Map-with-pins Investments in qualified opportunity funds tracked by a key industry list have surpassed $10 billion, according to San Francisco-based professional services firm Novogradac & Co.

Funds with a focus on residential and commercial opportunity zones lead the way in raising equity, according to the Novogradac Opportunity Funds List, Of 621 qualified opportunity funds tracked, 406 reported raising equity as of April 30.

News of the investment growth comes with a caveat. Most of the $10 billion was raised before March 13, the date President Trump declared a national emergency in response to the spread of COVID-19.

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Cheryl Miller

Cheryl Miller, based in Sacramento, covers the state legislature and emerging industries, including autonomous vehicles and marijuana. She authors the weekly cannabis newsletter Higher Law. Contact her at cmiller@alm.com. On Twitter: @CapitalAccounts