Real Estate - Associate/VP

Davidson Kempner • New York, NY

13h

About The Position

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, Mumbai and Abu Dhabi. 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 who 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.
Davidson Kempner Capital Management is currently looking to hire an experienced analyst to join the seven-person Real Estate team in New York, who will focus on both public and private investment opportunities in real estate and real estate-related spaces. The team employs a special situations and opportunistic approach to real estate investing. We invest across the capital structure in both public and private markets across a broad array of real estate sectors and strategies. 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 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.

Requirements

• The candidate should be capable of independently identifying potential investment opportunities, driving research workstreams and developing investment theses, while operating effectively within a small, collaborative team.
• The ideal candidate will have approximately 4–8 years of relevant experience, including at least 2 years on the buy-side, potentially within a long/short equity or credit platform. Prior experience in investment banking, restructuring, or private equity is advantageous but not required.
• We are particularly interested in candidates with experience investing in public securities within capital-intensive sectors, such as real estate, financials, asset managers, infrastructure, or related industries, and contributing to differentiated idea generation in liquid markets.
• Strong analytical and modeling skills are essential, including building operating and valuation models (e.g., NAV, capital structure, scenario analysis) and assessing risk/reward across the capital structure.
• Experience underwriting event-driven or catalyst-oriented situations — such as recapitalizations, restructurings, take-privates, or technical dislocations — is highly desirable.
• While prior real estate investing experience is helpful, we welcome strong public markets investors from adjacent sectors.
• The candidate should be capable of independently driving research and developing investment theses, while operating effectively within a collaborative team environment.
• Excellent communication skills, intellectual curiosity, and flexibility of thought are essential.

Responsibilities

• Focus on identifying and evaluating public market investment opportunities, especially in credit, across real estate-related securities, including listed REITs, real estate operating companies, preferred securities, CMBS, and
• Conduct fundamental bottom-up analysis of public real estate companies, including detailed financial modelling, NAV analysis, capital structure review, and scenario-based valuation work.
• Identify and underwrite event-driven and special situations in public real estate markets, including recapitalizations, liability management transactions, spin-offs, take-privates, restructurings, and capital raising transactions.
• Analyze relative value opportunities across public and private markets, assessing mispricings driven by liquidity, capital market volatility, or technical dislocations.
• Monitor and maintain active coverage of selected companies and securities, including earnings reviews, management interactions, capital markets activity, and sector developments.
• Develop and maintain dynamic financial models and investment theses, and present recommendations to the investment committee.
• Track portfolio exposures and risk metrics, including liquidity, leverage, duration, and macro sensitivities, and proactively assess downside scenarios.
• The analyst may also be asked to underwrite and monitor private real estate investments.
• Collaborate closely with private-side real estate colleagues to identify cross-capital structure opportunities and arbitrage between public and private valuations.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed