Twenty-one funds. Two vintages. One operating platform.
Cotra manages 21 institutional funds totaling $19.857 billion in committed capital across two vintages — 13 investment funds totaling $13.900 billion, supported by 4 operations funds ($1.986 billion) and 4 reserve funds ($3.971 billion). The 2026 vintage represents $11.681 billion of all-in committed capital; the 2028 vintage adds $8.177 billion.
Seven strategies. One integrated operator.
The 2026 vintage deploys $8.177 billion across seven asset-class strategies covering the full multifamily spectrum.
Workforce, Value-Add & Suburban Fund
Workforce, Value-Add, and Suburban Apartment Acquisition.
Core Stabilized Multifamily Fund
Core Stabilized Multifamily.
Ground-Up Development Fund
Ground-Up Market-Rate Multifamily Development.
Student Housing Fund
Student Housing.
Luxury Multifamily Fund
Luxury Multifamily.
Mixed-Income Affordable Fund
Mixed-Income Affordable Multifamily.
Multifamily Mortgage & Credit Fund
Multifamily Mortgage and Credit.
Six strategy buckets. Institutional risk-return coverage.
The 2028 vintage deploys $5.723 billion across six risk-return strategies — from stabilized core through opportunistic and special situations — giving LPs strategy-level diversification alongside the 2026 asset-class funds.
Cotra Core Fund
Stabilized, income-producing assets with low leverage.
Cotra Core-Plus Fund
Stabilized assets with light value-add and modest leverage.
Cotra Value-Add Fund
Repositioning, operational improvement, moderate risk.
Cotra Growth Fund
Growth equity into scaling operators and platforms.
Cotra Opportunistic Fund
Higher-risk development, distressed, and high-return situations.
Cotra Special Situations Fund
Complex, dislocated, and event-driven investments.
Alignment structured into every commitment.
- Preferred return8% cumulative, compounded annually
- WaterfallEuropean, whole-fund
- Term12–15 years + two 1-year extensions
- Investment period5–6 years
- GP commitment2% of committed capital
- Minimum commitment$2,000,000 (waivable)
- AuditorPricewaterhouseCoopers
- CounselLePore Law Group
- RegulatorSEC-Registered Investment Adviser
$5.957B of aligned platform capital.
Cotra maintains four operations funds totaling $1.986 billion and four reserve funds totaling $3.971 billion — sized to match each vintage. Together they provide continuity capital, GP co-invest, working capital, and opportunistic liquidity, sitting alongside the investment funds to maintain platform durability across cycles.
| Vehicle | Vintage | Capital | Strategy |
|---|---|---|---|
| Operations Fund I | 2026 | $588M | Property Operations, Resident Services, and Human Capital. |
| Operations Fund II | 2026 | $580M | Technology and Property Management Systems. |
| Operations Fund III | 2028 | $412M | Property Operations, Resident Services, and Human Capital. |
| Operations Fund IV | 2028 | $406M | Technology and Property Management Systems. |
| Reserve Fund I | 2026 | $1.166B | Capital Improvement and Acquisition Reserve. |
| Reserve Fund II | 2026 | $1.170B | LP Co-Investment and Redemption Reserve. |
| Reserve Fund III | 2028 | $816M | Capital Improvement and Acquisition Reserve. |
| Reserve Fund IV | 2028 | $819M | LP Co-Investment and Redemption Reserve. |