$1.768B · Cross-portfolio
Complex, dislocated, and event-driven affordable housing investments across the capital stack.
Gr3ySpace Special Situations Fund invests in complex, dislocated, and event-driven affordable housing situations across the capital stack. The fund targets recapitalizations, structured credit opportunities, non-performing loan workouts, secondary LP interests, and other bespoke transactions where execution complexity creates the potential for premium risk-adjusted returns.
What this fund does.
- Recapitalizations and structured deals
- Non-performing loan workouts
- Secondary LP interest acquisitions
- Event-driven and dislocation opportunities
- Structured credit and preferred equity
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 Special Situations Fund data room.
Qualified LPs may request the Special Situations 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.