DK Extra Credit

In this episode, Suzy Gibbons, Partner and Head of Research, sits down with Zach Altschuler, Head of Merger Arbitrage, and Michael Chiaramonte, Deputy Head of Merger Arbitrage, to discuss our viewpoint that merger arbitrage is entering one of its most attractive periods since the Global Financial Crisis – with global M&A activity rebounding while regulatory review has become increasingly complex and fragmented. They explore how that regulatory complexity creates a "complexity premium" in merger arbitrage spreads, particularly for large transactions, offering what we believe to be attractive risk-adjusted returns for investors capable of conducting deep research and underwriting global processes.
The conversation dives deeper into the analysis beneath the recent white paper that Suzy, Zach and Michael co-authored, Merger Arbitrage: Opportunity in Regulatory Complexity.
Read the white paper here: Merger Arbitrage: Opportunity in Regulatory Complexity — Davidson Kempner
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We believe that merger arbitrage is entering an especially attractive period. Global M&A activity is rebounding while regulatory review has become increasingly complex and fragmented, conditions that may usher in a new golden era for sophisticated investors.
In our latest white paper, Merger Arbitrage: Opportunity in Regulatory Complexity, we explore the recovery in global M&A activity following a cyclical slowdown, and why larger transactions increasingly require review across multiple antitrust, foreign investment, national security, and sector-specific regimes. The white paper also considers what this means for merger arbitrage investors evaluating global, multi-jurisdictional transactions.
Read the white paper here: Merger Arbitrage: Opportunity in Regulatory Complexity — Davidson Kempner
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In this episode, Suzy Gibbons, Partner and Head of Research, sits down with Tony Yoseloff,  Managing Partner and Chief Investment Officer, to discuss how dislocations in private equity and direct lending – driven by higher interest rates, excessive leverage and delayed defaults – are creating what we view as a large and growing opportunity set. They explore how opportunistic credit can enhance portfolio construction while extending the “efficient frontier.”   
The conversation dives deeper into the analysis beneath the recent white paper that Suzy and Tony co-authored, Optimizing the Efficient Frontier: Opportunistic Credit Amid a Capital Structure Reset. 
Read the white paper here: Optimizing the Efficient Frontier: Opportunistic Credit Amid a Capital Structure Reset
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We believe we are in the early innings of a capital structure reset. Higher-for-longer rates, refinancing pressure, and aging private equity portfolios are reshaping capital needs, creating what we view as a compelling backdrop for opportunistic credit.  
In our latest white paper, Optimizing the Efficient Frontier: Opportunistic Credit Amid a Capital Structure Reset, we explore why this backdrop may prove attractive for opportunistic credit investors across capital solutions, restructurings and special situations. The white paper also discusses how opportunistic credit strategies can offer what we believe to be attractive risk-adjusted returns for institutional portfolios with moderate-to-high public equity exposure. 
Read the white paper here: Optimizing the Efficient Frontier: Opportunistic Credit Amid a Capital Structure Reset
DKCM Website: Home — Davidson Kempner
DKCM LinkedIn: LinkedIn — Davidson Kempner

In this episode, Suzy Gibbons, Partner and Head of Research and Patrick Dennis, Co-Deputy Managing Partner, examine the increasingly commoditized nature of corporate direct lending—which we believe is characterized by tighter spreads and weaker recoveries—and contrast it with select areas of private asset-based finance.  They highlight potential opportunities in U.S. second-lien residential mortgages, European SME asset-based lending, and U.S. mid-ticket equipment finance, where we believe strong collateral and structural protections may support more attractive risk-adjusted returns.
The conversation builds from the recent white paper that Suzy and Patrick co-authored, Rapids of Private Credit: Opportunities in the ‘Eddies’ of ABF.
Read the white paper here: Rapids of Private Credit: Opportunities in the Eddies of ABF
DKCM Website: Home – Davidson Kempner
DKCM LinkedIn: LinkedIn – Davidson Kempner