Overview
A. General Description of Advisory Firm
The Adviser, a Delaware limited partnership, was formed in May 2004 and has its principal
offices in Stamford, Connecticut. The general partner of the Adviser is H/2 Credit Manager GP
LLC. The managing member and controlling owner of H/2 Credit Manager GP LLC is Spencer B.
Haber.
The Adviser and its investment advisory affiliates and advisers identified in the Adviser’s
Form ADV, Part 1A (each, an “Investment Advisory Affiliate” or a “Relying Adviser” and
sometimes collectively with the Adviser, the “Advisers”) provide investment advisory and asset
management services to U.S. and non-U.S. pooled investment vehicles operating as private
investment funds (each, a “Client” and collectively, the “Clients”) based on their respective
investment objectives.
B. Description of Advisory Services
The Advisers serve as investment advisers to the Clients as set forth in the investment
management agreements with the Clients and in each Client’s governing documents.
The Advisers provide advice on a discretionary basis to the Clients primarily in respect of
investments in private and/or public debt and other fixed income-related investments, in or relating
to commercial real estate and related sectors.
Please refer to Item 8 for a more detailed description of the Advisers’ investment strategies
as
well as the securities, and other instruments, purchased by the Clients under the management of
the Advisers.
C. Availability of Customized Services for Individual Clients
The Advisers’ investment decisions and advice with respect to each Client are subject to each
Client’s investment objectives and guidelines, as set forth in its offering documents.
In addition, the Advisers have the right to enter and have entered into agreements, such as side
letters, with certain underlying investors of the Clients that may provide additional obligations on
the Advisers or grant additional rights to the investors than what is provided to other underlying
investors of the Clients.
Persons reviewing this Form ADV Part 2A should not construe this as an offering to any of the
Clients described herein, which will only be made pursuant to the delivery of a private placement
memorandum to prospective investors.
D. Wrap Fee Programs
The Advisers do not participate in wrap fee programs.
E. Assets Under Management
The regulatory assets under management (including uncalled capital commitments) that the
Adviser, its Investment Advisory Affiliates and Relying Advisers managed on a discretionary basis
equaled $5,688,617,296 (the “RAUM”), using a December 31, 2023 valuation date for all Clients.
As of December 31, 2023, the Advisers do not manage any assets on a non-discretionary basis.