Kennedy Lewis raises $2.1bn for opportunistic credit fund launch

The $2.87 billion New York firm Kennedy Lewis Investment Management announced the close of its Kennedy Lewis Capital Partners Master Fund II with $2.1 billion in commitments. One of the investors in the latest opportunistic credit fund was the San Francisco Employees’ Retirement System, which placed $60 million with the firm last month. The firm reported strong investor demand in Fund II in that it exceeded its $1 billion fundraising target. Kennedy Lewis’ first fund closed in 2018 with just over $500 million in committed capital. The credit investment shop was founded in 2017 by CarVal alum David Chene and Blackstone GSO distressed specialist Darren Richman. The firm has grown to 30 professionals of which 18 are on the investment team. “This capital and the reinvestment proceeds from our first fund, position us to be a more frequent partner of choice for companies that are either contending with or fueling industry disruption,” said Richman. “With this raise we can continue to engineer customized capital solutions to an expanding list of companies.” To date Fund II has put to work over 50% of its capital commitments. The offering is a continuation of the strategy employed by Kennedy Lewis’ previous fund, targeting event-driven and opportunistic financings across public, private, performing and distressed investment opportunities throughout North America and Europe. The strategy focuses on middle-market companies facing disruption, whether it is cyclical, secular or regulatory related. They also partner with high growth companies that are causing disruption, providing structured capital solutions to fit their needs.

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