Qualified Opportunity Funds tracked by Novogradac reported $264.0 million in new equity in the second quarter of 2026 — the second-lowest quarterly total since the firm began tracking the data. Novogradac said the slowdown was no surprise as investors wait on Opportunity Zone 2.0, which takes effect January 1, 2027, with a rolling five-year deferral and extra benefits for rural QOFs. Tracked QOFs have raised a cumulative $43.88 billion since 2017 (2,203 funds, of which 1,758 report a specific amount); first-half 2026 equity was $1.11 billion, the second-lowest first half since 2019. Novogradac expects activity to stay flat or fall further through the rest of 2026 before picking up in early 2027. Figures exclude proprietary funds owned by their principal investors; actual OZ investment is estimated at up to three times the tracked total. New QOF investments on or after January 1, 2027 follow OZ 2.0's rolling five-year deferral and 10% basis step-up (30% for qualified rural funds).
Original reporting by Daniel Cho for Opportunity Zone Invest, an independent OZ 2.0 research site. Facts are drawn from the primary sources cited above per our editorial standards. Nothing here is tax, legal, or investment advice.
Track OZ 2.0 as it happens
One email when major Opportunity Zone 2.0 events happen — Treasury guidance, state filings, and rule changes.