Ownership and Structure
Davidson Kempner Capital Management LP, a Delaware limited partnership (the "Registrant" or "DKCM") and its
Affiliates (as defined in Item 10 below) have provided investment advice and investment management services for
over 30 years. DKCM and its Affiliates began managing capital for unaffiliated investors in 1987. DKCM and its
Affiliates are privately owned. Additional ownership information can be found in Schedules A, B and R of
DKCM’s Form ADV Part1. Certain of the Affiliates are included in DKCM's Form ADV as relying advisers. The
relying advisers are identified in Schedule R of DKCM's Form ADV Part 1.
DKCM has affiliates in London, Hong Kong, Dublin, Shenzhen and Mumbai. DKCM's U.K. affiliate, Davidson
Kempner European Partners, LLP, a limited liability partnership organized under the laws of England and Wales
("DKEP"), was established in 2004 and has been authorized and regulated by the U.K. Financial Conduct Authority
since its establishment. DKCM's Hong Kong affiliate, Davidson Kempner Asia Limited, a Hong Kong private
company limited by shares ("DK Asia"), was established in 2010 and has been licensed with the Hong Kong
Securities and Futures Commission since its establishment. DKCM's Irish affiliate, Davidson Kempner Ireland
DAC, an Irish designated activity company, was established in 2017. DKCM’s Shenzhen affiliate, Davidson
Kempner Investment Consulting (Shenzhen) Limited, a Chinese wholly foreign owned entity, was established in
2021. DKCM’s Mumbai affiliate, Davidson Kempner Investment Advisors India Private Limited, a private limited
company formed under the laws of India (“DK India”), was established in 2022 and has been authorized by the
Department of Economic Affairs of the Indian Ministry of Finance since 2022. Ashland Place Finance LLC, a
Delaware limited liability company that is a wholly-owned subsidiary of the Registrant (“Ashland Place”), was
established in 2021. Ashland Place Finance Ireland DAC, an Irish designated activity company that is a wholly-
owned subsidiary of Ashland Place (“Ashland Place Ireland”) was established in 2022. All of the above-mentioned
entities are under common control with DKCM.
Private Funds
In connection with providing investment management services to private investment funds that are organized as
domestic limited partnerships or offshore corporations or limited partnerships (collectively, the "Private Funds"),
the Registrant or an Affiliate has been appointed as the investment adviser, investment manager, general partner or
manager with full discretionary authority with respect to investment decisions on behalf of, and trading in, the
Private Funds' accounts. The Registrant and its Affiliates are sometimes collectively referred to as the "Adviser."
The advice the Adviser provides with respect to the Private Funds is made in accordance with the investment
objectives and guidelines set forth in the respective offering memorandum and/or other disclosure and governing
documents for each Private Fund. As of the date hereof, the Adviser provides advice to the following Private
Funds:
• Davidson Kempner Distressed Opportunities Fund LP, a Delaware limited partnership ("DKDOF");
• Davidson Kempner Distressed Opportunities International Ltd., a Cayman Islands exempted company
("DKDOI");
• Davidson Kempner Distressed Opportunities International (Cayman) Ltd., a Cayman Islands exempted
company ("DKDOI Cayman"), which invests substantially all of its assets in DKDOI;
• Davidson Kempner Distressed Opportunities Master Fund LP, a Cayman Islands exempted limited
partnership (“DKDO Master”);
• Davidson Kempner Partners, a New York limited partnership ("DKP");
• Davidson Kempner Institutional Partners, L.P., a Delaware limited partnership ("DKIP");
• Davidson Kempner International, Ltd., a British Virgin Islands business company ("DKIL");
• Davidson Kempner International (BVI), Ltd., a British Virgin Islands business company ("DKIL BVI"),
which invests substantially all of its assets in DKIL;
• Davidson Kempner Multi-Strategy Master Fund LP, a Cayman Islands exempted limited partnership (“DK
MS Master”);
• Davidson Kempner Long-Term Distressed Opportunities Fund II LP, a Delaware limited partnership
("DKLDOF II");
• Davidson Kempner Long-Term Distressed Opportunities International II LP, a Cayman Islands exempted
limited partnership ("DKLDOI II"), which invests substantially all of its assets in DKLDOI Master II (as
defined below);
• Davidson Kempner Long-Term Distressed Opportunities International Master Fund II LP, a Cayman
Islands exempted limited partnership ("DKLDOI Master II");
• Davidson Kempner Long-Term Distressed Opportunities Fund III LP, a Delaware limited partnership
("DKLDOF III");
• Davidson Kempner Long-Term Distressed Opportunities International III LP, a Cayman Islands exempted
limited partnership ("DKLDOI III"), which invests substantially all of its assets in DKLDOI Master III
(as defined below);
• Davidson Kempner Long-Term Distressed Opportunities International Master Fund III LP, a Cayman
Islands exempted limited partnership ("DKLDOI Master III");
• Davidson Kempner Long-Term Distressed Opportunities International III (AIV) LP, a Delaware limited
partnership ("DKLDOI III AIV"), which invests substantially all of its assets in DKLDOI III Holdco and
DKLDOI III Holdco II (each as defined below) and has been formed as an alternative investment vehicle
of DKLDOI III;
• DK LDOI III Aggregate Holdco LP, a Delaware limited partnership ("DKLDOI III Holdco");
• DK LDOI III Aggregate Holdco II LP, a Delaware limited partnership ("DKLDOI III Holdco II");
• Davidson Kempner Long-Term Distressed Opportunities Fund IV LP, a Delaware limited partnership
("DKLDOF IV");
• Davidson Kempner Long-Term Distressed Opportunities International IV LP, a Cayman Islands exempted
limited partnership ("DKLDOI IV"), which invests substantially all of its assets in DKLDOI Master IV
(as defined below);
• Davidson Kempner Long-Term Distressed Opportunities International Master Fund IV LP, a Cayman
Islands exempted limited partnership ("DKLDOI Master IV");
• Davidson Kempner Long-Term Distressed Opportunities International IV (AIV) LP, a Delaware limited
partnership ("DKLDOI IV AIV"), which invests substantially all of its assets in DKLDOI IV Holdco (as
defined below) and has been formed as an alternative investment vehicle of DKLDOI IV;
• DK LDOI IV Aggregate Holdco LP, a Delaware limited partnership ("DKLDOI IV Holdco");
• Davidson Kempner Long-Term Distressed Opportunities Fund V LP, a Delaware limited partnership
("DKLDOF V");
• Davidson Kempner Long-Term Distressed Opportunities International V LP, a Cayman Islands exempted
limited partnership ("DKLDOI V"), which invests substantially all of its assets in DKLDOI Master V (as
defined below);
• Davidson Kempner Long-Term Distressed Opportunities International Master Fund V LP, a Cayman
Islands exempted limited partnership ("DKLDOI Master V");
• Davidson Kempner Long-Term Distressed Opportunities International V (AIV-INT) LP, a Delaware
limited partnership ("DKLDOI V AIV-INT"), which invests substantially all of its assets in DKLDOI V
Holdco (as defined below) and has been formed as an alternative investment vehicle of DKLDOI V;
• Davidson Kempner Long-Term Distressed Opportunities International V (AIV-TE) LP, a Delaware
limited partnership ("DKLDOI V AIV-TE"), which invests substantially all of its assets in DKLDOI V
Holdco (as defined below) and has been formed as an alternative investment vehicle of DKLDOI V;
• DK LDOI V Aggregate Holdco LP, a Delaware limited partnership ("DKLDOI V Holdco");
• Davidson Kempner Opportunities Fund VI LP, a Delaware limited partnership ("DKOF VI");
• Davidson Kempner Opportunities International VI LP, a Cayman Islands exempted limited partnership
("DKOI VI"), which invests substantially all of its assets in DKOI Master VI (as defined below);
• Davidson Kempner Opportunities International Master Fund VI LP, a Cayman Islands exempted limited
partnership ("DKOI Master VI");
• Davidson Kempner Opportunities International VI (AIV-INT) LP, a Delaware limited partnership ("DKOI
VI AIV-INT"), which invests substantially all of its assets in DKOI VI Holdco (as defined below) and has
been formed as an alternative investment vehicle of DKOI VI;
• Davidson Kempner Opportunities International VI (AIV-TE) LP, a Delaware limited partnership ("DKOI
VI AIV-TE"), which invests substantially all of its assets in DKOI VI Holdco (as defined below) and has
been formed as an alternative investment vehicle of DKOI VI;
• DKOI VI Aggregate Holdco LP, a Delaware limited partnership ("DKOI VI Holdco");
• Davidson Kempner Special Opportunities International II LP, a Cayman Islands exempted limited
partnership ("DKSOI II"), which invests substantially all of its assets in DKSO Master II (as defined
below);
• Davidson Kempner Special Opportunities Master Fund II LP, a Cayman Islands exempted limited
partnership ("DKSO Master II");
• Davidson Kempner Special Opportunities Fund III LP, a Delaware limited partnership ("DKSOF III");
• Davidson Kempner Special Opportunities International III LP, a Cayman Islands exempted limited
partnership ("DKSOI III"), which invests substantially all of its assets in DKSO Master III (as defined
below);
• Davidson Kempner Special Opportunities Master Fund III LP, a Cayman Islands exempted limited
partnership ("DKSO Master III");
• Davidson Kempner Special Opportunities International III (AIV) LP, a Delaware limited partnership
("DKSOI III AIV"), which invests substantially all of its assets in DKSOI III Holdco and DKSOI III
Holdco II (each as defined below) and has been formed as an alternative investment vehicle of DKSOI
III;
• DK SOI III Aggregate Holdco LP, a Delaware limited partnership ("DKSOI III Holdco");
• DK SOI III Aggregate Holdco II LP, a Delaware limited partnership ("DKSOI III Holdco II");
• Davidson Kempner Special Opportunities Fund IV LP, a Delaware limited partnership ("DKSOF IV");
• Davidson Kempner Special Opportunities International IV LP, a Cayman Islands exempted limited
partnership ("DKSOI IV"), which invests substantially all of its assets in DKSO Master IV (as defined
below);
• Davidson Kempner Special Opportunities Master Fund IV LP, a Cayman Islands exempted limited
partnership ("DKSO Master IV");
• Davidson Kempner Special Opportunities International IV (DI) LP, a Cayman Islands exempted limited
partnership ("DKSOI IV (DI)"), which invests substantially all of its assets in DKSO Master IV (DI) (as
defined below);
• Davidson Kempner Special Opportunities Master Fund IV (DI) LP, a Delaware limited partnership
("DKSO Master IV (DI)");
• Davidson Kempner Merchant Co-Invest Fund LP, a Delaware limited partnership ("DK Merchant Co-
Invest Fund");
• Davidson Kempner Crow Co-Invest Fund LP, a Cayman Islands exempted limited partnership (“DK Crow
Co-Invest Fund”);
• Davidson Kempner Income Fund LP, a Delaware limited partnership ("DKIF");
• Davidson Kempner Income International LP, a Cayman Islands exempted limited partnership ("DKII"),
which invests substantially all of its assets in DKII Master (as defined below);
• Davidson Kempner Income International Master Fund LP, a Cayman Islands exempted limited partnership
("DKII Master");
• Davidson Kempner Income International (DI) LP, a Cayman Islands exempted limited partnership ("DKII
(DI)"), which invests substantially all of its assets in DKII Master (DI) (as defined below);
• Davidson Kempner Income International Master Fund (DI) LP, a Delaware limited partnership ("DKII
Master (DI)");
• Davidson Kempner Income Fund II LP, a Delaware limited partnership (“DKIF II”);
• Davidson Kempner Income International II LP, a Cayman Islands exempted limited partnership (“DKII
II”), which invests substantially all of its assets in DKII II Master (as defined below);
• Davidson Kempner Income International Master Fund II
LP, a Cayman Islands exempted limited
partnership ("DKII II Master");
• M.H. Davidson & Co., a New York limited partnership ("Co.");
• M.H. Davidson & Co. 520 LP, a Delaware limited partnership ("Co. 520");
• Davidson Kempner Employee Fund LLC, a Delaware limited liability company ("Onshore Employee
Fund"); and
• Davidson Kempner Employee Fund International LP, a Cayman Islands exempted limited partnership
("Offshore Employee Fund").
DKP, DKIP, DKIL, DKIL BVI and DK MS Master are open-ended multi-strategy funds and are collectively known
as the "Multi-Strategy Funds."
DKDOF, DKDOI, DKDOI Cayman and DK DO Master are open-ended funds focused on distressed investing and
are collectively known as the "Distressed Funds."
DKLDOF II, DKLDOI Master II, DKLDOI II (each, an "LDO II Fund"), DKLDOF III, DKLDOI Master III,
DKLDOI III, DKLDOI III AIV, DKLDOI III Holdco, DKLDOI III Holdco II (each, an "LDO III Fund"), DKLDOF
IV, DKLDOI Master IV, DKLDOI IV, DKLDOI IV AIV and DKLDOI IV Holdco (each, an "LDO IV Fund"),
DKLDOF V, DKLDOI Master V, DKLDOI V, DKLDOI V AIV-INT, DKLDOI V AIV-TE, DKLDOI V Holdco
(each, an "LDO V Fund"), DKOF VI, DKOI Master VI, DKOI VI, DKOI VI AIV-INT, DKOI VI AIV-TE and
DKOI VI Holdco (each, a "DKO VI Fund") are drawdown funds focused on less liquid and/or longer-duration
distressed investing and are collectively known as the "Opportunities Funds."
DKSOI II, DKSO Master II (each, an "SOF II Fund"), DKSO Master III, DKSOI III, DKSOF III, DKSOI III AIV,
DKSOI III Holdco, DKSOI III Holdco II (each, an "SOF III Fund"), DKSOF IV, DKSOI IV, DKSO Master IV,
DKSOI IV (DI), DKSO Master IV (DI) (each, an "SOF IV Fund") are closed-end funds focused on co-investments
in certain distressed opportunities alongside other funds managed by the Adviser and are collectively known as the
"Special Opportunities Funds."
DK Merchant Co-Invest Fund and DK Crow Co-Invest Fund (each, a “Co-Invest Fund”) are drawdown funds
focused on co-investments in individual investment opportunities alongside other funds managed by the Adviser
and are collectively known as the “Co-Invest Funds.”
DKIF, DKII, DKII Master, DKII (DI) and DKII Master (DI) (each, an "Income Fund I"), DKIF II, DKII II and
DKII II Master (each, an “Income Fund II”) are drawdown funds focused on income-producing investments and
are collectively known as the "Income Funds."
Co., Co. 520, the Onshore Employee Fund and the Offshore Employee Fund are proprietary funds (the "Proprietary
Funds").
Offers to sell interests in the Private Funds are made only by means of a Private Fund's private placement
memorandum and/or other disclosure and governing documents, which contain information concerning an
investment in the Private Fund, including a description of the material terms and risks of an investment, and
generally are not tailored to the individual investment needs of any particular investor.
For its Multi-Strategy Funds and Co., the Adviser engages primarily in the following types of investment strategies:
• Distressed Investments: The Adviser effects this strategy by investing in the securities and financial
instruments of issuers that are (or that the Adviser perceives to be) experiencing financial stress or distress
or are overleveraged, are attempting to complete an out-of-court restructuring, are involved in a
bankruptcy or similar proceeding and/or are involved in substantial litigation.
• Risk Arbitrage: The Adviser invests in mergers and acquisitions (or "risk") arbitrage situations where
issuers are the subject of announced or anticipated changes in corporate structure or control, such as tender
or exchange offers, mergers, unsolicited merger proposals, spin-offs, split-offs, liquidations and
recapitalizations.
• Long/Short Equities: The Adviser effects this strategy by investing in a long/short equities portfolio of
securities that can be readily valued and the Adviser believes trade at a discount or premium to the fair
value of the underlying assets.
• Convertible Arbitrage: The Adviser invests in convertible arbitrage situations that attempt to extract value
from the options "embedded" in convertible securities when such options appear mispriced relative to
similar stand-alone options, historical volatility levels or other financial metrics.
• Long/Short Credit: The Adviser invests in performing corporate high-yield and investment-grade bonds,
credit default swaps and other debt that the Adviser believes are mispriced and have catalysts for credit
improvement or deterioration.
The Distressed Funds' investment objective is to generate positive absolute returns on capital through investments,
long and short, in the securities and other financial instruments (including, without limitation, senior, secured and
unsecured bank debt and public debt, junior debt, trade claims, equities, convertible securities, options, futures,
swaps (including credit default swaps) and other derivatives) of issuers that: (i) are (or that the Adviser perceives
to be) experiencing financial stress or distress or are overleveraged; (ii) are attempting to complete an out-of-court
restructuring, including spin-offs and recapitalizations; (iii) are involved in a bankruptcy, liquidation, or similar
proceeding; and/or (iv) are involved in substantial litigation.
The Opportunities Funds' investment objective is primarily to make investments in less liquid and/or longer-
duration private and public securities, other financial instruments and other assets, including, without limitation,
senior, secured and unsecured bank debt and public debt, mezzanine and junior debt, bonds, notes, trade claims,
equities and convertible securities, contingent value rights, options, swaps (including credit default swaps), and
other derivatives of U.S. and non-U.S. companies and other obligors that are (i) experiencing financial stress or
distress; (ii) attempting to complete an out-of-court restructuring, including spin-offs and recapitalizations;
(iii) involved in a bankruptcy, liquidation or similar proceeding; (iv) involved in substantial litigation; and/or (v)
expected to have an investment horizon greater than two years. Portfolio investments may include, among other
things, corporate investments, real estate loans, real estate and real estate-related investments (including, without
limitation, "hard" real estate assets such as land, buildings and development projects), investments in operating
companies, investments in infrastructure and development projects (including traditional, alternative and/or
renewable energy), investments in hard assets and loans backed by hard assets (e.g., shipping vessels; aircraft;
machinery and equipment) and non-bank lending, alternative asset lending and/or specialty lending, asset-backed
and structured products (including residential mortgage-backed securities, commercial mortgage-backed securities,
collateralized debt obligations and collateralized loan obligations), longer-dated liquidations, private lending,
claims of any type, partnerships, platforms and joint ventures with operating partners and management teams, other
opportunities in distressed investments and situations resulting from capital dislocations and/or arising from
motivated sellers.
The Special Opportunities Funds' investment objective is primarily to make investments in certain distressed
opportunities. The Special Opportunities Funds will only invest in portfolio investments that are also being
purchased by one or more of the Multi-Strategy Funds, the Distressed Funds and the Opportunities Funds and for
which the Adviser has determined that such other funds have received their appropriate allocations and there is
additional capacity for an investment by the Special Opportunities Funds.
DK Merchant Co-Invest Fund’s investment objective is primarily to make an investment in a distressed opportunity
that is also being purchased by the Multi-Strategy Funds, the Distressed Funds and certain of the Opportunities
Funds and for which the Adviser has determined that such other funds have received their appropriate allocations
and there is additional capacity for an investment by DK Merchant Co-Invest Fund.
DK Crow Co-Invest Fund’s investment objective is primarily to make an investment in a real estate opportunity
that is also being purchased by certain of the Opportunities Funds and for which the Adviser has determined that
such other funds have received their appropriate allocations and there is additional capacity for an investment by
DK Crow Co-Invest Fund.
The Income Funds’ investment objective is primarily to make investments, in both the primary and secondary
markets, in structured residential asset-backed loans, specialty asset loans, corporate loans and other asset-backed
loans (including loans backed by hard assets, such as real estate, shipping assets and aviation assets). Portfolio
investments may be structured, without limitation, as senior secured first-lien loans, senior secured second-lien
loans, secured mezzanine loans, structured asset-backed senior loans, structured asset-backed mezzanine loans,
structured and whole loan pass through investments, real estate bridge loans, strategic risk transfer structures,
debtor-in-possession financing and non-control structured investments, and may include an equity component.
Co. 520 invests the capital of certain of the Registrant's Partners (as defined in Item 10) and former partners,
members of the immediate families of such persons, and trusts or other entities for their benefit. Co. 520 invests
alongside the Multi-Strategy Funds by investing through Co., and also makes investments in certain of the Multi-
Strategy Funds, Distressed Funds, Opportunities Funds, Special Opportunities Funds and Income Funds.
The Onshore Employee Fund and the Offshore Employee Fund invest the capital of certain eligible employees of
DKCM and its affiliates. The Onshore Employee Fund and the Offshore Employee Fund make investments in
certain of the Multi-Strategy Funds and the Distressed Funds, and one or more trading vehicles through which the
Multi-Strategy Funds and/or Distressed Funds invest.
Each of the strategies used by DKCM, including (i) distressed investing, (ii) mergers and acquisitions (or "risk")
arbitrage, (iii) long/short equities, (iv) convertible arbitrage and (v) long/short credit, has its own risk committee
that oversees the risk management of that strategy. Each risk committee is chaired by either Anthony A. Yoseloff,
Managing Partner of the Registrant or Conor Bastable, Partner of the Registrant, and is comprised of Jeff Hurwitz,
the Chief Risk Officer of the Registrant, and one or more primary investment decision-makers that are involved in
the management of the particular strategy, and may also include traders and other investment professionals
responsible for the particular strategy, investment professionals that are not involved in the management of the
strategy and/or certain other partners of the Registrant. Risk committees generally meet on a weekly, bi-weekly or
monthly basis.
Other Advisory and Subadvisory Services
The Adviser also offers investment advisory and subadvisory services through separately managed accounts and
other investment vehicles (together, “separately managed accounts” and collectively, with the Private Funds, the
“Clients”). Depending on the strategy, investment advice provided by the Adviser to Clients organized as separately
managed accounts may be provided on a discretionary or non-discretionary basis. Separately managed accounts are
managed in accordance with such accounts’ investment strategies, which are typically tailored accordingly to Client
investment guidelines. Separately managed accounts may impose reasonable investment restrictions on the
management of their accounts, including by restricting particular securities or types of investments, provided that
the Adviser accepts such restrictions.
Assets under Management
The Adviser's discretionary regulatory assets under management were approximately $44.7 billion as of January
31, 2024, and its net assets under management were approximately $37.2 billion as of January 31, 2024. All
managed assets are discretionary. DKCM and its Affiliates do not manage any wrap fee programs.