Opportunity Zones came to our attention as we were considering topics of interest to sustainable and impact investors. Created by legislation to promote investments in underserved communities, opportunity zones were generating significant interest because of their tax advantages. The opportunity is clearly accompanied by risk – the risk of a flood of capital moving into targeted areas leading to lower than expected financial returns, and the risk of less-than-thoughtful development that may leave communities worse off in the long run. Many of the funds being created and sold to investors are labeled as impact investments, yet there is little incentive for fund sponsors to create community ties that will lead to optimal financial and social returns.

In creating a CFA Society of Boston Sustainable Investing Initiative session about opportunity zones, we saw the possibility of addressing these issues with the goals of impact investing in mind – financial return accompanied by tangible societal impact.

Our June 24th event, Opportunity Zone Investing for the Impact Investor, will bring key stakeholder representatives together to outline a framework for opportunity zone investing to optimize both financial and social outcomes.

If you have clients interested in investing in local communities, this session will ground you with essential information and perspective on opportunity zone investing. Register here at the CFA Boston event page.

    • Opportunity Zone Program Overview – Steve Kennedy, Partner, PWC
      • Overview of tax benefits and incentives
      • Eligibility – gains, property, operating businesses
      • Federal regulatory overview
      • Investing in Real Estate vs. operating businesses


    • Fund Sponsor PerspectiveElise Liberto, Private Equity Analyst, Brown Advisory
      • Due Diligence – assessing the risks and opportunities of OZ Investing
      • Structure of OZ funds
      • Development of a Joint Venture – Blueprint Local
      • Development of an investment pipeline
      • Creating connections and guidelines with local communities


    • Government and Community Perspective – An extended roundtable with:
      • Mike Kennealy, Massachusetts Secretary of Housing and Economic Development
      • Jay Ash, CEO, Massachusetts Competitive Partnership
      • Matt Camp, COO, Institute for a Competitive Inner City (ICIC)
      • Marcos Marrero, Director of Planning & Economic Development, City of Holyoke


    • Opportunity Zones: Frameworks, Foundations and Reporting Lauren Hult, Principal, Bridgespan Group
      • Frameworks and Best Practices
      • What role do foundations and other non-profits play?
      • What should investors look for from an impact reporting perspective?
    Opportunity Zone Investing for the Impact Investor – June 24th