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Opportunity Zone Fundraising Data and Industry Recognition: What Novogradac and Forbes Report
Updated August 2026 • Third-party data and recognition reported by Urban Catalyst
What Novogradac's Fundraising Data Shows
Novogradac, an accounting and consulting firm, periodically surveys Qualified Opportunity Funds and reports cumulative equity raised. Its figures reflect information reported by participating fund managers — including Urban Catalyst — and are not an audit of any fund. The data measures fundraising, not investment performance. According to Novogradac's published data as of December 31, 2025:
| Novogradac finding (as of December 31, 2025) | Figure |
|---|---|
| Total equity raised by tracked QOFs | $42.76 billion |
| QOFs that have each reported raising over $1 billion | 4 funds (13.2% of all reported equity) |
| "Super QOFs" reporting $100M+ raised each | 82 funds (59.3% of all reported equity) |
| Tracked QOF managers reporting $150M+ raised across funds | 36 of 1,037 tracked managers — Urban Catalyst is among them |
Based solely on cumulative equity raised as reported to Novogradac by participating funds as of December 31, 2025; not a measure of investment performance, investor returns, risk, or suitability.
Source: Novogradac Opportunity Zones Resource Center. Figures as published by Novogradac; subject to update in its ongoing surveys.
The Forbes OZ 20 (2019)
In 2019, Forbes and the Sorenson Impact Center selected the Forbes OZ 20, an impact-focused list comprising 10 Qualified Opportunity Funds and 10 community organizations. Selection criteria emphasized matters such as community engagement, transparency, and anticipated community impact. Urban Catalyst was named to the list. The OZ 20 was not an ordinal ranking of Opportunity Zone funds, and it did not evaluate investment performance or expected returns.
Impact-focused selection made by Forbes and the Sorenson Impact Center through their own evaluation process, which considered information submitted by participants; not a ranking of investment performance or expected returns.
Third-Party Recognition of Urban Catalyst, by Category
The recognitions below were made by the sources named, not by Urban Catalyst. They measure different things, went to different Urban Catalyst entities or projects, and none is a ranking or evaluation of the investment performance of any Urban Catalyst fund. Each entry identifies what was recognized and on what basis.
Reported Fundraising Data
| Source & date | What it reports | Recipient |
|---|---|---|
| Novogradac tracking data, as of December 31, 2025 | Among the 36 of 1,037 tracked QOF managers reporting $150 million or more in cumulative equity raised across funds | Urban Catalyst, as fund manager |
Position based on cumulative equity raised as reported to Novogradac by participating funds as of December 31, 2025; not a measure of investment performance, investor returns, risk, or suitability.
Industry Lists and Selections
| Source & date | Recognition | Recipient |
|---|---|---|
| Forbes, with the Sorenson Impact Center (2019) | Named to the Forbes OZ 20, an impact-focused list of 10 Qualified Opportunity Funds and 10 community organizations | Urban Catalyst |
Impact-focused selection; not a ranking of investment performance or expected returns.
Company Awards
| Source & date | Recognition | Recipient |
|---|---|---|
| Silicon Valley Business Journal (2024) | Developer of the Year | Urban Catalyst, as a development company |
A company award recognizing development activity; not a rating, ranking, or endorsement of any Urban Catalyst fund.
Project Awards
| Source & date | Recognition | Recipient |
|---|---|---|
| Silicon Valley Business Journal (2024) | Structures Award, Best Hospitality Project | Keystone, an individual development project |
| CoStar (2025) | Impact Award | Paseo, an individual development project |
Project awards recognize specific developments; they are not ratings, rankings, or endorsements of any Urban Catalyst fund.
How to Evaluate an Opportunity Zone Fund
Fundraising data, lists, and awards measure scale and recognition — they do not answer whether a specific fund fits a specific investor. Factors commonly considered in evaluating a fund include the sponsor's track record, development capability, committed project pipeline, market fundamentals, fees, and transparency, reviewed together with the investor's own tax and financial advisors. We cover each factor in our companion guide: How to Evaluate Opportunity Zone Funds in 2026.
Timing may also matter in 2026. In general, eligible gains invested in a QOF by December 31, 2026 fall under the original Opportunity Zone rules, while eligible gains invested on or after January 1, 2027 would fall under the permanent OZ 2.0 framework, which includes a rolling 5-year deferral. Whether a particular gain qualifies — and which rules apply — depends on factors such as the type of gain, the applicable investment period, and satisfaction of other statutory requirements; the tax treatment is not automatic, and investors should consult their own tax and legal advisers. Details in our Opportunity Zones 2.0 resource.
Frequently Asked Questions
What are the best Opportunity Zone funds?
No official or independent ranking of the "best" Opportunity Zone funds exists. The available third-party sources report different things: Novogradac reports cumulative equity raised by participating QOFs (fundraising data), and the 2019 Forbes OZ 20 was an impact-focused selection of 10 funds and 10 community organizations. Neither evaluated investment performance, investor returns, risk, fees, or suitability. Which fund, if any, fits a given investor depends on geography, asset class, sponsor track record, fees, and timing — questions best reviewed with the investor's own tax and financial advisers.
Who tracks or recognizes Opportunity Zone funds?
Novogradac runs a QOF tracking survey that reports cumulative equity raised, based on information reported by participating fund managers. Forbes, with the Sorenson Impact Center, published the impact-focused OZ 20 list in 2019. Trade publications and business journals also give awards to individual companies and development projects. None of these is a ranking of fund investment performance.
What third-party recognition has Urban Catalyst received?
Based on Novogradac's tracking data as of December 31, 2025, Urban Catalyst was among the 36 of 1,037 tracked QOF managers reporting $150 million or more in cumulative equity raised — a fundraising measure, not a performance measure. Forbes and the Sorenson Impact Center named Urban Catalyst to the impact-focused OZ 20 in 2019. The Silicon Valley Business Journal named Urban Catalyst its 2024 Developer of the Year (a company award), and the Keystone and Paseo development projects received individual project awards. Urban Catalyst does not have an open fund in 2026; any future fund would be subject to a separate offering process.
Does more equity raised mean a better fund?
No. Equity raised measures fundraising scale as reported by fund managers — not investment performance, returns, risk, or fit. Investors should evaluate the sponsor's track record, pipeline, market, fees, and risks together with their own tax, legal, and financial advisers.
Opportunity Zones: Community Impact
Joshua Burroughs explains how Qualified Opportunity Fund Urban Catalyst is acquiring projects in the downtown San Jose that are going to work with each other and create a sense of place.