SAN JOSE, Calif., April 16, 2020 /PRNewswire-PRWeb/ -- Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration services to Opp Zone Capital — an Opportunity Zone fund manager and fund sponsor with real estate and operating business investment offerings.
Principals Jeanine Warhurst Blake and Edmon Rakipi founded Opp Zone Capital on the conviction that their team's experience, solid understanding of market fundamentals, and deep knowledge of the Opportunity Zones program would translate to success in directing client investment strategy.
Under the new agreement, NES Financial will serve as the provider of fund administration services to Opp Zone's client funds. These funds currently include a U.S. South–focused real estate fund ($40 million target raise) based primarily in Texas and Florida; a central Florida OZ Fund ($120 million target raise), which aims to benefit from the federal Historic Tax Credit alongside the Opportunity Zones incentives; and an OZ Fund focused on rejuvenating downtown Clearwater, FL ($150 million target raise).
"NES Financial was the first provider to offer dedicated OZ fund administration, and they're unquestionably the industry leader," said Blake. "Their administration solution gives our clients access to the highest levels of transparency and compliance, with an eye on maximizing social impact."
"Through NES Financial's portal, investors in our client funds get real-time access to fund status and capital account financial data, along with an objective measuring score about the social impact our fund is making, based on the iRR platform—all of which is very important to them and us," added Rakipi.
The NES Financial Opportunity Fund Administration Solution leverages technology to streamline the complex administrative requirements of OZ fund management, helping funds succeed and helping the Opportunity Zones program do the good it was intended to do. For fund managers and investors, this means a purpose-built solution that embeds security, transparency and regulatory compliance at each step of an OZ investment's life cycle.
"For fund managers focused on specialty funds like Opportunity Zones, a purpose-built solution is key in order to maximize the opportunity for success of all stakeholders," said Reid Thomas, Executive Vice President at NES Financial. "Traditional fund administration solutions fall short of meeting the needs of OZ fund managers."
For additional information about the Opportunity Zone Fund Administration Suite, please visit the NES Financial website or contact an NES Financial representative at 1-800-339-1031.
About NES Financial
NES Financial is a specialty financial administrator which serves sectors characterized by high administrative complexity, increased transaction security needs, and challenging regulatory compliance requirements. The company's purpose-built solutions streamline the administrative processes of these markets — simplifying specialized financial transactions, curtailing fraud and abuse and helping ensure the utmost in security, transparency and regulatory compliance through each step of an investment's life cycle.
NES Financial, recognized on the San Francisco Business Times' top Bay Area fintech list, has defined industry best practices in each of the markets it serves — from 1031 exchanges and EB-5 visa funding, to private equity and the landmark Opportunity Zones program. NES Financial services more than 300 funds, administers over $20B annually, and has worked with more than 700 EB-5 projects. For more information, visit nesfinancial.com.
About Opp Zone Capital
Opp Zone Capital is a real estate and operating business Opportunity Zone Fund Manager and Sponsor. Led by Principals Jeanine Warhurst Blake and Edmon Rakipi, their team relies on vast experience, a solid understanding of market fundamentals, and a deep knowledge of the Opportunity Zone program to direct investment strategy for a growing number of OZ funds across the country.
They strive to educate individuals, investors, developers, business owners and trusted advisors in all matters relating to Opportunity Zones, with a hope that by guiding the individuals who will be operating and investing in these communities, they can ensure successful execution of community development and business operations.
For more information and a full list of client services they provide, please visit OppZone-Capital.com.
SOURCE NES Financial
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