Davidson Kempner Capital Management

Last year, credit markets appeared to be on the verge of an “old-fashioned” distressed cycle due to higher base rates and elevated leverage. Leveraged loan defaults have risen since then, largely dominated by liability management exercises (LMEs). However, this has been far from uniform. There is significant dispersion in default rates, prices and recoveries across different parts of the corporate credit market. Read our latest whitepaper which explores why this dynamic portends an extended distressed cycle with multiple overlapping waves and highlights the importance of selective credit underwriting in today’s environment: https://lnkd.in/esPRCqAM

At Davidson Kempner, we champion dynamic, evolving careers. We’re proud to support colleagues who seek career transitions within DK as they take on new challenges, expand their skillsets and excel across different teams.   Caroline Joy began her career at Davidson Kempner with our Capital Markets team before transitioning to our Client Partnerships & Business Development team. Based in New York, Caroline now supports fundraising across Davidson Kempner’s various strategies, with a focus on relationships in the US, Canada and Latin America.   Caroline has enjoyed engaging with the entire lifecycle of a fundraise and working closely with prospective clients to understand and meet their needs. Outside of work, you can find Caroline running, hiking, skiing or volunteering at Harlem Lacrosse and Achilles International. Learn more about careers at Davidson Kempner: https://lnkd.in/epECqUaR

We are pleased to announce the joint acquisition of the Netherlands-based solar and storage project development platform of Greencells Group, a global project developer and provider of EPC and O&M services for power plants. This strategic investment, made in partnership with Nature Infrastructure Capital, will empower the platform to continue to advance projects in operation and accelerate its expansion in Europe and North America, while also enabling it to operate as a standalone venture. Read the full announcement here: https://lnkd.in/eAHy_tXM

As the holiday season approaches and we reflect on the past year, Davidson Kempner is proud to have donated nearly $1 million in 2024, for a total of $5.7 million since 2018.   From mentoring students and hosting career workshops, cleaning up local parks, and serving lunch and packing school supplies for people in need, thank you to all of our colleagues for coming together to volunteer and drive Davidson Kempner’s impact across our local communities.

Last week, Women@DK New York was delighted to host an evening out on Broadway to watch SIX, the pop musical sensation with an all-female cast.   The intimate gathering brought together women from across DK’s NYC teams to watch the six wives of Henry VIII perform a modern retelling of history. Thank you to Women@DK and Suzanne Gibbons, our Partner Sponsor, for hosting a wonderful evening of conversation and theater.

Each year, Diwali is recognized across the world as a time for joy, reflection and celebration. From all of us at Davidson Kempner, we wish you a bright and joyous Diwali!

We are pleased to announce the completion of the $1 billion+ debt restructuring of JBF Group, a leading producer of polyester resins and films used in packaging, with manufacturing plants in the United Arab Emirates, Bahrain and Belgium. Learn more here: https://lnkd.in/gm8ejuWg

“Asia is frankly just too big to ignore. We've never approached this market as a trade. It's been a business that we've been investing in over the last 15 years.”   Pat Dennis, our Co-Deputy Managing Partner, discusses how Davidson Kempner’s participation in Asia's markets focuses on deepening our understanding of jurisdictional dynamics, forging constructive relationships with trusted borrowers, and building long-standing counterparty partnerships across the region. Hear Pat’s insights from the Milken Institute Asia Summit panel, "Riding the Waves of Credit: Strategies for an Uncertain Future." #MIGlobal

Meet Igal Nassi, a Principal in our NYC office and the lead for our Global Transactions & Finance Technology team. After a decade working in global fund services within an investment bank, Igal was drawn to Davidson Kempner’s entrepreneurial culture. For Igal, the power of DK comes from a genuine willingness to listen and solicit the perspectives of the smart people across the Firm, which leads to truly collaborative decision-making.    When Igal’s away from his desk, you can find him spending time with his family, jamming on his guitar, composing new melodies, playing tennis, and hitting the ski slopes.   Learn more about careers at Davidson Kempner: https://lnkd.in/epECqUaR

Private credit default rates are rising. Across consumer credit, corporate credit and commercial real estate, we are seeing indicators of challenges in performance. But from a severity perspective, what’s bubbling under the surface in private credit is one of the biggest risks in the market that we are trying to evaluate today. Pat Dennis, our Co-Deputy Managing Partner, discusses how Davidson Kempner is focused on identifying private credit opportunities with a greater margin of safety against the backdrop of defaults ticking up to 3% - 5%. Hear Pat’s insights from the Milken Institute Asia Summit panel, "Riding the Waves of Credit: Strategies for an Uncertain Future." #MIGlobal