01 · Overview
Fund overview
Spire Multifamily Value Fund I (USD) (‘the Fund’ a unit class of Spire Capital Master Fund) seeks to deliver steady returns and strong asset growth from US multifamily assets while maintaining a moderate risk profile. The Fund was established in May 2020 and serves as a USD denominated Australian unlisted unit trust that feeds into the Cortland Enhanced Value Fund V LP (the Underlying Fund). Cortland focuses on assets in which the firm can increase value through a blend of physical improvements to the property and individual units, as well as a commitment to enhancing operations and, ultimately, the resident experience.
Source: Spire Capital fund page, spirecapital.com.au, 28 October 2026.
02 · Facts
Fund facts
- Investor type
- Wholesale investors only
- APIR
- SPI7427AU
- Trustee and fund manager
- Spire Capital Limited
- Investment manager
- Cortland Investment Manager, LLC
- Underlying fund
- Cortland Enhanced Value Fund V, L.P.
- Asset class
- Global Real Estate
- Vintage year
- 2020
- Distributions
- Biannually as at 30 June and 31 December
- Structure
- Closed-end unit class of the Spire Capital Master Fund, no redemptions
- Status
- Closed to new investment
- Currency
- USD, unhedged
03 · Performance
Performance
Unit price
USD 0.6300
As at 30 September 2026
Since inception
-8.25%
Net IRR p.a.1
Net return by period to 30 September 2026
| Period | Net return |
|---|---|
| 3 months | -5.77% |
| 6 months | -12.78% |
| 1 year | -22.39% |
| Since inception p.a.1 | -8.25% |
1Performance since inception is measured as the Internal Rate of Return since inception. The IRR is the annualised rate of return that equates the amount and timing of irregular cashflows since inception with the period end value Source: Spire Capital, as at 30 September 2026.
04 · Distributions
Distribution history
Cash distribution per unit by period (cents)
| Period | Cash (CPU) | FITOs (CPU) | Components |
|---|---|---|---|
| 30 June 2026 | 1.0883 | Nil | Components notice (PDF) |
| 30 June 2025 | Nil | Nil | Not published |
| 30 June 2024 | 4.6621 | Nil | Components notice (PDF) |
| 30 June 2023 | Nil | Nil | Not published |
CPU: cents per unit. FITOs: foreign income tax offsets. Source: Spire Capital, fund distribution records, as published on spirecapital.com.au, 28 October 2026.
05 · Documents
Documents and forms
Monthly reports and manager updates are issued to investors through the Spire Investor Portal.
The fund is closed to new investment. Existing investors can transfer units off market using the transfer form, and update their details with the forms listed. Enquiries to info@spirecapital.com.au.
Investor login[Disclaimer: existing Investment Solutions wholesale wording, unchanged, subject to compliance review.] Past performance is not a reliable indicator of future performance.