Head of Opportunity Zone Investment Strategy

Bonaventure Shared Services, LLC•Alexandria, VA

8h•$180,000 - $200,000

About The Position

The One Big Beautiful Bill Act, signed July 4, 2025, made Opportunity Zones a permanent feature of the U.S. tax code. OZ 2.0 resets the program with a rolling five-year gain deferral, a reinstated 10% basis step-up for standard QOFs, a new Qualified Rural Opportunity Fund (QROF) structure with a 30% step-up and a reduced 50% substantial-improvement threshold, and an entirely new zone map effective January 1, 2027. State nomination windows open July 1, 2026. Bonaventure is positioned to be a first-mover in this reset — and to build something structurally differentiated from what the OZ 1.0 market produced. The strategy is not simply to wrap Bonaventure’s existing development pipeline in a QOF. It is to build a platform that deploys meaningful GP capital (10–25% co-invest) across two channels: proprietary Bonaventure deals and a curated set of third-party operators who bring the best opportunities in markets and asset types beyond Bonaventure’s direct footprint. The result is a fund platform that offers LPs both the operational credibility of a GP with skin in the game and the diversification of a best-in-class deal selection process — a combination that was rare in OZ 1.0 and will define the strongest OZ 2.0 franchises. 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. It requires the judgment to evaluate deals across both channels against a consistent underwriting standard, the relationships to attract top-tier operators as partners, and the LP fluency to articulate a differentiated story to capital allocators. It reports to the CFO and works alongside the CEO, Capital Markets, and Investments teams. This is a builder role with executive-level accountability from day one.

Requirements

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

Nice To Haves

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
CPA, CFA, or JD with tax or structured finance concentration

Responsibilities

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
Lead capital formation efforts across investor channels
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
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
Build the operator network proactively — relationships established before zone maps are finalized create competitive advantage in deal selection
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
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
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
Build 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