We advised on more than 50 hybrid and structured capital financings

Davis Polk’s hybrid and structured capital practice advised on over 50 transactions totaling approximately $11.4 billion in 2025 for a broad range of borrowers and lender counterparties, including leading private credit and private equity investors.

Our work spanned the full spectrum of complex capital solutions, including:

  • Preferred equity: over $3.1 billion across 14 transactions
  • Equity co-investments and warrants: $235 million across 20 transactions
  • Holdco and mezzanine debt: over $1 billion across four transactions
  • Junior lien and subordinated loans: over $7 billion across 13 transactions

Davis Polk’s hybrid and structured capital practice is led by finance partner Zachary R. Frimet and sponsor finance partner Nikolaus Caro, and includes finance partners Jason Kyrwood, Nicholas A. Palumbo, Kenneth J. Steinberg, David J. Kennedy, Ruben N. Henriquez, David Hahn, Ryan D. McNaughton, Nick Benham and Aaron Ferner and sponsor finance partner James A. Florack. Members of the Davis Polk team are based in the New York and London offices.

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