SAN JOSE, Calif., Mar. 23, 2021 /PRNewswire-PRWeb/ -- NES Financial | JTC (LON: JTC), announced today that it has been contracted to provide its purpose-built Opportunity Zone Fund Administration solution to Puerto Rico Opportunity Zone Fund, LP (PROZ) — an Opportunity Zone fund managed by Monllor Capital Partners LLC, a minority-owned alternative asset manager and fund sponsor with operations in the Commonwealth of Puerto Rico.
Managing Partner Jose A. Torres and his team at Monllor Capital Partners LLC felt compelled to launch the environment-focused OZ fund because of their experience in the finance industry, solid understanding of market fundamentals, and the much-needed benefits that Opportunity Zones could offer Puerto Rico.
Act 21-2019, known as the Act for the Development of Opportunity Zones of 2019 (PR-QOZ Act), was enacted on May 14, 2019 (now part of the Act 60 of July 1, 2019 – Puerto Rico Incentives Code) to promote more investments into Qualified Opportunity Zones in Puerto Rico. As a local counterpart to the U.S. QOZ provisions, the PR-QOZ Act provides for additional incentives for investments made in Puerto Rico.
"Puerto Rico has over 860 designated Opportunity Zones, so the potential benefits to the community are significant and needed immediately," said Torres, whose fund has an initial target of $20 million to invest in Qualified Opportunity Zone businesses, including those with a sustainable and renewable energy focus, and infrastructure to help the local communities devastated by the recent natural disasters and economic downturn.
"Our projects will create jobs and provide other economic and environmental benefits to an area whose tourism industry has been hard hit by both Hurricanes Maria and Irma, as well as the COVID-19 pandemic."
"Private capital raised through impact funds will be important to rebuilding Puerto Rico and its economy," said Reid Thomas, Chief Revenue Officer and Managing Director of NES Financial | JTC. "Our commitment to succeeding together with our clients to better achieve positive economic and social impact remains our priority."
The NES Financial | JTC Opportunity Zone 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 employing a purpose-built solution that embeds security, transparency, and regulatory compliance at each step of an OZ investment's life cycle.
For additional information about the Opportunity Zone Fund Administration Solution, please visit the NES Financial | JTC website or contact a NES Financial | JTC representative at 1-800-339-1031.
About NES Financial | JTC
NES Financial | JTC is the US division of JTC Group, a multi-jurisdictional provider of fund, corporate and private client services. Listed on the London Stock Exchange and included in the FTSE 250 Index, JTC Group administers more than $130 billion in assets and employs more than 900 people in 23 offices worldwide. NES Financial | JTC is a leader in specialty financial administration, serving markets characterized by high administrative complexity, elevated transaction security needs and challenging compliance requirements. The company's technology-driven solutions streamline best practices in these markets by simplifying specialized financial transactions, reducing back-office overhead, curtailing fraud, and abuse, and offering security, transparency, and regulatory compliance during each step of an investment's life cycle.
For more information, visit nesfinancial.com.
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 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 proz.fund.
Media Contact
Laura Kelly, NES Financial | JTC, 408-367-0826, [email protected]
Lemery Reyes, NES Financial | JTC, 408-367-0827, [email protected]
SOURCE NES Financial | JTC
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