Opportunistic II Fund · Higher-Risk Development, Distressed & High-Return | TetraHomes
Opportunistic II Fund · 2028 Vintage
Higher-Risk Development, Distressed & High-Return
Second-vintage Opportunistic Fund extending the development, distressed, and turnaround mandate into new geographies and product formats.
Fund Size
$1.149B
Target committed capital
Target Net IRR
13–18%
Objective, not a guarantee
Strategy
Where the fund invests
- Ground-up development in second-wave Sun Belt and Mountain West markets.
- Distressed acquisitions sourced from lender workouts and family recapitalizations.
- Complex operating turnarounds with defined capital and management interventions.
- Development leverage — 50–55% LTC — matched to project risk and phasing.
- Portfolio-level diversification across development and distressed strategies.
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 II 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 II Fund?
Institutional and qualified investors are invited to request the Private Placement Memorandum and Subscription Agreement.
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