$1.326B · 30–80% AMI
Repositioning, operational improvement, and moderate-risk affordable housing acquisitions — second sleeve.
Gr3ySpace Value-Add II Fund extends the Value-Add strategy with a second pool of repositioning and operational-improvement opportunities. Value-Add II is separately capitalized with an aligned investment period and provides LPs incremental exposure to the moderate-risk value-add mandate under a distinct fund identity.
What this fund does.
- Underperforming asset repositioning
- Operational and management uplift programs
- Renovation and moderate rehab capex
- Yield-to-cost expansion through execution
- Separately capitalized Value-Add 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 Value-Add II Fund data room.
Qualified LPs may request the Value-Add 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.