Investing in the Revitalization of Small-Town America
The Heartland Opportunity Fund connects patient capital with overlooked communities across Indiana, Ohio, and Kentucky — delivering long-term, tax-advantaged returns while rebuilding the places that built this country.
FUND OVERVIEW
What
A professionally managed Qualified Opportunity Fund targeting real estate and operating businesses in small towns and rural communities across the Ohio River Basin corridor. Built for investors who want their capital to do more than sit in a market index.
Who
Individual investors with capital gains — from a business sale, real estate transaction, or other taxable event — who are looking for a meaningful place to put that money to work. Unlike many institutional funds, we start at $15,000.
Why
Federal law allows investors to defer and potentially reduce capital gains taxes by reinvesting in designated Opportunity Zones. The longer you hold, the greater the benefit — and the fund's appreciation can ultimately be excluded from federal taxation entirely.
What Makes Opportunity Zone Investing Different
Opportunity Zones are a federal policy tool — and for investors who use them thoughtfully, the tax benefits are substantial.
DEFER
Your Tax Bill
Invest your capital gains into a Qualified Opportunity Fund and postpone paying taxes on that gain. Instead of writing a check to the IRS today, that money keeps working for you.
REDUCE
What You Owe
Hold your investment for five or more years and the original gain you deferred is reduced. You owe tax on less than you started with.
ELIMINATE
Tax on Growth
Hold for ten or more years and pay zero federal tax on all appreciation the fund generates. Not deferred. Not reduced. Gone. That’s the headline benefit — and it’s why patient capital and Opportunity Zones are a natural fit.
The Big Win: A long-term hold means your profits grow completely tax-free.
What Makes Opportunity Zone Investing Different
Opportunity Zones are a federal policy tool — and for investors who use them thoughtfully, the tax benefits are substantial.
DEFER — Your Tax Bill
Invest your capital gains into a Qualified Opportunity Fund and postpone paying taxes on that gain. Instead of writing a check to the IRS today, that money keeps working for you.
REDUCE — What You Owe
Hold your investment for five or more years and the original gain you deferred is reduced. You owe tax on less than you started with.
ELIMINATE — Tax on Growth
Hold for ten or more years and pay zero federal tax on all appreciation the fund generates. Not deferred. Not reduced. Gone. That’s the headline benefit — and it’s why patient capital and Opportunity Zones are a natural fit.
The Big Win: A long-term hold means your profits grow completely tax-free.
The Places We Focus On Are Ready for This
There is no shortage of funds like this one. What is scarce is funds with genuine roots in the communities they serve — and a track record to show for it.
The Ohio River Basin Corridor
Our geographic focus spans Indiana, Ohio, and Kentucky — a connected corridor of small cities, county seats, and rural main streets with a common story: strong civic identity, real infrastructure, and community leadership that is ready to act. These are communities in transition, and that distinction matters.
The Full Corridor Picture
Our primary focus is rural main streets and small cities, but the corridor also includes secondary urban markets within the same geography — places where undervalued assets, community-ready conditions, and a patient capital approach can yield the same results.
Proof of Concept: Brookville, Indiana
Valley House Flats, our flagship project in Brookville, catalyzed more than $38.5 million in follow-on community investment. New businesses opened. Adjacent properties improved. The public sector leaned in. That ripple effect is the model we bring to every community in the corridor.
Decisions Made Here
Every investment decision is made by people who live and work in this region. The civic relationships — with local governments, lenders, and community organizations — are not a selling point. They are how the work gets done.
“This gave us the opportunity to see our money being used for community good while we were still here.”
— Jenny Wilz, Co-Founder, Heartland Opportunity Fund
Why the Heartland
The American Heartland presents a compelling investment opportunity, driven by untapped potential, undervalued assets, and long-term growth across emerging markets.
Market Thesis
Clear thesis targeting high-growth regions.
Small-Town Growth Potential
Emerging towns with rising demand & lower entry barriers.
Undervalued Assets
Quality assets at attractive valuations with strong upside.
Long-Term Revitalization
Long-term impact aligned with regional growth.
Our Investment Strategy
A disciplined approach to investing, focused on targeted assets, strategic markets, and long-term value creation while maintaining strong risk management.
Target Asset Types
We focus on high-quality real estate and development projects with strong fundamentals, selected to ensure long-term value creation and stability.
Geographic Focus
Our strategy prioritizes high-potential regions across the American Heartland, where growth opportunities are supported by strong local fundamentals and emerging demand.
Risk Discipline
A disciplined approach to risk management guides every investment decision, ensuring careful evaluation, diversification, and long-term capital protection.
Long-Term Strategy
We invest with a long-term perspective, focusing on sustained growth and value creation rather than short-term market fluctuations.
Impact Alignment
Our investments are aligned with broader economic and community development goals, creating value for both investors and the regions we serve.
A Disciplined Approach Built for This Region
We deploy capital into three targeted categories where we have relationships, expertise, and a clear thesis.
50%
Rural Main Street Revitalization
Historic commercial buildings, mixed-use development, and adaptive reuse projects in small towns and county seats across the corridor. These assets are undervalued and — with the right capital and the right operator — capable of anchoring broader community reinvestment. Valley House Flats in Brookville is the template.
50%
Operating Businesses
Established or expanding businesses located within Opportunity Zones that need growth capital. This allocation creates jobs, anchors commercial corridors, and generates operating income alongside real estate returns. Businesses are selected for their fit with the community as much as their financials.
50%
Urban Commercial Corridors
Targeted positions in secondary urban markets within the corridor — cities with density and demand where the same patient capital approach applies. These investments complement the rural thesis and provide portfolio balance.
Led by People Who Know This Work
A team of experienced professionals with a proven track record, driving disciplined decisions and long-term value creation.
Frances Kern Mennone
Managing Partner
Frances is a public finance practitioner and community development strategist whose Opportunity Zone work began long before the Heartland Fund.
Jenny Wilz
Co-Founder
Jenny’s roots in Franklin & Union counties run deep. A second-generation member of the Wilz family- whose father Edward founded Sur-Seal Corporation in 1965.
Mick Wilz
Co-Founder
Mick spent more than three decades as part of the ownership & leadership team at Sur-Seal Corporation, the family manufacturing business founded by his father Edward Wilz in 1965.
Impact Beyond Financial Returns
Our investments are designed to create lasting economic and community impact, supporting sustainable growth and long-term regional development.
Economic Impacts
Our investments contribute to local economies by supporting business growth, creating jobs, and increasing overall economic activity across targeted regions.
Economic Impacts
Our investments contribute to local economies by supporting business growth, creating jobs, and increasing overall economic activity across targeted regions.
Economic Impacts
Our investments contribute to local economies by supporting business growth, creating jobs, and increasing overall economic activity across targeted regions.
Economic Impacts
Our investments contribute to local economies by supporting business growth, creating jobs, and increasing overall economic activity across targeted regions.
Investment Details
What the Fund Is
Target Raise: $5-10 Million (Fund 2)
Investment Period
24-month deployment window
Hold Period
10 years for maximum tax benefits
Management Fee
2% annually
Performance Fee
15% above 6% preferred return
Accessible Entry
Minimum Investment: $15,000+
We believe opportunity should be accessible. Unlike institutional funds requiring $100K+ minimums, we’ve structured this fund for individual investors.
Hold Period
- Accredited investors
- Capital gains to invest
- 10-year investment horizon
- Interest in local impact investing
Understanding Opportunity Zones
Opportunity Zones are widely discussed and frequently misunderstood. Here is a straightforward explanation of what they are, how they work, and what they are not.
What is an Opportunity Zone?
An Opportunity Zone is a census tract designated by the federal government as economically distressed and eligible for special tax incentives. The designation was created by the 2017 Tax Cuts and Jobs Act to encourage private investment in communities that have historically struggled to attract capital. There are roughly 8,700 designated Opportunity Zones across the United States today.
Who can invest in a Qualified Opportunity Fund?
If you have capital gains from a business sale, real estate transaction, stock sale, or other taxable event — you can invest in a Qualified Opportunity Fund. The fund handles the complexity. Your role is simply to direct those gains into the fund within the applicable window and let a professionally managed structure do the rest.
What makes Opportunity Zone investing tax-advantaged?
The federal government offers three layers of tax benefit: deferral of an existing capital gain when you reinvest it into a QOF, potential reduction of that original gain over time, and elimination of federal capital gains tax on the fund’s own appreciation after a long-term hold. The benefits grow the longer the investment is held.
What are Opportunity Zones not?
Opportunity Zones are not a tax shelter, a loophole, or a guaranteed return. They are a policy tool designed to align private capital with public community development goals. The tax benefits are real and substantial — but they depend on compliant fund structure, responsible deployment, and patient capital. Not every OZ fund is structured to deliver on all three.
What is a Qualified Rural Opportunity Fund?
Congress has created an additional designation for Opportunity Funds that invest primarily in rural census tracts. These funds carry enhanced incentives beyond the standard OZ framework. The Heartland Fund is structured to qualify as a QROF.
Isn't this only for wealthy investors?
Not at all. Anyone with a capital gain can participate — from selling a home, a small business, stocks, or other assets. The Heartland Fund was specifically structured to lower the entry threshold for individual investors who have meaningful gains but aren’t managing institutional-scale wealth.
Are capital gains really that common?
More common than people realize. A home sale, a business transition, an inheritance, stock options, or portfolio rebalancing can all generate capital gains. If you’ve had one of those events — or expect one — it’s worth understanding how these investments work.
How is the Heartland Fund different from other OZ funds?
Many Opportunity Zone funds target urban real estate in major metros, require six-figure minimums, and are managed by teams with no prior connection to the communities they invest in. The Heartland Fund focuses on rural and small-city markets across Indiana, Ohio, and Kentucky; starts at $15,000; and is led by practitioners who have worked in these communities for years. Valley House Flats in Brookville, Indiana — which catalyzed more than $38.5 million in follow-on investment — is the proof of concept.
Ready to Learn More?
Connect with our team to learn how the Heartland Opportunity Fund works, whether you qualify, and what a long-term investment in this corridor could mean for you.
A disciplined investment approach focused on long-term value creation, strategic growth, and meaningful impact across America’s Heartland.
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