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H/2 Capital Partners
H/2 CAPITAL PARTNERS is an SEC-registered investment adviser in STAMFORD, CT, since 2012. The firm manages approximately $4.5 billion in assets.
H/2 Capital Partners
H/2 CAPITAL PARTNERS is an SEC-registered investment adviser in STAMFORD, CT, since 2012. The firm manages approximately $4.5 billion in assets. It has 18 employees and 9 investment advisers.
General information
Firm type
Asset Manager
Year founded
2010
Location
Region
North America
Country
United States
City
Stamford
Corporate office
Stamford, CT, United States
Principals
Spencer Haber
Chairman and Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at H/2 Capital Partners?
Spencer Haber founded the firm and serves as Chairman and CEO, leading investment strategy and decisions. Paul Brady, who worked with Haber at Lehman Brothers, joined the firm in 2018 as President, contributing to underwriting and portfolio management. The senior investment team is a small group of repeat collaborators from Lehman's global real estate group.
Does H/2 Capital Partners invest in equity, or is it purely a credit shop?
H/2 has a pure credit mandate. The firm originates and acquires debt — performing, sub-performing, and non-performing — and does not operate a direct equity or opportunistic development strategy. When a loan defaults and H/2 takes title to an asset through foreclosure, it becomes an equity holder by conversion, but the firm's primary market activity is lending and loan purchasing.
How is H/2 Capital Partners funded?
The firm has historically managed a sizable separate account for a sovereign wealth fund, which has anchored its real estate credit platform. H/2 also raises capital from institutional investors for commingled vehicles. This blend of sovereign anchor and institutional commingled funds gives the firm a balance-sheet-like capacity to hold whole loans.
What geographies does H/2 Capital Partners cover?
H/2 operates across the United States and Europe. The firm has acquired loan portfolios from European banks and regulators, including non-performing loan pools from Irish and Spanish financial institutions, while maintaining a large US lending book focused on major metropolitan markets.
What is H/2 Capital Partners' relationship with Lehman Brothers?
H/2 is not legally affiliated with Lehman Brothers Holdings or its bankruptcy estate. However, the firm was founded in 2010 by Spencer Haber, who had chaired Lehman Brothers' global real estate group. Several senior team members are former Lehman executives, making the group a concentrated continuation of that real estate credit practice.
Does H/2 Capital Partners participate in club deals or only bilateral transactions?
H/2 is known for writing large whole loans that it originates and holds directly, rather than syndicating at origination. The firm can take down substantial exposures on its own without building a bank-led syndicate, a capability attributable to its sovereign capital backing and structured credit structuring experience.
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