We advised on more than 45 structured and hybrid capital financings in the first three quarters of 2025

Davis Polk’s hybrid and structured capital practice advised on over 45 transactions totaling approximately $6.8 billion year to date for a broad range of borrowers and lender counterparties, including leading private credit and private equity investors.

Transactions from Q3 2025 include:

  • Preferred equity: over $2.2 billion across nine transitions
  • Equity co-investments and warrants: $999 million across six transactions
  • Holdco and mezzanine debt: $961 million in one transaction
  • Junior lien and subordinated loans: over $1.6 billion across five transactions

Cumulative transactions for 2025 (Q1-Q3) include:

  • Preferred equity: over $4.1 billion across 16 transitions
  • Equity co-investments and warrants: over $1.2 billion across 18 transactions
  • Holdco and mezzanine debt: over $1.6 billion across four transactions
  • Junior lien and subordinated loans: over $1.7 billion across eight 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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