Cresset Capital Management and Diversified Real Estate Capital Have Launched a Qualified Opportunity Zone Fund

Diversified Real Estate

Eric Becker and Avy Stein, founders of Cresset Capital Management, have partnered with Larry Levy, Jeffrey Cherner and Michael Miller, founders of Diversified Real Estate Capital, combining their deep teams of real estate and private equity investment professionals to invest and create impact in Qualified Opportunity Zones.

CHICAGO – October 22, 2018 — Cresset Capital Management has partnered with Diversified Real Estate Capital to launch a new fund that will invest and create impact in Qualified Opportunity Zones (QOZs).

The federal government’s Tax Cuts and Jobs Act of 2017 established the QOZ provisions to stimulate economic development. These provisions provide potentially significant tax benefits to investors who re-invest capital gains into long-term investments in QOZs.

“With more than 8,700 Opportunity Zones across all 50 states, Washington D.C., and Puerto Rico, the opportunity to invest in the path of progress was compelling to us,” said Larry Levy, Founder of Levy Family Partners and Co-Founder of Diversified Real Estate Capital. “We expect the Fund’s investments to help create significant impact and opportunity in many communities.”

The Cresset-Diversified QOZ Fund will pursue a broad portfolio of investments, from real estate development and re-development to private company investments in industries, which include data centers, manufacturing, distribution and energy.

“QOZs represent a powerful intersection of public policy and investment opportunity. Having started my career in entrepreneurship and private investing at the Levy Organization, I could not be more excited to partner with Larry Levy and his team to pursue this compelling opportunity,” said Eric Becker, Cresset Co-Founder and Co-Chairman. “Together, we have built a multi-disciplinary team to manage the Fund, with expertise in real estate, private equity, tax and community impact investing.”

“A confluence of factors makes this an outstanding time to invest in QOZs,” said Avy Stein, Cresset Co-Founder and Co-Chairman. “Through the combined experience of our team, we have the depth, agility and insight to execute a broad range of real estate and private equity investment strategies.”

Matt Reilein has recently joined the Cresset team to lead the Fund’s community development initiative. “Determining the path of growth across thousands of QOZs requires significant insights at the local level,” added Mark Stern, Managing Partner, Real Estate, Cresset Partners. “We are thrilled to partner with Matt, who has been a leader in the community development finance industry, spending 15 years forming critical relationships in target communities and building teams to deliver market-driven capital to low-income communities.”

Cresset and Diversified have assembled a highly experienced group of real estate, private equity, community development, tax and legal professionals including the following team members:

  • Larry Levy, Founder, Diversified and Levy Family Partners; Founder and formerly CEO, Levy Restaurants
  • Eric Becker, Founder and Co-Chairman, Cresset; Founder, Sterling Partners
  • Avy Stein, Founder and Co-Chairman, Cresset; Founder, Willis Stein & Partners
  • Jeffrey Cherner, Founder and Executive Vice President, Diversified
  • Michael Miller, Founder and Executive Vice President, Diversified
  • Mark Stern, Managing Partner, Real Estate, Cresset Partners; formerly Senior Vice President, Acquisitions, Waterton Associates
  • Matthew Reilein, Partner and Managing Director, Community Development, Cresset Partners; formerly Managing Director and Head of Impact Investing, O’Brien-Staley Partners; formerly Managing Director, Community Development Banking, J.P. Morgan
  • Chris Boehm, Managing Partner, Private Capital, Cresset Partners; formerly Managing Director, Willis Stein & Partners
  • Bill Rudnick, Chief Legal Advisor, Cresset and Partner, DLA Piper

For Fund inquiries or to share potential QOZ investment opportunities contact Will Hoesley at For press inquiries, contact Oliver Rose at

About Cresset

Private equity entrepreneurs Eric Becker and Avy Stein founded Cresset Capital Management with a vision to reinvent wealth advisory and family office services and a firm belief that clients deserve better. Within the Cresset affiliates’ suite of offerings, Cresset Partners focuses on private investments offering clients access to direct real estate, direct private company and private equity secondaries investment opportunities. Cresset Asset Management, an investment advisor registered with the U.S. Securities and Exchange Commission, offers wealth advisory, planning and innovative family office services.

About Diversified

Since 2003, Diversified Real Estate Capital, LLC, founded by Larry Levy, Jeffrey Cherner and Michael Miller, has offered equity capital and expertise for commercial real estate developments. High-net-worth individuals and family office investors seeking to diversify their assets and the potential of returns associated with highest quality real estate investments co-invest with nationally recognized developers that are Diversified’s partners. The Company maintains in-depth relationships with both its investors and joint venture partners, believing that these relationships are a key competitive advantage in the volatile investment environment. Diversified’s highly experienced professionals identify prime opportunities and act quickly to creatively structure transactions. The Company offers its partners real estate expertise in management, renovation, development, financing, leasing and strategic re-positioning. The Company seeks to create institutional quality assets focused on office, retail, multi-family, industrial, residential and mixed-use properties.


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