$1.768B · 30–80% AMI
Higher-risk development, distressed acquisitions, and high-return affordable housing situations — second sleeve.
Gr3ySpace Opportunistic II Fund extends the Opportunistic mandate with a second capitalized pool for higher-risk development, distressed, and high-return situations. Opportunistic II is designed to provide LPs incremental exposure to the opportunistic strategy under a distinct fund identity.
What this fund does.
- Ground-up affordable housing development
- Distressed acquisitions and workouts
- Deep repositioning and heavy rehab
- Complex recapitalizations
- Separately capitalized Opportunistic sleeve
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 Opportunistic II Fund data room.
Qualified LPs may request the Opportunistic II Fund 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.