01 · Overview
Fund overview
The Spire USA Multifamily Fund IV (AUD) (the “Fund”) is a unit class of the Spire Capital Master Fund and feeder vehicle for the Bridge Multifamily IV Australian Feeder (USD) LP (‘Underlying Fund’). The fund seeks to generate regular income and capital appreciation through value-add US real estate investments. The Fund has committed US$33.3 million to BMF IV (96.10% called and invested) and owns a 2.11% share of a diversified portfolio of 5 investments in high-growth markets. Bridge manages approximately $25 billion in assets and was ranked #17 in PERE’s Top 50 Private Equity Real Estate firms in 2020. Bridge’s platform employs over 4,000 people across 23 states, managing approximately 40,000 multifamily units, 12,500 senior housing units and 14.4 million square feet of commercial office space.
Source: Spire Capital fund page, spirecapital.com.au, 28 October 2026.
02 · Facts
Fund facts
- Investor type
- Wholesale investors only
- APIR
- SPI1337AU
- Trustee and fund manager
- Spire Capital Limited
- Investment manager
- Bridge Investment Group
- Underlying fund
- Bridge Multifamily IV Australian Feeder (USD) LP
- Asset class
- Real Estate
- Vintage year
- 2020
- Distributions
- Annually as at 30 June
- Structure
- Closed-end unit class of the Spire Capital Master Fund, no redemptions
- Status
- Closed to new investment
- Currency
- AUD, unhedged
03 · Performance
Performance
Unit price
AUD 1.4372
As at 30 September 2026
Since inception
5.08%
Net IRR p.a.1
Net return by period to 30 September 2026
| Period | Net return |
|---|---|
| 1 month | 3.05% |
| 3 months | -0.46% |
| 6 months | -2.91% |
| 1 year | -6.02% |
| Since inception p.a.1 | 5.08% |
1Since inception performance 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. Past performance is not an indicator of future performance. Performance table is based on the aggregated total application amount and units issued during the capital raising period and includes Unit Price growth from commencement of NAV based unit pricing following completion of capital raising in June 2019. Unit Price and performance do not include the value of Foreign Income Tax Offsets (FITOs) which have been accrued. Individual investor performance will vary according to the Issue Price at which they were issued Units in the Fund, which in turn was based upon the AUD / USD exchange rate applicable in the month in which an investment was made. Source: Spire Capital, as at 30 September 2026.
04 · Distributions
Distribution history
Cash distribution per unit by period (cents)
| Period | Cash (CPU) | FITOs (CPU) | Ex-distribution unit price (AUD) | Components |
|---|---|---|---|---|
| 30 June 2026 | 12.6778 | Nil | 1.4439 | Components notice (PDF) |
| 31 December 2025 | 7.2938 | Nil | 1.6593 | Not published |
| 30 September 2025 | 7.1038 | Nil | 1.7366 | Not published |
| 30 June 2025 | 6.8290 | 0.8076 | 1.8185 | Components notice (PDF) |
| 31 December 2024 | 2.6605 | 0.3146 | 2.0326 | Components notice (PDF) |
| 30 June 2024 | 2.0888 | 0.3297 | 1.8962 | Components notice (PDF) |
| 30 June 2023 | Nil | 0.7386 | Components notice (PDF) | |
| 30 June 2022 | 10.7228 | 0.5884 | 2.0500 | Components notice (PDF) |
| 31 December 2021 | 2.3755 | 0.1304 | 1.7602 | Components notice (PDF) |
| 30 June 2021 | 2.6495 | Nil | 1.4277 | Components notice (PDF) |
| 30 June 2020 | 0.2957 | Nil | 1.0945 | 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.