Head of Opportunity Zone Investment Strategy

Role Overview

This is a strategy-first, platform-level position. The person we hire defines how Bonaventure participates in OZ 2.0: which structures to run, which geographies and asset types to target, how to evaluate and partner with third-party operators, and how to sequence fund launches against now that OZ 2.0 is permanently embedded in the tax code. The role owns the full investment platform — both the proprietary Bonaventure deal pipeline and the external operator allocation program.

Investment Strategy & Platform Architecture

• Develop Bonaventure’s OZ 2.0 investment thesis — geographic focus, asset type priorities (proprietary vs. third-party), return targets, and fund-level differentiation
• Own full P&L accountability for the Opportunity Zone business
• Drive fund-level return targets and overall performance outcomes
• Identify, evaluate, and select operating and investment partners
• Negotiate deal terms and structure transactions
• Define the dual-channel model: how to allocate between Bonaventure’s own pipeline and external operators, and how to maintain consistent underwriting standards across both
• Determine fund structure: QOF vs. QROF, single-asset vs. multi-asset vehicles, GP co-invest sizing (10–25%), and sequencing of fund launches relative to the new zone map and OZ capital cycle requirements
• Map Bonaventure’s existing development capabilities and pipeline against the incoming OZ 2.0 zone redesignation (effective Jan. 1, 2027); identify gap geographies where third-party operators fill the strategy
• Evaluate the QROF rural channel specifically — 30% basis step-up, 50% substantial-improvement threshold — for both proprietary and external deal flow
• Monitor the state nomination process (90-day window from July 1, 2026) and position Bonaventure to react quickly once the final zone maps are published

Third-Party Operator Program

• Build and manage Bonaventure’s external operator sourcing and diligence process — identifying best-in-class developers and operators in OZ 2.0 markets outside Bonaventure’s direct footprint
• Develop the evaluation framework for third-party deals: underwriting standards, operator track record criteria, co-invest terms, and ongoing asset management oversight
• Negotiate investment terms with external operators, including promote structures, reporting requirements, and LP information rights
• Create the operator network proactively — relationships established before zone maps are finalized, creating competitive advantage in deal selection
• GP Capital & Co-Investment Structure and manage Bonaventure’s GP co-invest commitment (10–25%) across the fund platform — calibrating deployment across proprietary deals and third-party allocations
• Coordinate with the CFO on GP capital availability, timing, and balance sheet optimization across the fund lifecycle
• Develop the co-invest mechanics and disclosure framework for LP materials to clearly communicate Bonaventure’s skin-in-the-game positioning

LP Strategy & Capital Formation

• Define the LP target profile for each fund structure and develop the investor narrative around the dual-channel, GP co-invest model
• Build and own the OZ LP pipeline — institutional investors, family offices, RIAs, and HNW capital with embedded gain events seeking tax-efficient deployment
• Coordinate with Bonaventure Capital Markets to leverage Bonaventure’s existing investor relationships and identify OZ crossover opportunities within the current capital base
• Lead LP pitches, diligence processes, and subscription mechanics for each fund vehicle

Fund Structure & Compliance

• Lead fund formation: LP/GP structure, QOF qualification, working capital safe harbor design, QROF election strategy, and SEC exemption filings
• Coordinate outside tax and fund counsel on structure and ongoing compliance under OBBBA’s enhanced reporting framework
• Establish the waterfall, fee structure, and return mechanics around the OZ 2.0 incentive timeline: five-year step-up, ten-year gain exclusion, thirty-year FMV reset
• Establish ongoing compliance infrastructure: 90% asset testing, QOZB certification, annual Form 8996 filings, and LP Form 8997 support packages

Required Experience

• 10+ years in real estate private equity, tax-advantaged investment structures, or fund management
• Direct experience with Opportunity Zone fund mechanics — QOF formation, QOZB testing, working capital safe harbor, compliance calendar — under OZ 1.0 or OZ 2.0
• Experience evaluating and allocating to third-party operators or managing a multi-manager investment platform, not just running a single-sponsor fund
• Track record of building LP relationships and raising capital, with a network among family offices, RIAs, or institutional allocators with capital gains exposure
• Strong command of OZ 2.0 structural changes: rolling five-year deferral, 10%/30% basis step-up tiers, QROF eligibility, redesignation calendar, and enhanced OBBBA reporting
• Multifamily or mixed-use real estate underwriting depth; ability to evaluate deals from both internal and external operators against a consistent standard

Prior Work

• Experience at a fund-of-funds, multi-manager platform, or OZ aggregator — where evaluating external operators was a core part of the role
• Prior work at a firm that built meaningful scale in OZ 1.0 ($100M+ raised) and can apply those learnings to OZ 2.0
• Established network of OZ-active developers and operators across the Mid-Atlantic, Southeast, and rural markets
• Relationships with OZ-focused fund administrators, tax counsel, and placement agents

Why Bonaventure

• Platform-level mandate from day one — building a business, not executing within one
• Bonaventure’s GP co-invest (10–25%) is a structural differentiator in LP conversations: aligned capital, not just fee income
• Existing multifamily development and operations platform in OZ-relevant Mid-Atlantic and Southeast markets as the proprietary deal foundation
• Third-party operator channel creates deal flow and diversification that a single-sponsor fund cannot offer
• First-mover timing: the redesignation calendar creates a narrow window in 2026–2027 to define strategy and build operator relationships before the market crowds
• Meaningful economics: base, bonus, and carried interest structured around the long-term nature of OZ incentives

About Bonaventure

Bonaventure Holdings is a vertically integrated real estate investment, operations, and development company headquartered in Alexandria, Virginia. The firm manages approximately 10,000 multifamily units across the Mid-Atlantic and Southeast and operates across the full real estate value chain — development, construction, asset management, property operations, and capital markets. Bonaventure Capital Markets serves as the firm’s capital formation and investor relations platform.