Gateway Opportunity Funds Selects NES Financial to Administer New St. Louis-Based Fund
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SAN JOSE, CALIF. (PRWEB) JANUARY 25, 2019
NES Financial today announced that it has contracted to provide its purpose-built fund administration suite for Gateway Opportunity Funds’ first fund — a St. Louis-based Qualified Opportunity Fund that is making its first investment in the shovel-ready Lighthouse Landing on the banks of the Mississippi River in St. Louis, MO.
The tax incentives associated with the Opportunity Zones program were created to encourage long-term investment into targeted economically distressed areas across the country. Opportunity Fund investments offer investors temporary tax deferral, partial reduction of taxes on an investor’s realized capital gains, and total elimination of taxes on all capital gains due to the appreciation of the OZ investment. As a result, the OZ program has opened up enormous potential for developers and real estate investors looking to raise capital at attractive rates and deploy it to underserved communities across the country.
Gateway Opportunity Funds’ management plans to run an investor-focused and streamlined operation, with low costs/overhead and forecasted above-average investor return — while also achieving significant job creation and community improvement. The fund is now open and accepting investment.
“We strive to make every decision in the best interests of our funds’ investors,” said Larry Perkins, CEO of Gateway Opportunity Funds. “When choosing how to handle our funds’ administration, we sought out the very best to protect our investors. NES Financial is the best, by far, when it comes to making certain our fund remains in compliance with every aspect of the complex OZ rules and regulations, as well as providing our investors with exceptional third-party independent reporting.”
The purpose of the NES Financial Opportunity Zone Fund Administration Suite is to efficiently and securely handle administration of growing funds, at scale, so that Opportunity Zone Fund managers can focus on raising capital and deploying it to underserved communities across the country. This includes handling the specialized reporting requirements of the program with the highest possible degrees of fund security, investor transparency, and regulatory compliance.
“If properly implemented, the Opportunity Zones legislation has the potential to be the most transformative economic impact program in U.S. history,” said Reid Thomas, Executive Vice President at NES Financial. “Our purpose-built OZ solution was designed to help ensure that the program succeeds in doing the good it was intended to do. The rapid adoption of our solution in the market by clients like Gateway Opportunity Funds is a great sign of industry’s commitment to best practices.”
About NES Financial
NES Financial is a Silicon Valley financial technology (FinTech) company providing technology-enabled solutions and services for the efficient back- and middle-office administration of complex financial transactions. Serving private equity, commercial real estate, and Fortune 1000 clientele, NES Financial offers industry-leading private equity fund administration, loan servicing, specialized EB-5 and Opportunity Zone Fund Administration, and 1031 tax-deferred exchange services. Their unwavering commitment to data security, operational redundancy, and compliance reporting is evidenced by 12 consecutive years of successful independent audits of their technology, processes, and financial controls. Today, NES Financial services over 190 funds, administers over $20B annually, and has worked with more than 675 EB-5 projects. For more information, visit nesfinancial.com.
About Gateway Opportunity Funds
Gateway Opportunity Funds is a St. Louis-based Qualified Opportunity Fund management firm focused on real estate development in the St. Louis area, plus a growing number of opportunities throughout the country. Gateway Opportunity Funds’ first investment is in the shovel-ready “Gateway Marina & Resort at Lighthouse Landing,” a 70-acre project right on the Mississippi River, which will include a state-of-the-art marina and dry dock boat storage as well as a waterfront hotel and convention center, a retail boardwalk along the river, and a world-class indoor waterpark, with associated 350-room hotel and retail space.
For more information on Gateway Opportunity Funds and Lighthouse Landing, visit GatewayOpFund.com.
