Opportunistic I Fund · Higher-Risk Development, Distressed & High-Return | TetraHomes

Opportunistic I Fund · 2028 Vintage

Higher-Risk Development, Distressed & High-Return

Opportunistic I targets higher-risk residential real estate: ground-up development, distressed acquisitions, and complex operating turnarounds. Structured for higher-return outcomes across the fund term.

Fund Size
$1.149B
Target committed capital
Target Net IRR
13–18%
Objective, not a guarantee
Investor Relations Back to Funds
Strategy

Where the fund invests

  • Ground-up development of manufactured housing and alternative housing communities.
  • Distressed community acquisitions with defined operational and capital cures.
  • Complex turnaround plays with material operating and physical intervention.
  • Development leverage — 50–55% LTC — sized to project risk.
  • Concentrated positions in higher-conviction development pipelines.
Objectives

What the fund targets

Fund Size$1.149B
Target Net IRR13–18%
Target Multiple2.1–2.8x
SectorOpportunistic Residential Real Estate
Vintage2028
Terms

Opportunistic I Fund terms

Vehicle
Delaware limited partnership
Investment Manager
TetraHomes Capital Management, LLC (SEC RIA, in filing)
Fund Term
12–15 years, plus two 1-year GP extensions
Investment Period
5–6 years
Waterfall
European whole-fund
LP Fees
None — 0%
Preferred Return
8% compounded annually
GP Catch-Up
100% until 20/80 restored
Carried Interest
20% above preferred
Carry Escrow
30% held through fund term
GP Commit
2% of fund size
Minimum LP Commit
$2,000,000
Recycling
Up to 20% of aggregate commitments
Leverage
60–65% D/E; stabilized 65% LTV; development 50–55% LTC
Auditor
PricewaterhouseCoopers
Fund Counsel
LePore Law Group

Definitive terms are set out in the Fund’s Private Placement Memorandum, Limited Partnership Agreement, and Subscription Agreement. Please consult the fund materials and legal counsel before subscribing.

Interested in the Opportunistic I Fund?

Institutional and qualified investors are invited to request the Private Placement Memorandum and Subscription Agreement.

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