PTM Partners launches second Qualified Opportunity Zone Fund
Having successfully raised approximately USD100 million of capital for national acquisitions in Fund I in 2019, PTM Partners (PTM), a real estate investment and development firm focused on Qualified Opportunity Zones founded by Michael Tillman, Scott Meyer and Nicholas Pantuliano, has held the first closing of its second Qualified Opportunity Zone fund, the PTM Partners Opportunity Zone Fund II, LP (PTM OZF II) at USD40 million.
PTM is targeting USD250 million of capital for opportunity zone developments across the United States.
“We decided to launch Fund II to capitalise on attractive opportunities that we have sourced in our pipeline of projects that is north of USD2 billion,” said Tillman, Co-Founder and Chief Executive Officer of PTM. “PTM continues to execute on our hybrid Opportunity Zone strategy, focusing fostering positive community impact while solidifying long-term profitability for our investors and partners.”
With PTM OZF II, PTM will look to further focus in on developing residential projects that are price accessible by large portions of the population and to further develop its position as an institutional leader within the Opportunity Zone space.
Tillman says: “At the onset of the pandemic and prior to launching Fund II, we ensured that our business plans for Fund I were updated to reflect an economic contraction and that sufficient capital was reserved in case it may be needed. With growing interest in the Opportunity Zone sector and the amplified need for private dollars to provide investment and stimulus in these geographic areas, we felt now was the right time to launch a second investment vehicle.”