We advised Diameter on the transaction

Davis Polk advised Diameter Capital Partners LP on its fundraise and related matters for Diameter Dislocation Master Fund III LP (together with a related vehicle and their respective feeder funds, “DDF III”), which recently held its final closing with approximately $4.5 billion of commitments, exceeding its original hard cap of $4.25 billion. DDF III is more than twice the size of the firm’s previous dislocation fund, which closed in 2023 with $2.2 billion of commitments.

Diameter, founded in 2017, is a New York-based alternative asset manager focused on the global credit markets, with firmwide assets under management of $25 billion. DDF III invests in market dislocations through stressed, distressed and special situations.

The Davis Polk investment management team included partner Leor Landa, counsel Michael A. Stenbring and associates Imad Rizkallah, Alexandre (Xandre) Miranda and Jessica Carter. Partner Patrick E. Sigmon and associates William Liang and Hunter P. Shaw provided tax advice. All members of the Davis Polk team are based in the New York office.

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