Stephen Deckoff | $1B+
Get in touch with Stephen Deckoff | Stephen Deckoff is the founder and managing principal of Black Diamond Capital Management, an alternative investment firm specializing in credit, distressed debt, and private equity. With over $11 billion in assets under management, Deckoff has spent decades navigating complex corporate restructurings, drawing on his early experience at firms like Drexel Burnham Lambert and Bear Stearns. He is known for a disciplined, operationally focused investment approach, often taking controlling stakes in middle-market companies to drive long-term value. Beyond his institutional work, Deckoff has made significant headlines for his large-scale real estate investments in the U.S. Virgin Islands, including the acquisition of the St. James islands for luxury resort development.
Stephen Deckoff (born 1965) is an American billionaire investor and the founder and managing principal of Black Diamond Capital Management, L.L.C., a privately held alternative asset management firm he established in 1995 that specializes in high-yield credit, stressed and distressed credit, restructurings, business turnarounds, and private equity investments.[1][2]
The firm, which manages over $11 billion in assets under management across collateralized loan obligations, non-control distressed funds, hedge funds, and control distressed private equity funds, employs more than 100 professionals and operates from offices in Greenwich, Connecticut; Lake Forest, Illinois; London; and St. Thomas.[2]
Deckoff is self-made and has a net worth estimated at $2.8 billion as of February 2026, according to Forbes, where he ranks on the real-time billionaires list.[1]
He holds a Bachelor of Science in Operations Research from Cornell University and prior to founding Black Diamond worked at Drexel Burnham Lambert, Bear Stearns, Chemical Securities, and Kidder, Peabody & Co., where he rose to senior vice president.[2][1]
A longtime resident of St. John in the U.S. Virgin Islands, Deckoff is known for his philanthropy supporting community organizations in the territory, including contributions exceeding $1.2 million to nonprofits focused on private schools and nature preservation.[1][3]
In 2023, he purchased Little St. James and Great St. James—private islands previously owned by Jeffrey Epstein—for $60 million through a transaction that allocated half the proceeds to a trust for victim services in the U.S. Virgin Islands, and he has stated plans to develop a 25-room luxury resort on the property while collaborating with local authorities to promote tourism and economic development.[3]
An avid skier, Deckoff named his firm after the black diamond trail rating in skiing.[1]
Early life and education
Early life
Stephen Deckoff was born in 1965.[1]
He grew up in the New York area, the son of Stephen Lionel Deckoff, a noted general and vascular surgeon who practiced in New York and Long Island.[4]
Public sources provide limited details on his childhood or any early influences that shaped his later interest in finance.[1]
Education
Stephen Deckoff earned a Bachelor of Science (B.S.) degree in Operations Research from the Engineering School at Cornell University.[2][1][5]
Career
Early career
Stephen Deckoff began his career in the financial industry at Drexel Burnham Lambert, where he worked in the Fixed Income Research Department.[6][7]
He subsequently joined Chemical Securities, Inc., working in its Structured Finance Department.[6][7]
Deckoff then moved to Bear Stearns & Co., Inc., where he served as Managing Director in the Structured Finance Group and managed all phases of transaction development and group operations.[6][7]
Prior to 1995, he was Senior Vice President at Kidder, Peabody & Co. Inc., and headed its Structured Finance Group, overseeing new issue origination, transaction structuring, and trading for all non-first mortgage related assets.[6][7][1]
These progressive roles in fixed income research and structured finance built his expertise in credit-related investments, leading to the establishment of his own firm in 1995.[7]
Founding of Black Diamond Capital Management
Stephen Deckoff founded Black Diamond Capital Management, L.L.C. in 1995.[2][1]
As the founder and managing principal, Deckoff has overseen the firm's portfolio management and business operations since its establishment.[2][5]
Prior to launching Black Diamond, Deckoff built his career through roles at several investment banks, including Drexel Burnham Lambert, Bear Stearns, Chemical Securities, and Kidder, Peabody & Co., where he advanced to senior vice president.[1]
Drawing on this professional experience, Deckoff established Black Diamond as a privately held alternative asset management firm.[2]
Black Diamond Capital Management
Overview and history
Black Diamond Capital Management, L.L.C. is a privately held alternative asset management firm founded in 1995 by Stephen H. Deckoff.[2]
The firm has maintained a 30-year investment track record, establishing itself as a pioneer in senior secured credit and special situations investing.[2]
It operates four global offices in Greenwich, Connecticut; Lake Forest, Illinois; London, England; and St. Thomas, U.S. Virgin Islands.[2]
Black Diamond was one of the earliest participants in the collateralized loan obligation (CLO) market, launching its first CLO in 1998.[2][8]
As managing principal, Deckoff oversees portfolio management and business operations, and has held or holds board seats on numerous portfolio companies, including Consumer Portfolio Services, Inc., ION Media, Werner Ladder, White Birch, Bayou Steel, SmarteCarte, Sun World, and PTC Alliance, among others.[2]
Investment strategies
Black Diamond Capital Management pursues alternative investment strategies focused on performing credit, stressed and distressed credit, and private equity through four integrated platforms: collateralized loan obligations (CLOs), non-control distressed funds, hedge funds, and control distressed private equity funds.[2]
In performing credit, the firm invests in syndicated bank loans, high yield bonds, lease financing, commercial real estate financings, credit derivatives, and new issue opportunities, targeting well-structured and collateralized debt instruments that deliver high yields across diverse markets.[2]
The stressed and distressed credit approach encompasses DIP facilities, out-of-court restructurings, Article 9 transactions, Chapter 7 proceedings, plans of reorganization, 363 sales, rescue and exit financing, and litigation claims. The non-control distressed platform specifically invests in high yielding bonds, leveraged loans, and reorganized equities of companies undergoing or having undergone financial restructurings, seeking exceptional returns from these situations.[2]
The control distressed private equity strategy concentrates on acquiring control of sector-leading middle-market companies through the purchase and restructuring of senior secured debt securities, supplemented by selective equity investments and acquisitions. This includes mergers and acquisitions, business turnarounds, carve-out transactions, cross-border transactions, strategic partnering, and management buyouts, with a preference for companies exhibiting market leadership, high barriers to entry, and tangible assets.[2]
Black Diamond's hedge fund platform targets high yielding senior performing debt that is well-structured and collateralized across multiple markets, structured products backed by various collateral types, opportunistic stressed and distressed debt instruments, post-reorganization equities, and other credit-oriented special situations offering superior yields or value commensurate with the risk.[2]
The firm's overall investment philosophy emphasizes a disciplined, fundamental process with bottoms-up analysis to manage risks in individual investments and broader markets. It prioritizes structural protection and consistent risk-adjusted returns across market cycles, drawing on extensive experience in leveraged finance, restructurings, and credit analysis. Black Diamond aligns interests with investors by committing substantial capital to its funds, making it the largest investor across its managed vehicles on a combined basis.[2]
Assets under management
Black Diamond Capital Management manages over $11 billion in assets under management across its integrated platforms in performing credit, stressed and distressed credit, and private equity.[2]
The firm employs more than 100 people worldwide, including over 45 investment professionals who service its platforms from four global offices in Greenwich, Connecticut; Lake Forest, Illinois; London; and St. Thomas.[2]
Black Diamond has maintained a 30-year investment track record of producing consistent risk-adjusted returns through various market cycles.[2]
Personal life
Residence
Stephen Deckoff resides in St. John in the United States Virgin Islands.[1] He moved to the U.S. Virgin Islands in 2011.[3]
A native of New York City, Deckoff is a U.S. citizen.[3][1]
Philanthropy
Stephen Deckoff is recognized for his philanthropic efforts in the United States Virgin Islands, where he has resided since 2011. He has contributed more than $1.2 million to local nonprofits, primarily supporting private schools and nature preservation organizations.[3]
Forbes has assigned Deckoff a philanthropy score of 1, reflecting his charitable giving relative to his wealth.[1]
He supports various community organizations in the territory through donations, though specific recipients and additional details are limited in public reporting.[1]
Real estate holdings
Stephen Deckoff owns a portfolio of notable real estate properties in the United States and the U.S. Virgin Islands.
He owns multi-million dollar properties in Colorado and New York City, as well as a mansion in Beverly Hills previously owned by the Latsis shipping family.[1]
In May 2023, Deckoff acquired Little St. James and Great St. James, two private islands in the U.S. Virgin Islands formerly owned by Jeffrey Epstein, for $60 million through SD Investments LLC. The islands, which total over 230 acres, were purchased for less than half their original asking price after more than a year on the market.[3][9]
Deckoff has announced plans to develop a state-of-the-art, five-star luxury resort on the islands featuring 25 rooms, with the aim of boosting tourism and economic development in the region while preserving the natural environment.[3][10]
Wealth
Net worth
As of February 4, 2026, Stephen Deckoff has a net worth of $2.8 billion, according to Forbes' real-time estimate.[1]
Forbes classifies him as self-made with a score of 8, reflecting that he built his fortune through founding and leading Black Diamond Capital Management since 1995 rather than inheritance.[1]
His wealth stems primarily from private equity activities via the firm.[1]
Recognition
Stephen Deckoff has been recognized through inclusions on Forbes' prominent wealth rankings, reflecting his status as a self-made billionaire in private equity.
He was ranked #356 on the Forbes 400 list in 2023, which profiles the wealthiest individuals in the United States.[1] He placed #1305 on the Forbes Billionaires list in 2025.[1] As of February 4, 2026, Forbes' real-time rankings positioned him at #1469 among global billionaires.[1]
Deckoff is an avid skier, and he named his firm Black Diamond Capital Management after his hobby, referencing the most difficult ski slope rating.[1]
Stephen Deckoff founded Black Diamond Capital Management, which manages $10 billion in assets.
Prior to launching Black Diamond in 1995, Deckoff worked his way up at different firms, becoming senior vice president of Kidder, Peabody & Co.
A resident of the U.S. Virgin Islands, Deckoff donates to various community organizations in the territory.
He also owns multi-million dollar properties in Colorado and New York City, and a Beverly Hills mansion previously owned by the Latsis shipping family.
Mr. Deckoff is the Founder and Managing Principal of Black Diamond Capital Management, L.L.C. and is responsible for all portfolio management and business operations. Mr. Deckoff has held or currently holds board seats on a number of Black Diamond portfolio companies, including Consumer Portfolio Services, Inc., ION Media, Werner Ladder, White Birch, Bayou Steel, SmarteCarte, Sun World and PTC Alliance, among others. Prior to the founding of Black Diamond in 1995, Mr. Deckoff worked at Kidder, Peabody & Co., Bear Stearns, Chemical Securities and Drexel Burnham Lambert. Mr. Deckoff has a B.S. in Operations Research from the Engineering School at Cornell University.
Disclaimer: This profile is based on publicly available information. No endorsement or affiliation is implied.
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