The Cresset-Diversified QOZ Fund and Cresset Partners announced today that Matt Reilein will join both the Fund and the Cresset team. Reilein has a deep background in community finance and development and impact investing. He has spent more than 15 years forming relationships and building teams to deliver market-driven capital to low-income communities as Head of Impact Investing with OBrien-Staley Partners and prior to that as Managing Director, Community Development Banking with J.P. Morgan.
The QOZ tax incentive will unlock a previously untapped source of capital for low-income communities and will provide investors with significant upside in real estate and private equity investments, Reilein said. There is great potential in these communities, and I am excited to help both the Cresset-Diversified QOZ Fund and the Cresset team drive impact across the country.
Reilein built J.P. Morgans New Markets Tax Credit business, overseeing more than $5 billion of qualified investments into low-income communities. Additionally, Reilein was the President of J.P. Morgans propriety Community Development Entity and led the Community Development Intermediary lending business, which makes loans to Community Development Financial Institutions and Low-Income Housing Tax Credit syndicators.
We are thrilled to add Matt to our team as we know he will foster critical relationships in those communities where we are committed to driving positive impact, said Stein. Matt will contribute the leadership and insight that will be essential in executing a broad range of real estate and private equity investment strategies.
In addition to his work with prior firms, Reilein has been an industry leader. He currently serves as Chair of the Board of Directors of the Chicago Community Loan Fund. He previously served on the executive committee of the New Markets Tax Credit Coalition and has been deeply involved with the CDFI Fund at the U.S. Treasury on market dynamics.
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Matts extensive industry relationshipsincluding with economic development authorities and other organizations delivering capital at a local levelcoupled with his expertise in structuring tax-advantaged investments uniquely positions him to help build our QOZ investment strategy, Levy said.
QOZs represent a powerful intersection of public policy and investment opportunity, and I could not be more excited to add Matt to our team to pursue this compelling opportunity, Becker added. We look forward to working together on community and impact investing with QOZ investors and on behalf of the families Cresset serves.
For press inquiries or to share potential QOZ investment opportunities, contact Oliver Rose at [email protected].
About Cresset Private equity entrepreneurs Eric Becker and Avy Stein founded Cresset Capital Management with a vision to reinvent wealth advisory and family office services and a firm belief that clients deserve better. Within the Cresset affiliates suite of offerings, Cresset Partners focuses on private investments offering clients access to direct real estate, direct private company and private equity secondaries investment opportunities. Cresset Asset Management, an investment advisor registered with the U.S. Securities and Exchange Commission, offers wealth advisory, planning and innovative family office services.
About LCM Opportunity LCMs executive team members, Larry Levy, Jeffrey Cherner and Michael Miller, founded and still control Diversified Real Estate Capital, a Chicago-based provider of equity capital to the top tier developers and owners in the US. Diversified has invested over $500 million in more than $2 billion worth of development since 2003. LCM Opportunity will leverage the experience of Diversifieds founders to identify prime QOZ opportunities and act quickly to creatively structure transactions. LCM will offer its partners real estate expertise in management, renovation, development, financing, leasing and strategic re-positioning. LCM seeks to create institutional quality assets focused on office, retail, multi-family, industrial, residential and mixed-use properties in QOZs.
Oliver Rose, 847-977-0678