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Pittsburgh-based Bedford Funds LP is launching a $2 billion fund raise, that looks to create a private equity fund specifically targeting operating businesses, rather than real estate investments.

Bedford plans to invest in operating companies in its target verticals — the future of energy, the future of work and the future of food and healthy living — and scale these companies to multiple Opportunity Zones across the U.S.

Bedford’s leadership is targeting competitive investor returns in combination with positive Environmental, Social and Governance (ESG) outcomes and the investor tax benefits contemplated under the U.S. Opportunity Zone federal tax legislation, which include significant income tax deferral and exemption for capital gains. The fund utilizes the United Nations Sustainable Development Goals as its ESG measurement metric.

Bedford is a nationally focused private equity Opportunity Zone Fund, headquartered at the Energy Innovation Center, located in an Opportunity Zone in Pittsburgh. The firm also has offices in Memphis and Charleston, South Carolina.