Funds | TetraHomes
Twenty-three vehicles. Two vintages. One operator.
TetraHomes runs fifteen investment funds, four operations funds, and four reserve funds across the 2026 and 2028 vintages. Every fund is a Delaware LP with a defined mandate and a shared operating standard.
The 2026 vintage: sector-specialist strategies
Seven sector-focused investment funds, two operations funds, and two reserve funds — targeting $23.455B in aggregate commitments across manufactured housing, RV resort, factory-built housing, alternative housing, community retail, chattel lending, and ground lease strategies.
MHC Land-Lease Communities
Target net IRR 13–18%. Fund size $6.258B.
Explore fund Investment Fund II · 2026RV Resort & Seasonal Destination
Target net IRR 13–17%. Fund size $3.550B.
Explore fund Investment Fund III · 2026Factory-Built Housing Manufacturing
Target net IRR 15–20%. Fund size $1.070B.
Explore fund Investment Fund IV · 2026Alternative Housing Communities
Target net IRR 14–18%. Fund size $1.400B.
Explore fund Investment Fund V · 2026MHC Community Retail & Commercial Real Estate
Target net IRR 12–16%. Fund size $1.400B.
Explore fund Investment Fund VI · 2026Manufactured Home Chattel Lending
Target net IRR 12–15%. Fund size $1.340B.
Explore fund Investment Fund VII · 2026Ground Lease & Land-Lease REIT
Target net IRR 11–14%. Fund size $1.400B.
Explore fundCommunity Ops & Human Capital
Working capital for on-site management and community-level staffing. $1.175B.
Explore fund Operations Fund II · 2026Technology & Maintenance
Community software, maintenance fleet, and regional office capacity. $1.170B.
Explore fund Reserve Fund I · 2026Community Improvement & Acquisition Pipeline Reserve
Capex reserve for roads, water, drainage, amenity upgrades, and pipeline funding. $2.341B.
Explore fund Reserve Fund II · 2026LP Liquidity & Co-Investment Reserve
Sidecar co-invest and liquidity reserve for LPs. $2.350B.
Explore fundThe 2028 vintage: diversified platform strategies
Eight diversified investment funds, two operations funds, and two reserve funds — targeting $16.418B in aggregate commitments spanning core, core-plus, value-add, growth, opportunistic, and special situations strategies across the residential real estate platform.
Stabilized, Income-Producing Assets
Target net IRR 13–18%. Fund size $1.724B.
Explore fund Core II Fund · 2028Stabilized, Income-Producing Assets
Target net IRR 13–18%. Fund size $1.724B.
Explore fund Core-Plus Fund · 2028Light Value-Add, Modest Leverage
Target net IRR 13–18%. Fund size $1.149B.
Explore fund Value-Add Fund · 2028Repositioning & Operational Improvement
Target net IRR 13–18%. Fund size $1.724B.
Explore fund Growth Fund · 2028Growth Equity into Scaling Platforms
Target net IRR 13–18%. Fund size $1.724B.
Explore fund Opportunistic I Fund · 2028Development, Distressed & High-Return
Target net IRR 13–18%. Fund size $1.149B.
Explore fund Opportunistic II Fund · 2028Development, Distressed & High-Return
Target net IRR 13–18%. Fund size $1.149B.
Explore fund Special Situations Fund · 2028Complex, Dislocated & Event-Driven
Target net IRR 13–18%. Fund size $1.149B.
Explore fundCommunity Ops & Human Capital
Working capital for the 2028 vintage operating platform. $822.8M.
Explore fund Operations Fund IV · 2028Technology & Maintenance
Community software, maintenance fleet, and regional office capacity. $819.0M.
Explore fund Reserve Fund III · 2028Community Improvement & Acquisition Pipeline Reserve
Capex reserve serving the 2028 vintage portfolio. $1.639B.
Explore fund Reserve Fund IV · 2028LP Liquidity & Co-Investment Reserve
Sidecar co-invest and liquidity reserve for 2028 LPs. $1.645B.
Explore fundTerms that apply across every investment fund
Fund-specific terms are set out in each fund’s Private Placement Memorandum. Terms above are shared platform defaults and may be modified at the fund level.