Novogradac: QOFs Raised Nearly $10 Billion In 2022, Despite Slow Q4

Qualified Opportunity Funds tracked by Novogradac raised $9.68 billion in equity in 2022, setting a new record for the largest single-year total in Opportunity Zones history.

As of December 31, 2022, Qualified Opportunity Funds participating in Novogradac’s voluntary survey of the industry reported a total of $34.09 billion in equity raised since program inception in 2018. That represents an increase of $1.40 billion over the course of Q4 2022.

Even though it was a record setting year overall, the fourth quarter saw a significant slowdown compared to previous quarters in 2022, and a huge decrease year-over-year. In the fourth quarter of 2021, tracked QOFs raised $4.12 billion. This equates to a year-over-year slowdown of 66% in equity raising, compared to the same quarter of last year.

“It’s not surprising that investment cooled off in the final quarter of 2022,” said Michael J. Novogradac, CPA, managing partner of Novogradac. “Most investment through the Opportunity Zones incentive comes from capital gains, and we saw a decline in the stock market and the housing market in the second half of 2022. Since those are two of the main creators of capital gains, the drop in QOF investment makes sense.”‘

The broad S&P 500 index was down 19.44% in 2022, its worst single-year performance since 2008.

Novogradac QOF Survey Reporting History

Reporting Period End DateTotal Funds Raised (Billions)Number Of QOFs Reporting Funds RaisedFunds Raised During Period (Billions)

Of note, Novogradac’s survey is not comprehensive. Because Novogradac is only able to survey a portion of the total QOF universe that self reports directly to Novogradac or reports to the SEC, the $34.09 billion reported is only a fraction of the total amount of equity raised by all Opportunity Zone funds.


Novogradac estimates that the actual total is likely three to four times greater that what gets captured in the Novogradac reports, which would put the total amount of QOF equity raised for Opportunity Zones since program inception in the range of roughly $102 billion to $137 billion.

More From Novogradac

Read more about this reporting update: QOFs Tracked by Novogradac Reach $34.09 Billion in Equity Raised, Nearly $10 Billion in 2022.

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