PC2 Capital LP (“Manager” or “PC2”) is a private investment firm that focuses on commercial real estate securities. In October 2023, PC2 was acquired by Prosperise Capital LLP (“Prosperise”) and operates as a US subsidiary. PC2 offers investors access to the CMBS market, which, due to the lack of trade reporting or central clearing (OTC Market), is difficult for both individual and institutional investors to enter. PC2’s combination with Prosperise gives investors access to this market with the benefit of institutional management, infrastructure, and a strong track record of success.
PC2 believes current CMBS market conditions provide an attractive entry point given historically wide spreads, all in yields and discount dollar prices. With a breadth of experience investing across credit cycles, PC2 Capital is well positioned to help investors capitalize on both the current market dislocation and the longer-term opportunities in the CMBS market by leveraging their expertise in credit underwriting, trading, macro analysis and a large pool of industry-wide contacts for sourcing.
Founded in 2020 by Pasquale Cardone II, PC2 Capital draws on it's principal's extensive capital market experience to find attractively priced commercial real estate securities across public and private markets.
PC2 Capital is a private investment firm founded in 2020 by Pasquale Cardone II. Mr. Cardone founded the firm to find opportunities across the commercial real estate securities capital structure utilizing a rigorous bottoms up fundamental research process. Mr. Cardone previously worked at Citigroup Global Markets as a commercial mortgaged backed security (“CMBS”) trader, where he focused on secondary trading of single asset single borrower (“SASB”) securities, and completed more than $10 billion in transactions during his tenure. At Citi he was also responsible for trading CMBS conduit flow credit, CRE CLOs and CMBX from time to time. Prior to Citi he held a similar role at Wells Fargo Securities, and also was a research analyst and global bond portfolio manager responsible for $6+ billion in global bond multi sector portfolios at AllianceBernstein. Mr. Cardone received a B.S. in Business Administration with a concentration in Finance from Drexel University.
PC2 Capital draws on it's principal's extensive commercial real estate and capital markets experience to find attractively priced CRE securities via an analytical framework developed over various market cycles. PC2 believes that it's principal's extensive background in CMBS research and trading, as well as global bond portfolio management experience provides the firm with a depth and breadth of experience that will allow it to analyze macro factors relevant to commercial real estate, as well as micro factors relevant at the property level.
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