SAN JUAN, Puerto Rico, April 9, 2021 /PRNewswire-PRWeb/ -- Monllor Capital Partners LLC (MCP), a minority owned alternative asset management and advisory firm based in San Juan Puerto Rico, announced today that it is accepting commitments from accredited investors for the Puerto Rico Opportunity Zone Fund, LP (PROZ) — a taxed-advantaged private equity fund focused on ESG investing in Puerto Rico Opportunity Zones.
Managing Partner Jose A. Torres and his team at MCP bring their experience in the finance industry, understanding of Puerto Rico, and the much-needed benefits that Opportunity Zones to help rebuild the economy of Puerto Rico.
"Over 95% of Puerto Rico is within a designated Qualified Opportunity Zone created under the Tax Cuts and Jobs Act of 2017, so the potential benefits to the economy of Puerto Rico are significant and can help bring much needed investment," said Torres, whose fund has an initial target of $20 million to invest in Qualified Opportunity Zone Businesses.
"Our investments will provide both economic and environmental benefits to the residents of Puerto Rico and its economy which have been hard hit by Hurricanes Maria and Irma, as well as the COVID-19 pandemic."
"The federal government has committed over $60 billion in federal aid to Puerto Rico, but private capital raised through impact funds will be an important component to rebuild Puerto Rico and its economy."
The Tax Cuts and Jobs Act of 2017 offers three key tax benefits for investors that invest eligible capital gains in a Qualified Opportunity Fund (QOF) within 180 days of a realized capital gain: i) a temporary deferral of capital gains tax through end of tax year 2016, ii) if investment is made prior to December 31, 2021 and held for at least five years, a 10% step up in basis on the deferred capital gains tax due at end of 2016 tax year, and iii) a full step in basis to fair market value on the gains at time of exit if held for at least ten years, avoiding taxes on capital gains.
PROZ will only invest in Puerto Rico to allow for resident investors of Puerto Rico to take advantage of the Opportunity Zone tax benefits under the Puerto Rico tax Code and the Act 60 Incentive Code of 2019.
Committed to be a best-in-class QOF, MCP has partnered with companies at the forefront of Opportunity Zones, including NES Financial as fund administrator and DLA Piper as fund counsel.
About Monllor Capital Partners LLC
Monllor Capital Partners (MCP) was founded in late 2018 by Jose A. Torres, an industry veteran with more than 25 years of experience in private equity and investment banking. MCP is a minority-owned alternative asset management and advisory firm based in San Juan, Puerto Rico that focuses on making and facilitating tax advantaged ESG investing in renewable energy, sustainable business, and infrastructure in Puerto Rico. As general partner, MCP organized the Puerto Rico Opportunity Zone Fund, LP, a qualified Opportunity Zone fund.
For additional information, visit https://www.monllorcapital.com
About Puerto Rico Opportunity Zone Fund, LP
Puerto Rico Opportunity Zone Fund, LP (PROZ) is a tax-advantaged private equity fund focused on ESG investing in Puerto Rico. PROZ will invest in a diversified portfolio of renewable energy, sustainable businesses, and infrastructure in Puerto Rico Opportunity Zones to take advantage of U.S. and Puerto Rico tax incentives and help accelerate impact investing in Puerto Rico. By only investing in Puerto Rico Opportunity Zones, PROZ will allow Puerto Rico resident taxpayers to benefit from the Puerto Rico Opportunity Zone tax benefits. PROZ is committed to Puerto Rico, Opportunity Zones and ESG.
For additional information, visit https://www.proz.fund
DISCLAIMER
This press release is for informational purposes only. This is not an offer to sell nor a solicitation to buy securities in Puerto Rico Opportunity Zone Fund, LP. The Fund's securities can only be sold a Confidential Private Placement Memorandum ("CPPM") exempt from registration under federal and state securities laws.
Media Contact
Mark Politi, Monllor Capital, 424-248-7250, [email protected]
SOURCE Monllor Capital
Share this article