Prospect Alabama announces the OPAL Fund to progress, assist neighborhood communities

Chance Alabama announced Wednesday the creation of the OPAL Fund – a experienced option fund formed to commit in projects that satisfy expressed group requirements and construct prosperity for individuals usually underrepresented in investing.

The OPAL Fund was made to commit in serious estate jobs that can deliver market costs of return, have interaction minority and lady-owned organization enterprises (MWBEs) in development and administration, and build greater communities across Alabama.

“In creating an expense ecosystem for the duration of the earlier couple years, we have discovered a will need to far more intentionally and strategically diversify our trader foundation,” claimed Alex Flachsbart, founder and CEO of Option Alabama. “With the OPAL Fund, we will operate to assure traders and business people are consultant of the numerous tapestry of Alabama, and that opportunities for prosperity constructing are equitably out there.”

The OPAL Fund’s focused $10 million “proof of concept” spherical was surpassed, with $13 million in commitments signed at closing in March. Original traders in the OPAL Fund contain corporate foundations, this sort of as the Areas Basis and Alabama Electrical power Foundation spouse and children places of work, these kinds of as Jemison Financial commitment Co. community trusts, this sort of as the Housing Affordability Have confidence in and substantial Alabama-centered companies.

OPAL Fund members consist of specific accredited buyers like Larry and Kim Lewis of ProjectXYZ, an African American and woman-owned technological options firm based mostly in Huntsville, that strategies to leverage its fund participation to develop a broader minority company investment neighborhood across the state.

“We have spent the previous two and a half yrs developing interactions with national capital resources and with developers functioning in Alabama’s opportunity zones, making introductions and providing specialized support to assistance get specials done,” Flachsbart mentioned. “We see the OPAL Fund as our prospect to get much more local cash into assignments in our have yard.”

In 2020, Forbes chosen Possibility Alabama as an OZ/20 Catalyst Grand Prize Winner, a national award presented to the prime-performing effect-oriented opportunity zones and community organizing groups in the United States.

Since its inception in 2018, Option Alabama has aided close $300 million in offers, alongside with capability-setting up operate to generate investable, local community-centric tasks throughout the condition.

The OPAL Fund is the product or service of a partnership amongst OPAL Advisory (Prospect Alabama’s registered investment decision adviser subsidiary) and Blueprint Nearby, which has a long countrywide track record in impact investing and industrial serious estate. Grants from the Appalachian Regional Fee and the Financial Development Administration helped make the OPAL Fund possible.

The OPAL Fund will continue to be open up to accredited buyers until the conclude of 2021.

To study extra about the OPAL Fund, click on right here. To interact with the staff, electronic mail [email protected].