Twenty-seven funds. One affordable-housing platform.
Gr3ySpace operates twenty-seven funds across two vintages — twelve 2026-vintage funds ($36.079B) and fifteen 2028-vintage funds ($25.256B) — for combined all-in committed capital of $61.335 billion across investment, operations, and reserve vehicles.
Three-tier fund architecture.
Combined 2026 + 2028 committed capital of $61.335 billion is structured across nineteen investment funds ($42.93B · 70%), four operations funds ($6.13B · 10%), and four reserve funds ($12.27B · 20%).
| Tier | Capital Allocation | No. of Funds | % of Total |
|---|---|---|---|
| Investment Funds | $42,934,447,323 | 19 | 70.0% |
| Operations Funds | $6,133,492,475 | 4 | 10.0% |
| Reserve Funds | $12,266,984,950 | 4 | 20.0% |
| Grand Total | $61,334,924,748 | 27 | 100.0% |
Eight investment funds. $25.26 billion.
Each 2026 investment fund targets a distinct affordable housing program type, income tier, and capital structure — purpose-built to match the financing tools available in that program segment. All eight funds share a common European whole-fund waterfall, a 7% preferred return, and a 15-year term.
Federal Contract Affordable Housing Acquisition and Development
$11.26BSection 8 project-based voucher, HAP contract, PRAC, RAD conversion, and Section 202/811 supportive housing acquisition, development, and preservation — also covering brick-and-mortar buildings, hiring, administration, legal, due diligence, and platform launch expenditures.
Fund Details Fund IILIHTC Affordable Housing Development and Preservation
$2.80BGround-up development and substantial rehabilitation financed through 4% and 9% Low-Income Housing Tax Credits and rehabilitation tax credits.
Fund Details Fund IIIWorkforce and Naturally Occurring Affordable Housing
$2.80BWorkforce housing and naturally occurring affordable housing serving 80–120% AMI households in high-cost metropolitan markets.
Fund Details Fund IVSenior Affordable Housing
$1.40BLIHTC-financed senior affordable housing communities serving elderly households at 30–60% AMI with accessible design and supportive services.
Fund Details Fund VMixed-Income Affordable Housing
$1.40BMixed-income communities integrating market-rate and affordable units, leveraging inclusionary zoning and density bonuses in infill locations.
Fund Details Fund VIPermanent Supportive Housing
$2.80BPermanent supportive housing for individuals experiencing homelessness, chronic mental illness, disability, and veterans, with embedded on-site services.
Fund Details Fund VIIRural Affordable Housing
$1.40BUSDA Section 515 and Section 538 rural affordable housing acquisition, preservation, and recapitalization in underserved geographies.
Fund Details Fund VIIIAffordable Housing Bond Financing
$1.40BTax-exempt private activity bond and CDFI financing infrastructure supporting the platform's affordable housing capital stack.
Fund DetailsTwo evergreen operations funds. $3.61 billion.
Permanent operating capital insulated from cycles. No fees, no carry — cost-recovery vehicles that fund the platform's people, systems, and community services.
Property Operations, Compliance, and Human Capital
$1.808BEvergreen operating vehicle funding platform property operations, regulatory compliance, and human capital across the affordable housing portfolio.
Fund Details Operations Fund IITechnology, Tenant Management Systems, and Community Services
$1.800BEvergreen operating vehicle funding technology infrastructure, tenant management systems, and community services across the affordable housing portfolio.
Fund DetailsTwo evergreen reserve funds. $7.22 billion.
Standing dry powder for compliance, capital improvement, LP co-investment, and redemption liquidity — evergreen vehicles structured for capital efficiency and strategic optionality.
Compliance, Capital Improvement, and Regulatory Reserve
$3.606BEvergreen reserve vehicle providing dry powder and opportunistic capital for compliance, capital improvement, and regulatory contingencies.
Fund Details Reserve Fund IILP Co-Investment and Redemption Reserve
$3.610BEvergreen reserve vehicle providing LP co-investment capacity and redemption liquidity across the platform.
Fund DetailsEleven investment funds. $17.68 billion.
The 2028 vintage extends the platform across the full institutional risk-return spectrum — Core, Core-Plus, Value-Add, Growth, Opportunistic, and Special Situations — while preserving the affordable-housing thesis and compliance framework that anchor every Gr3ySpace vehicle.
Stabilized Core Affordable Housing I
$1.768BStabilized, income-producing affordable housing assets with low leverage — the first of three Core vehicles in the 2028 vintage.
Fund Details Core II FundStabilized Core Affordable Housing II
$1.768BStabilized, income-producing affordable housing assets with low leverage — the second Core vehicle in the 2028 vintage.
Fund Details Core III FundStabilized Core Affordable Housing III
$1.768BStabilized, income-producing affordable housing assets with low leverage — the third Core vehicle in the 2028 vintage.
Fund Details Core-Plus FundCore-Plus Affordable Housing
$1.768BStabilized affordable housing assets with light value-add and modest leverage.
Fund Details Value-Add I FundValue-Add Affordable Housing I
$1.326BRepositioning, operational improvement, and moderate-risk affordable housing acquisitions.
Fund Details Value-Add II FundValue-Add Affordable Housing II
$1.326BRepositioning, operational improvement, and moderate-risk affordable housing acquisitions — second sleeve.
Fund Details Growth I FundGrowth Equity — Affordable Housing Operators & Platforms I
$1.326BGrowth equity into scaling affordable housing operators, developers, and platforms.
Fund Details Growth II FundGrowth Equity — Affordable Housing Operators & Platforms II
$1.326BGrowth equity into scaling affordable housing operators, developers, and platforms — second sleeve.
Fund Details Opportunistic I FundOpportunistic Affordable Housing I
$1.768BHigher-risk development, distressed acquisitions, and high-return affordable housing situations.
Fund Details Opportunistic II FundOpportunistic Affordable Housing II
$1.768BHigher-risk development, distressed acquisitions, and high-return affordable housing situations — second sleeve.
Fund Details Special Situations FundComplex, Dislocated, and Event-Driven Investments
$1.768BComplex, dislocated, and event-driven affordable housing investments across the capital stack.
Fund DetailsTwo evergreen operations funds. $2.53 billion.
2028-vintage cost-recovery operating capital scaled to the expanded portfolio footprint — no fees, no carry.
Property Operations, Compliance, and Human Capital — 2028
$1.266B2028-vintage evergreen operating vehicle funding property operations, compliance, and human capital across the expanded affordable housing portfolio.
Fund Details Operations Fund IVTechnology, Tenant Management Systems, and Community Services — 2028
$1.260B2028-vintage evergreen operating vehicle funding technology, tenant management systems, and community services across the expanded portfolio.
Fund DetailsTwo evergreen reserve funds. $5.05 billion.
2028-vintage compliance, capital improvement, and LP co-investment reserve capacity for the expanded portfolio.
Compliance, Capital Improvement, and Regulatory Reserve — 2028
$2.524B2028-vintage evergreen reserve vehicle providing compliance, capital improvement, and regulatory reserve capacity for the expanded portfolio.
Fund Details Reserve Fund IVLP Co-Investment and Redemption Reserve — 2028
$2.527B2028-vintage evergreen reserve vehicle providing LP co-investment capacity and redemption liquidity for the expanded portfolio.
Fund DetailsShared discipline. Distinct strategies.
Every Gr3ySpace fund is a Delaware Limited Partnership with a dedicated general partner. Fund-level economics, reporting, and governance follow common institutional standards across both the 2026 and 2028 vintages.
| Term | Investment Funds | Evergreen (Operations, Reserve) |
|---|---|---|
| Vehicle | Delaware Limited Partnership | Delaware Limited Partnership |
| Term | 15 years + two 1-yr extensions | Evergreen (no fixed termination) |
| Investment Period | 5–7 years | Ongoing |
| Preferred Return | 7% compounded | N/A |
| Carried Interest | 15% above pref (100% catch-up) | None |
| Waterfall | European (whole-fund) | N/A |
| GP Commitment | 2% of commitments | N/A |
| Minimum LP Commitment | $1,000,000 | By invitation |
| Target Net IRR | 10–13% | Cost-recovery |
| Auditor | PwC | PwC |
| Legal Counsel | LePore Law Group | LePore Law Group |