Best Opportunity Zone Funds: What Independent Rankings Say

Updated July 2026 • Third-party data reported by Urban Catalyst

What Novogradac's Data Shows

Novogradac, an independent accounting and consulting firm, runs the industry's most-cited QOF tracking survey. According to its published research:

Source: Novogradac Opportunity Zones Resource Center. Figures as published by Novogradac; subject to update in its ongoing surveys.

Industry analyses of Novogradac and public reporting have identified the largest QOF capital raisers as Bridge Investment Group (approximately $3.7 billion), CIM Group (approximately $2.3 billion), and Griffin Capital (approximately $1.63 billion). These national platforms illustrate the scale of the "Super QOF" tier — though as third-party analysts note, equity raised measures fundraising success, not investment performance.

The Forbes OZ 20

In 2019, Forbes published the OZ 20, a list of what it called the top players in Opportunity Zone investing, selected with the Sorenson Impact Center for lasting community impact. Urban Catalyst was named to the list among a national field of fund sponsors and community organizations.

Where Urban Catalyst Appears in Third-Party Rankings

Reported by the sources named, not by Urban Catalyst:

How Independent Sources Suggest Evaluating a Fund

Rankings measure scale and recognition — they don't answer whether a specific fund fits a specific investor. Independent commentators consistently point to sponsor track record, development capability, committed project pipeline, market fundamentals, and transparency. We cover each factor in our companion guide: How to Evaluate Opportunity Zone Funds in 2026.

Timing also matters in 2026: eligible gains invested by December 31, 2026 fall under the original rules, while gains invested from January 1, 2027 fall under the permanent OZ 2.0 framework with a rolling 5-year deferral. Details in our Opportunity Zones 2.0 resource.

Frequently Asked Questions

What are the best Opportunity Zone funds?

No official ranking exists. The most-cited independent sources are Novogradac, which ranks QOF sponsors by equity raised (only 36 managers have raised $150M+), and the Forbes OZ 20 list of top Opportunity Zone players. Which fund is right for a given investor depends on geography, asset class, sponsor track record, and timing.

Who ranks Opportunity Zone funds?

Novogradac runs the industry's largest QOF tracking survey and publishes percentile rankings by equity raised. Forbes published the OZ 20 with the Sorenson Impact Center. Trade publications and business journals also recognize individual sponsors and projects.

Is Urban Catalyst ranked by independent sources?

Yes. Novogradac ranked Urban Catalyst in the top 4% of Opportunity Zone fund managers from 2023 to 2025 and the top 5% from 2020 to 2022, and Forbes named it to the OZ 20 in 2019. Urban Catalyst does not have an open fund in 2026; its next fund is anticipated in 2027.

Does more equity raised mean a better fund?

No. Equity raised measures fundraising scale, not investment performance or fit. Investors should evaluate the sponsor's track record, pipeline, market, fees, and risks — ideally with their own tax and financial advisors.