RevOZ Capital Announces $1B Social Impact Initiative and Leadership Council

sic.jpg

NEWPORT BEACH, CA. Today, RevOZ Capital launched a new Social Impact Initiative with a commitment to invest into $1 Billion in Opportunity Zone projects over the next three years.

“There is no better time than now to highlight the importance of investing into overlooked communities,” Lisa Merage, Managing Partner of RevOZ Capital. “We are excited to further our commitments in Opportunity Zones across the country and look forward to facilitating the economic growth and positive social impact that will come from these projects.”

Launched in 2017, RevOZ Capital has been an early and steadfast leader in the Opportunity Zone marketplace, investing in projects with a total capitalization exceeding $500m, evaluating over 500 prospective deals, and funding six projects in five markets across the country. In the wake of COVID-19, as the country looks to “Build Back Better,” RevOZ has developed a new Social Impact Initiative to better focus its work on catalyzing transformative, inclusive, and equitable economic development in overlooked urban centers across the country.

  • Invest into $1B of New Development Projects in Emerging Communities.

    Over the next three years, RevOZ plans to invest into $1B of Opportunity Zone developments in emerging markets across the country. RevOZ seeks to exclusively focus on growing metro areas hit hard by Covid-19 and historically overlooked by traditional private investors with significant potential to attract new residents, employers, and entrepreneurs. RevOZ will focus on long-term opportunities (10+ year holds) in collaboration with committed and experienced local partners with deep insight into local community wants and needs.

  • New Social Impact Council

    To shape and advise its work, RevOZ is launching a new Social Impact Council comprised of diverse, multidisciplinary leaders with deep community, government, and business expertise:

    • Hon. Stephanie Rawlings-Blake, former Democratic Mayor of Baltimore and CEO, SRB & Associates

    • Hon. Mick Cornett, former Republican Mayor of Oklahoma City and Author, The Next American City

    • Josh Childress, CEO, LandSpire Group and former NBA player

    • Derrick Morgan, Managing Partner, KNGDM Group and former NFL player

    • Kunal Merchant, Managing Director, Lotus Advisory and President, CalOZ

    • Rachel Reilly, Founder, Aces and Arches and former Director of Impact Strategy, EIG

    • Brett Theodos, Senior Fellow, Urban Institute

The Council will advise overall social impact strategy, including development of new tools and methodologies to ensure strong community engagement, impact assessment, and fund transparency and reporting.

"I’m proud to join this Council and help RevOZ ensure its investments reflect high standards of community engagement and impact,” said council member Josh Childress. “The Opportunity Zone program has tremendous potential for good, but only if OZ funds work creatively and collaboratively with local, long-term residents. I look forward to helping RevOZ shape their work and impact.”

“Opportunity Zone funds can both do well and do good, but only if they create real partnerships and real impact for local communities,” said council member Derrick Morgan. “RevOZ’s Social Impact Initiative is an important step in that direction, and I’m eager to explore ways to support their work both in Nashville and across the country.”

Despite the economic and public health headwinds presented by COVID-19, RevOZ has remained active in the Opportunity Zone marketplace. In recent months, RevOZ has also closed on Opportunity Zone projects in Sacramento, CA, Indianapolis, IN, and Charleston, SC. In addition, a May 2020 report released by the White House highlighted RevOZ’s investment in a behavioral health facility in San Bernardino, CA as a national best practice.

CLICK HERE TO READ REVOZ SOCIAL IMPACT COUNCIL MEMBERS FULL BIOS

Lisa Merage