We advised on 20 hybrid and structured capital financings in the first quarter

Davis Polk’s hybrid and structured capital practice advised on 20 transactions totaling approximately $5.2 billion in the first quarter of 2026 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 $4.1 billion across five transactions
  • Equity co-investments and warrants: $195 million across eight transactions
  • Holdco and mezzanine debt: $170 million across three transactions
  • Junior lien and subordinated loans: over $715 million across four 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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