Davis Polk partner and Finance practice head Jason Kyrwood was featured in The Lawyer’s “Global Elite” newsletter discussing the evolution of Davis Polk’s global Finance practice in response to the growth of the private capital market.

Jason recalled how, in 2016, the team recognized the extent to which direct lending was likely to grow. “Defensively and offensively, we thought that there was an imperative for us to become a leader in the space,” he said.

He noted that Davis Polk’s sponsor designation relationships were instrumental in winning deals and representations early in the strategic shift. “Our goal was always to build relationships with direct lenders so that they affirmatively turn to us for transactions, including by proposing us as a relationship firm in the grid responses [the negotiating document that outlines lender and borrower preferences] in transactions where lenders’ counsel would be ‘designated,’” Jason explained.

“Our existing relationships meant that sponsors and their counsel were receptive, and each designation gave us exposure to a growing universe of direct lenders,” he added.

The article noted that this approach is paying off, with the scope of the group now covering infrastructure finance, securitization, structured products and restructurings, in addition to syndicated and direct lending. The arrivals of partners Nick Palumbo, David Penna, Elena Millerman and Ryan McNaughton were also highlighted.

Jason concluded, “It’s really a story for us constantly evolving to meet client and market demand.”

“Inside Davis Polk’s quiet finance evolution,” The Lawyer (June 26, 2025)

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