King Street Capital Management: Platform Profile

Overview

King Street Capital Management is a global alternative investment manager centered on credit, distressed and event-driven investing across public and private markets. Its platform includes multi-strategy credit, real estate, tactical and opportunistic credit, global drawdown strategies and CLO management.

May fit better for

• institutions seeking opportunistic or multi-strategy credit exposure;
• investors comfortable with distressed, restructuring and special-situations risk;
• allocators able to accept private-market illiquidity in some strategies;
• investors seeking both public- and private-credit capabilities;
• investors who understand the flagship strategy is only one part of the firm.

May fit less well for

• retail investors seeking direct self-service access;
• users who want one managerwide minimum;
• investors who require only investment-grade credit;
• users who interpret downside focus as principal protection;
• investors who equate a small 13F book with a small overall firm.

Current public firm AUM is $30B

• Public AUM: $30B
• Public AUM as of: 2026-06-30
• Employees: 220+
• Investment professionals: 80+
• Partner owned: 100%

Regulatory AUM is $34.6B

• Regulatory AUM: $34.6B
• Regulatory AUM as of: 2026-03-31
• Regulatory AUM discretionary: $34.6B
• Client accounts: 73
• Public AUM equals regulatory AUM: No

Different dates and definitions can produce different values without either being wrong.

Flagship Multi-Strategy Credit is $7B

• Flagship strategy: Multi-Strategy Credit
• Flagship strategy launch: 1995
• Flagship strategy AUM: $7B
• Flagship strategy AUM as of: 2026-06-30
• Flagship strategy AUM equals firm AUM: No

Strategy spans long and short public and private credit

• Long opportunities: Yes
• Short opportunities: Yes
• Event driven: Yes
• Stressed distressed: Yes
• Restructurings: Yes
• Capital solutions: Yes
• Asset based lending: Yes
• Public markets: Yes
• Private markets: Yes

A $10M minimum is vehicle-specific

Representative current regulatory disclosures show:

• King Street Capital Master Fund:
• Gross assets: $7.5B
• Minimum: $10M

Q2 2026 13F market value is approximately $189.7M

• Q2 2026 13F market value: $189.7M
• Q2 2026 13F as of: 2026-06-30
• Form 13F market value equals firm AUM: No

The large gap versus firm AUM is expected for a manager whose opportunity set extends well beyond long U.S.-listed equities.

Downside focus is not a guarantee

• Guaranteed capital preservation: No
• Guaranteed downside protection: No

Assessment

King Street is a useful counterexample to 13F-driven hedge-fund analysis. Its Q2 2026 13F value is a small fraction of its stated firm AUM because the firm's core opportunity set includes credit, private assets and exposures outside 13F's scope.