OZ MAGAZINE 2022 Top 25 Influencers issue 2.2 | Page 30

30 OPPORTUNITY ZONE MAGAZINE | ISSUE 2 • VOLUME 2

ANDREW DOUP

KEGLER BROWN HILL & RITTER

Andrew Doup is counsel to founders of start-up and real estate ventures in Opportunity Zones , including commercial , hotel , office , student housing , multifamily , senior living , and mixed-use asset classes , as well as venture investments in operating companies . Doup focuses his practice on private investment finance , where he advises clients on common , preferred , and incentive equity instruments . He has extensive experience with both federal and state securities regulation involving exemptions for the offer and sale of securities , advising on capital-raising strategies for Qualified Opportunity Funds and Qualified Opportunity Zone Businesses , private placement memoranda , subscription agreements , and SEC and state " blue sky " filings .

WHAT NEW TRENDS ARE YOU SEEING IN THE OPPORTUNITY ZONE INDUSTRY ?
I am seeing a preference for high-net-worth taxpayers forming and operating their own selfdirected QOF for investment into a portfolio of QOZBs as a family estate planning vehicle . This approach makes sense : it gives taxpayer-investors more flexibility to exit a QOZB investment when the timing is right rather than being locked up for a minimum ten-year period , and it enables QOZB managers to focus on profitability of the business plan rather than fund management . Well-advised QOZB founders will give prospective investors the choice to participate through a self-directed QOF or a founder-managed , fee-free QOF .

RONALD FIELDSTONE

SAUL EWING ARNSTEIN & LEHR LLP

Ronald R . Fieldstone is a partner at Saul Ewing Arnstein & Lehr , a U . S . -based law firm with 16 offices and approximately 400 attorneys providing a broad range of legal services . He is chair of Opportunity Zones and Qualified Opportunity Funds practice , which consists of 40 attorneys working together handling tax , real estate , corporate and securities issues on real estate and business projects in designated Opportunity Zone areas throughout the United States . Fieldstone focuses particularly on assisting clients with matters involving taxes and securities . His work includes offering guidance on tax implications of investing in Opportunity Zones and preparing fund documents for compliance with securities law rules and regulations .

WHAT NEW TRENDS ARE YOU SEEING IN THE OPPORTUNITY ZONE INDUSTRY ?
I see a tremendous demand for product since many potential investors have realized substantial capital gains for the sale of real estate , their businesses and from investing in the stock market . Sponsors are at the same time having difficulty finding real estate development opportunities that can generate traditional rate of returns for equity investors . These investors do not want to settle for single-digit returns just because a project offers OZ benefits . Many of them are forming their own OZ Funds to buy time in order to locate the right strategic investment . Offerings need to accommodate both investors with their own OZ Fund , as well as those that need to invest in an OZ Fund .
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