Davidson Kempner Capital Management

Davidson Kempner Capital Management LP (“Davidson Kempner”) is a global institutional alternative investment management firm with over $34 billion in assets under management.[4][5] Davidson Kempner is headquartered in New York City, with additional offices in London, Dublin, Hong Kong and Philadelphia.[6][7][8] The firm is led by Anthony A. Yoseloff who serves as Executive Managing Member and Chief Investment Officer.[9]

Davidson Kempner Capital Management LP
TypeLimited Partnership
IndustryHedge fund
FoundedMay 1983 (1983-05)
FounderMarvin H. Davidson
Headquarters520 Madison Avenue, New York, New York
with other offices in
London, England
Hong Kong
Dublin
Philadelphia[1]
Area served
Worldwide
Key people
Anthony A. Yoseloff (Executive Managing Member)
AUMUS$ 34 billion
(as of 2020)[2]
Number of employees
347 (March 2019)[3]
Websitehttps://www.davidsonkempner.com

As of September 17, 2018, Davidson Kempner was ranked as the 9th largest hedge fund in the world.[10]

Davidson Kempner has approximately 347 employees in the firm’s five offices.[3] The firm is headquartered at 520 Madison Avenue in New York, New York.[4][11]

History

Davidson Kempner was founded in May 1983 by Marvin H. Davidson and was initially named M.H. Davidson & Co.[12] Thomas L. Kempner, Jr. joined the firm in December 1984 and was promoted to partner in 1986 and appointed to executive managing member in January 2004.[13] The firm opened to outside capital in 1987 and was registered as an investment adviser with the Securities and Exchange Commission in 1990.[11][14] Anthony A. Yoseloff joined in August 1999 and became a managing member in January 2004. Yoseloff became co-deputy executive managing member in January 2012, and co-executive managing member with Kempner as of January 1, 2018. Kempner retired at the end of 2019.[15]

Investments

In Summer 2020, the firm rescued Virgin Atlantic with $170 million of emergency funding to help offset the impact of the COVID-19 pandemic on the airline.[16]

In February 2021, an agreement was signed with Alpha Bank of Greece for the acquisition of an 80% equity stake in the asset management vehicle Cepal Holdings which manages approximately €10.8B of bad assets. [17] [18] At the same time, 51% of mezzanine and junior debt of a related vehicle called Galaxy was acquired by Davidson Kempner. The transaction closed in June 2021, with a valuation of the 80% stake at €120M, with total capitalization of the "new" Cepal at €262M, of which €105M is provided through a new loan arranged by Alpha Bank and EBRD. [19][20]

Investment strategies

Davidson Kempner uses fundamental analysis, bottom-up approach to make its investments.[12][21]

The firm focuses on five investment strategies:

Management

Anthony A. Yoseloff is Executive Managing Member and Chief Investment Officer at Davidson Kempner Capital Management and manages the firm’s distressed investments department.[23] Yoseloff also serves on the Board of Trustees of Princeton University, The New York Public Library and Leadership Enterprise for a Diverse America. Yoseloff serves on the investment committee of The New York Public Library and is a member of the Board of Directors of PRINCO, the investment manager of the Princeton University endowment.[23][24][25]

References
  1. "Davidson Kempner Ireland Designated Activity Company". Vision-net. May 12, 2017.
  2. "Davidson Kempner Capital Management Review". SmartAsset. 30 August 2019.
  3. "FORM ADV Davidson Kemner Capital Management". U.S. Securities and Exchange Commission. March 29, 2019.
  4. Peter Lattman (23 April 2019). "Davidson Kempner Co-Founder Plans to Retire From Hedge Fund". Bloomberg L.P.
  5. Sam Jones (August 7, 2013). "Hedge funds profit from return of M&A". Financial Times.
  6. "Investment Adviser Search Results". SEC.gov. Retrieved February 11, 2014.
  7. "Proposed Additional Investments" (PDF). NJ.gov. Retrieved February 20, 2014.
  8. "Shareholding Disclosures". HKExnews. Retrieved February 19, 2014.
  9. "Thomas Lenox Kempner Jr". Bloomberg L.P. April 22, 2018.
  10. "The largest managers of hedge funds". Pensions & Investments. September 17, 2018.
  11. "Company Overview of Davidson Kempner Capital Management LLC People". Bloomberg BusinessWeek. Retrieved February 20, 2014.
  12. "Proposed Additional Investments" (PDF). NJ.gov. Retrieved February 20, 2014.
  13. "Top 100 Hedge Funds up 17%, Power past $550B Mark". HedgeTracker.com. June 18, 2012.
  14. "Davidson Kempner offers event-driven strategy". Hedge Fund Intelligence. May 29, 2007.
  15. "Davidson Kempner Co-Founder Plans to Retire From Hedge Fund". Bloomberg L.P. 23 April 2019.
  16. Gill, Oliver (13 March 2021). "Hedge fund that rescued Virgin Atlantic circles Gupta's steel empire". Telegraph Media Group Limited.
  17. "Alpha Bank to sell 10.8 billion euro portfolio to Davidson Kempner".
  18. "Δεσμευτική Συμφωνία για Galaxy και πώληση 80% της Cepal".
  19. "Ολοκληρώθηκε η πώληση του Galaxy".
  20. https://www.alphaholdings.gr/-/media/alphaholdings/files/etairikes-anakoinwseis/20210622etairiki-anakoinosi-en.pdf
  21. "Company Overview of Davidson Kempner Capital Management LLC Snapshot". Bloomberg BusinessWeek. Retrieved February 20, 2014.
  22. "Arizona PSPRS Trust" (PDF). Public Safety Personnel Retirement System of Arizona. October 2010. Archived from the original (PDF) on 2014-03-08. Retrieved 2014-02-21.
  23. "Board of Directors". Princo Careers. Retrieved April 28, 2018.
  24. "Judge Robert Katzmann and Anthony Yoseloff Named to the New York Public Library's Board of Trustees". New York Public Library. November 18, 2016.
  25. "The New York Public Library Appoints Geetanjali Gupta as Chief Investment Officer". New York Public Library. January 9, 2018.
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