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H/2 Capital Partners
Spencer Haber's real estate credit firm, H/2 Capital Partners, deploys sovereign-backed capital into commercial property debt in the US and Europe.
H/2 Capital Partners
H/2 Capital Partners was founded in 2010 by Spencer Haber, the former head of Lehman Brothers' global real estate group. Haber built the firm around the commercial real estate credit expertise he and his team developed during the preceding market cycle, positioning it to acquire loan portfolios and originate debt across the US and Europe. The firm has historically managed a significant separate account for sovereign wealth fund backing alongside its commingled vehicles. H/2 pursues credit opportunities across the capital structure, with a heavy tilt toward senior and mezzanine commercial real estate debt. The firm originates whole loans directly to borrowers and acquires performing, sub-performing, and non-performing loan portfolios from financial institutions. Its mandate spans hospitality, office, retail, and multifamily assets. Public records and securities filings have noted H/2's exposure to hotel-backed debt and tied the firm to major European loan portfolio acquisitions and large-scale US residential-backed credit facilities. H/2 operates from Stamford, Connecticut. In 2018, Spencer Haber was joined by Paul Brady, a former colleague from Lehman Brothers, cementing a senior team with multiple cycles of structured-credit and real estate experience. The firm has since continued to write substantial checks — including a $200 million whole loan on a high-profile US mixed-use development — while remaining selective about public disclosures. H/2's structural signature is a debt platform that marries a sovereign anchor with deep institutional relationships under a single-team structure. The firm has no private equity-style equity funds, no opportunistic development arm, and no multi-asset ambitions — it only deploys into real estate credit. That purity of mandate, combined with a team that operated at the center of the last major real estate distress cycle, creates a firm that more closely resembles a scaled special-situations desk than a traditional fund manager.
General information
Firm type
Asset Manager
Year founded
2010
AUM
Undisclosed
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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