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Wealthy Masses Bet $500 Million as New Funds Chase U.S. Tax Perk (1)

July 9, 2019, 1:48 PMUpdated: July 9, 2019, 5:48 PM

The wealthy masses are starting to bet their money on a new U.S. tax break after more than a year of indecision.

The latest data point: Bridge Investment Group announced July 9 it has $509 million that it is deploying in projects in opportunity zones. The money was gathered from about 500 investors, according to a person with knowledge of the matter, who asked not to be identified discussing the private fundraising. The minimum investment was $250,000, but average check size was closer to $1 million, the person said.

The new fund shows that 18 months after Republicans pushed through...

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