Special Situations Fund · Complex, Dislocated & Event-Driven Opportunities | TetraHomes
Special Situations Fund · 2028 Vintage
Complex, Dislocated & Event-Driven Opportunities
Special Situations Fund targets complex, dislocated, and event-driven residential real estate opportunities. Structured for opportunistic capital deployment against non-standard risk profiles.
Fund Size
$1.149B
Target committed capital
Target Net IRR
13–18%
Objective, not a guarantee
Strategy
Where the fund invests
- Complex capital-structure situations across residential real estate.
- Dislocated markets and forced-seller acquisitions.
- Event-driven opportunities: bankruptcies, restructurings, and portfolio unwinds.
- Structured equity, preferred equity, and mezzanine positions.
- Opportunistic underwriting with defined exit paths and hold flexibility.
Objectives
What the fund targets
Fund Size$1.149B
Target Net IRR13–18%
Target Multiple2.0–2.7x
SectorSpecial Situations Residential Real Estate
Vintage2028
Terms
Special Situations 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 Special Situations Fund?
Institutional and qualified investors are invited to request the Private Placement Memorandum and Subscription Agreement.
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