Black Diamond Capital Management

Stephen H. Deckoff founded the firm in 1995 and leads it as the senior decision-maker. The investment team includes 45-plus professionals operating across performing credit, distressed, CLO, and control private equity strategies. The firm does not publicly detail its investment committee structure or name other principals beyond Deckoff.

The control private equity platform primarily sources deals by purchasing and restructuring senior secured debt of middle-market companies, rather than through broad auction processes. The firm's performing-credit and CLO platforms track a broad universe of issuers over many years, generating intelligence on deteriorating credits that flow into the distressed and control pipelines. This integrated model means deal origination often begins inside Black Diamond's own credit surveillance apparatus.

Black Diamond is a privately held alternative asset manager, not a single-family office. It manages capital for external investors alongside its own committed firm capital. Black Diamond states it is the largest investor in its own managed funds on a combined basis, which aligns its interests with external LPs.

Black Diamond operates its own integrated platforms rather than committing to external funds. It runs four primary structures: CLOs that invest in broadly syndicated senior secured loans, a hedge fund platform targeting high-yielding performing debt and special situations, a non-control distressed fund that invests in stressed and post-reorganization securities, and a control private equity fund that takes ownership through debt restructurings.

On the credit side, Black Diamond invests across performing loans and bonds, stressed and distressed debt, DIP facilities, rescue financing, and post-reorganization equities. The control private equity platform targets middle-market companies undergoing restructuring, typically with $100 million to $500 million in senior secured debt and pre-distress enterprise values between $100 million and $1 billion. The firm also selectively makes non-debt-related equity investments.

The CLO platform invests primarily in a diversified pool of broadly syndicated performing senior secured loans, with Black Diamond launching its first CLO in 1998. The non-control distressed platform and control private equity platform focus on stressed and distressed situations, often purchasing the debt of companies that the CLO team would no longer hold. The platforms share research and issuer knowledge, but operate with distinct mandates and investor bases.

Black Diamond does not publicly disclose any affiliated philanthropic foundations or structures on its website or in available research. The firm's public profile is limited to its investment management activities.