King Street Capital Management, L.P.

King Street Capital Management, L.P. is a global alternative asset manager that provides discretionary investment management primarily to private pooled investment vehicles and institutional accounts, including hedge funds, closed‑end real estate and drawdown funds, opportunistic credit vehicles and UCITS funds. Its Form ADV discloses approximately $34.568 billion in regulatory assets under management and describes services delivered through Funds, certain separately managed accounts and related affiliate vehicles.

The firm describes a fundamental, research‑intensive investment approach that emphasizes downside risk assessment and trades across an issuer’s capital structure, using instruments that include bank debt, corporate bonds, structured credit, derivatives and other opportunistic positions. King Street’s brochure also explains its use of co‑investments and side‑letter arrangements, its discretion in portfolio construction, and affiliated activities that support structured‑credit strategies (including collateral management and warehouse financing).

What distinguishes King Street from many peers is the level of vertical integration and non‑traditional inputs disclosed in its ADV: an affiliate, Rockford Tower Capital Management, acts as collateral manager to Rockford Tower CDOs and can hold risk‑retention interests, and the firm describes warehouse facilities, securitization activity and synthetic exposure in its structured‑credit program. The brochure also highlights the firm’s use of alternative data, AI and social‑media analytics in research and notes marketing practices uncommon for institutional managers — including the use of third‑party ratings, endorsements and testimonials — as well as detailed practices around co‑investment allocations, side letters and valuation discretion.