment advisors as well as family offices. Unique in the Opportunity Zone space, the Fund was structured as a private REIT and a 506(c) offering available to accredited investors with a $100,000 minimum commitment.
The Opportunity Zone program was created as part of the 2017 Tax Cuts and Jobs Act and is designed to spur investment and economic development in underserved communities by offering, through Qualified Opportunity Zone ("QOZ") funds, tax incentives.
Following the spirit of the Opportunity Zone program, GTIS has a comprehensive ESG policy with a series of principles guiding its investments and operations. These principles include a dedication to community engagement, extensive public amenities such as parks, trails, and playgrounds, inclusive residential development, investments in local schools, and renewable energy sources.
"Our investment strategy thus far has focused on QOZs that we believe will experience significant positive transformation over the next ten years and where our investments will make a strong contribution to that transformation. As we deploy the Fund's remaining capital, we will continue to execute on that strategy, leveraging the attractive opportunities in our pipeline to enhance the Fund's already strong asset mix and diversification," noted President and CIO at GTIS, Tom Shapiro.
"We've focused on being true to the goals of the Opportunity Zone program since day one. We thank our investors and are pleased with this fund close. Our partnerships with iCapital and the +SUBSCRIBE platform played a key role in the success of this fundraise," added Peter Ciganik, Senior Managing Director of Strategy, Research and Investor Relations at GTIS Partners.
To date, GTIS has invested in 14 projects located in QOZs, including seven projects in the Qualified Opportunity Zone Fund, committing over $400 million of equity capital. The projects comprise over 5,300 residential units and 1.6 million square feet of commercial office and industrial distribution space and are predominantly located in fast-growing Sunbelt markets such as Phoenix, Las Vegas, and Charlotte. GTIS recently sold RÊVE Boulder, a mixed-use project of three multifamily and one office building developed with Southern Land Company. RÊVE represented GTIS' first completed project located in an Opportunity Zone.
About GTIS Partners
GTIS Partners is a leading real asset investment and development firm headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Paris, and Munich. The firm was founded in 2005 by Tom Shapiro and is managed by President Tom Shapiro and Partners Amy Boyle, Thomas Feldstein, João Teixeira, and Rob Vahradian. The firm manages $4.3 billion in gross assets as of Q3 2021 and is active across a wide range of real estate sectors including single-family and multifamily housing, office, industrial/logistics, and hospitality as well as renewable energy infrastructure and opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity, and structured equity. In the US, GTIS has invested in over 130 assets across 40 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa, and Charlotte. In Brazil, GTIS is among the largest real assets private equity firms with holdings including office, residential, logistics, hospitality, and renewable energy investments. Marquee assets in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort-style hotel.
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