Mr. Schaffer oversees all investment activities for the firm. He has over 30 years of broad experience in structuring, negotiating and managing transactions and investing in the types of loans and securities targeted by Spectrum. Prior to co-founding Spectrum, Mr. Schaffer held a senior position at Salomon Smith Barney, Inc. in its High-Yield and Distressed Trading Group. Prior thereto, Mr. Schaffer was the co-head of the Distressed/Special Situations Group at Alex, Brown & Sons from 1996-1997. From 1993 to 1996, Mr. Schaffer was a Senior Vice President at Oppenheimer & Co. and a Senior Analyst for a related $350 million distressed securities fund. Mr. Schaffer created Oppenheimer's High Yield Real Estate Group which was involved in transactions totaling over $1.5 billion in the type of investments targeted by Spectrum. From 1990 to 1993, Mr. Schaffer was a Vice President and Senior Account Officer for the lending and workout divisions of Citicorp Real Estate, the real estate banking division of Citibank, N.A.

Mr. Schaffer received a B.A. from Stanford University.