Associate - Direct Equity

When you join USS, the size and scale of our pension scheme means you will have numerous opportunities to learn and develop your career. Given our size you'll have real autonomy and influence as you collaborate closely with a wide-ranging team of experts.

Our office is a vibrant place to work, and we offer flexibility of office/homeworking due to our hybrid model.

In your role as Associate - Direct Equity you will make a meaningful and valued contribution from the outset. This role will provide a great opportunity to participate in all aspects of the investment process across a mix of direct investments and co-investments and will encompass the full breadth of infrastructure across origination and structuring of transactions to asset management and portfolio monitoring.

The successful candidate will join a pool of equity Analysts, Associates and Senior Associates working across a variety of infrastructure sectors, with a career path from Associate to Senior Associate, then Associate Investment Director and beyond.

The Direct Equity Team targets direct investments across a range of investment strategies including Core Infrastructure, Core+ Infrastructure, Cross-over Infrastructure and Clean Energy. The strategy is focused primarily on control or co-control investments in mid-market businesses or assets and selective minority positions in larger companies.

The £8bn portfolio includes active ownership of some of the UK’s most recognisable private companies and assets including Moto, NATS, SMS, Dukes Education and, through its holdings, an established presence in the UK renewables sector. We also hold majority or minority governance positions across a range of companies and assets located in the EU, North America and Australia, with exposure to different industries and sectors.

The Direct Equity Team is responsible for the strategy, origination and execution of new investments, divestments, and portfolio company management. The team has a global mandate, focusing on infrastructure opportunities in the UK, Europe and North America with a plan to invest around £4bn over the next three years in 10-12 direct investments.

As a trusted part of the Private Markets team you will be responsible for:

As part of the Direct Equity Team, working across multiple transactions, your responsibilities will include:

• Contributing and supporting origination activities across themes and sectors with targeted research and analysis
• Liaising with potential targets and monitoring existing investee companies and investment managers
• Supporting preparation for meetings with management teams and key stakeholders;
• Investment due diligence (quantitative modelling and qualitative analysis of investment and divestment opportunities including preparation and review of due diligence, structuring and valuation and returns analysis)
• Supporting legal work streams, including transaction documentation
• Co-ordinating external advisers including investment banks, external counsel and other advisers
• Co-authoring of Investment Committee papers and, subsequently, contributing to presenting these materials at Investment Committee
• Collaborating with internal stakeholders including responsible investment, tax, investment legal, operational due diligence, risk and compliance
• Initiate and build relationships across advisory network and with investment professional peers
• Assist asset management activities across the Direct Equity portfolios including interaction with senior management at investee companies and attendance at shareholder, board and investor meetings, monitoring of company performance and participation in value add and transformation activities

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