$1.768B · 30–60% AMI
Stabilized, income-producing affordable housing assets with low leverage — the third Core vehicle in the 2028 vintage.
Gr3ySpace Core III Fund completes the Core lineup with a third pool of stabilized, income-producing affordable housing assets. The fund is designed for LPs seeking incremental Core exposure with a distinct vintage overlay, matched capital call cadence, and independent portfolio construction inside a shared Core investment policy.
What this fund does.
- Stabilized project-based Section 8 communities
- Long-dated LIHTC compliance-period assets
- Investment-grade agency financing
- Low-leverage, income-producing acquisitions
- Distinct-vintage Core capacity
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 Core III Fund data room.
Qualified LPs may request the Core III 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.