$1.266B · Platform-wide
2028-vintage evergreen operating vehicle funding property operations, compliance, and human capital across the expanded affordable housing portfolio.
Gr3ySpace Operations Fund III is the 2028-vintage extension of the platform's operating capital layer. Structured as a permanent, cost-recovery vehicle with no fees and no carry, the fund capitalizes property operations, regulatory compliance infrastructure, and human capital for the expanded 2028 portfolio — matched to the growth in vehicles, communities, and operating headcount.
What this fund does.
- Platform property operations — 45% of capital
- Talent and technology infrastructure — 25% of capital
- Working capital — 15% of capital
- Legal and compliance — 10% of capital
- Operating reserve — 5% of capital
Evergreen operating terms.
- Vehicle
- Delaware Limited Partnership
- Structure
- Evergreen — no fixed termination
- Investment Period
- Ongoing
- Carried Interest
- None (cost-recovery vehicle)
- Preferred Return
- N/A
- Fees
- No fees, no carry
- Liquidity
- Quarterly · 90-day notice redemption window
- 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 Operations Fund III data room.
Qualified LPs may request the Operations Fund III 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.