Alternative credit manager Kennedy Lewis Investment Management (Kennedy Lewis) has closed its third opportunistic credit fund, Kennedy Lewis Capital Partners Master Fund III LP and its associated parallel and co-investment vehicles, with $4.1bn in capital commitments.
Investors in Fund III include a diverse range of pensions, insurers, sovereign wealth funds, foundations and endowments from the US, Europe and the Middle East.
Fund III employs Kennedy Lewis’ all-weather opportunistic strategy which focuses primarily on private investments in non-sponsored borrowers with attributes that make them countercyclical or less correlated to broader markets. The strategy leverages the firm’s deep sector expertise to pursue opportunities in industry verticals that are often underserved by traditional banks and lending platforms.
These include life sciences, power, technology, media and telecommunications, as well as cyclical industries and tactical opportunities where Kennedy Lewis can capitalise on dislocations to deliver attractive risk-adjusted returns for investors and value-added, bespoke capital solutions to borrowers. In addition to its focus on private, first lien investments, Fund III is also able to invest in liquid instruments and across the capital structure.
Fund III includes exposure to Kennedy Lewis’ homebuilder finance strategy which provides structured capital solutions to US homebuilders to acquire land and complete horizontal development in a capital efficient manner that alleviates balance sheet demands and unlocks enterprise value.
Fund III is approximately 50% deployed, and the firm is pursuing a range of compelling opportunities across its verticals.
