Real Estate - Research Associate

About Davidson Kempner 

Davidson Kempner Capital Management LP is a global investment management firm. Founded in 1983, Davidson Kempner is headquartered in New York and has offices in Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Our Firm invests globally and opportunistically across the capital structure, in a variety of credit and equity strategies as well as real assets. We apply our multi-dimensional, research-driven investment process to evaluate and execute a diverse range of transactions across asset classes, geographies and market cycles. We target complex, global situations where our experience and expertise can unlock value.   

We bring together exceptional people from different disciplines and backgrounds who are energized by the challenges of navigating complexity. We look for people are passionate about investing, demonstrate exceptional critical thinking skills, innate curiosity, creativity and embrace diverse viewpoints to calibrate their decisions. These differentiators make our people successful beyond a specific job at Davidson Kempner – but throughout their journey with us over many years.  

The Role 

Davidson Kempner Capital Management is currently looking to hire an analyst to join the global Real Estate team in New York.  The Davidson Kempner real estate platform is unique because we have access to the firm’s $36 B in capital including both hedge fund and closed-end fund capital.  This diversity of capital allows the real estate group the flexibility to invest across a wide spectrum of investments including public and private markets, debt and equity and across geographies.  We employ a special situations and opportunistic approach to real estate investing. Our investment process is focused on creating a competitive advantage via sourcing, sector selection, analysis, structuring and active asset management. We target investments where complexity, capital dislocation and/or situation-specific events create a value disconnect and barriers to entry. 
 
To do this, the team leverages an extensive, global network of management teams, joint venture partners, operating partners, portfolio companies, servicers and management teams to identify unique investment opportunities and drive outcomes. Investments include platform aggregations, stressed or distressed opportunities, sale leaseback transactions, liquidations, motivated/forced sales, public securities trading at a discount to intrinsic value, and loans collateralized by real estate. 

  

Responsibilities: 

• Candidates should be comfortable working on all stages of a transaction, including sourcing. initial screening/research, acquisition, asset management, and realization. 

• Demonstrated ability to manage and lead teams 

• Ability to manage and lead complex transactions  

• Conduct Market and Credit Risk Analysis: Perform detailed due diligence on borrowers,  

• Oversee the performance of real estate debt investments, tracking repayment schedules, managing default risk, and working closely with borrowers to optimize portfolio returns while minimizing downside risk. 

• The individual will be expected to maintain working models for selected investment opportunities and cover substantial ground in helping evaluate new investment opportunities and research. 

 

Requirements: 

• The ideal candidate will have 1-4 years of hedge fund, private equity, distressed investing, infrastructure, investment banking, and/or restructuring banking experience. They will be able to bring complementary skills to the current team.  Given our belief that some of the best talent comes from hiring non-real estate investors into the sector, we wish to be flexible on the precise ‘specialism’ the hire possesses 

• The position requires the ability to handle complex investments, an ability to efficiently prioritize tasks, as well as excellent modeling and communication skills. 

• The candidate should be able to work well alone and as part of a team. 

• The ability to think flexibly for a more novel, opportunistic, and broad approach is essential. 

• Ideally, a candidate would have experience assessing opportunistic and/or distressed investments across both public and private markets 
• People management experience is advantageous. 

Profile: 

• Clear passion for investing and Entrepreneurial spirit.  DK provides the institutional infrastructure but encourages individual entrepreneurship.   

• Challenges the status quo and goes beyond traditional methods and approaches; creates new ideas and solutions and can implement from concept to reality; adjusts quickly to the changing needs of the business and embraces change; encourages team to do the same 

• Promotes partnership by cultivating trust and a shared purpose on / across teams and with stakeholders; builds, maintains, and strengthens strong internal and external relationships to net further business opportunities or results; emphasizes the importance of relationship building and leads by example 

• Possesses exceptional work ethic, flexibility and empathy; is considerate of others and prioritizes team interest; is seen as a role model when faced with adversity including staying calm under pressure and guides the team to do the same; is intellectually curious, proactively seeks to expand capabilities, and works on developmental feedback while motivating others to do the same