$1.40B · Cross-portfolio
Tax-exempt private activity bond and CDFI financing infrastructure supporting the platform's affordable housing capital stack.
Gr3ySpace Fund VIII operates the tax-exempt private activity bond, taxable bond, and CDFI-partnership financing infrastructure that supports the platform's affordable housing capital stack across every fund vehicle. Fund VIII coordinates with state housing finance agencies, national CDFI lenders, and federal home loan banks to provide below-market debt financing that makes 4% LIHTC transactions and preservation deals financially viable at the platform's underwriting standards.
What this fund does.
- Tax-exempt private activity bond financing
- 4% LIHTC-paired bond transactions
- CDFI construction and permanent debt
- Federal Home Loan Bank AHP grants
- Portfolio-level warehouse and revolving facilities
Key economic terms.
- Net IRR Target
- 10–13% net IRR
- Vehicle
- Delaware Limited Partnership
- Fund Term
- 15 years (two 1-year extensions at GP discretion)
- Investment Period
- 5–7 years
- Carried Interest
- 15% above 7% preferred return (100% GP catch-up)
- Preferred Return
- 7%, compounded annually
- Distribution Waterfall
- European (whole-fund) waterfall
- GP Commitment
- 2% of total fund commitments
- Minimum LP Commitment
- $1,000,000
- Auditor
- PwC
- Legal Counsel
- LePore Law Group
Full fund terms are set forth in the Limited Partnership Agreement, Private Placement Memorandum, and Subscription Documents for the applicable fund vehicle. Fund interests are offered only to accredited investors and qualified purchasers.
Institutional cadence, matched to fund complexity.
Request the Fund VIII data room.
Qualified LPs may request the Fund VIII private placement memorandum, subscription documents, DDQ, Form ADV Parts 1 and 2A, audited fund financials, and ILPA Reporting Template samples through the Gr3ySpace Investor Relations team.