Associate - Private Equity

Associate, Private Equity

Sinclair Ventures | Hunt Valley, MD | On-site

Sinclair Ventures is the direct investment arm of Sinclair, Inc., deploying capital into lower-middle-market control investments — companies generating $15-40M of EBITDA across essential services. An "atoms, not bits" mandate: real assets, real services, real cash flow.

$500M+ of deployable capital, no fund life, no forced exits. We can be patient where patience pays and decisive where speed wins. We are building a long-term operating platform, not running a fund.

The team is small, the pipeline is active, and the work is unfiltered. We are looking for someone who wants to help build a firm — not rotate through a program.

The Associate is the analytical engine of the deal team. You will own the financial work on live transactions, lead the research that shapes our investment theses, and run point on diligence work streams alongside the senior team. Small team, real reps, direct partner exposure, and meaningful influence on what we buy.

Full lifecycle — sourcing, screening, diligence, execution, post-close — with a primary focus on private equity. You will see the broader Sinclair Ventures portfolio (venture, real estate) where it adds context.

• Financial modeling & valuation: Own LBO, operating, and returns models end-to-end — base, downside, management cases — with a point of view on the drivers. Drive valuation across DCF, comps, precedents, SOTP. Model PPA, tax structuring, rollover, earn-outs. Audit third-party models and QoE.
• Industry & ecosystem research: Build theses in our target verticals — water and environmental services, infrastructure services, civil and site work, industrial manufacturing. Map landscapes, value chains, and consolidation patterns; produce thematic work that translates into a target list. Run primary research and develop conviction, not summaries. Become the firm’s default expert on the segments you cover.
• Deal execution: Triage CIMs and proprietary opportunities to a clear pass/pursue, fast. Lead financial, commercial, operational, and legal diligence — coordinating QoE, consultants, lenders, counsel — and translate findings into deal-relevant conclusions. Read debt docs, credit agreements, and term sheets. Draft IC memos, lender materials, and management presentations. Sit at the table for management meetings, banker calls, and negotiations.
• Portfolio & value creation: Support portfolio companies on operating reviews, KPI reporting, add-ons, and capital structure. Track performance vs. underwriting and surface variances early. Underwrite add-ons with platform‑deal rigor.
• Firm building: Build the infrastructure — pipeline systems, banker CRM, IC and diligence templates, playbooks. If you see a better way, build it.

• Experience: 2-5 years in PE, investment banking (M&A or leveraged finance), or top-tier consulting on transaction work. Direct PE is a plus, not required — we care about the quality of reps, not the logo. Demonstrated live-deal reps: modeling, diligence, IC drafting, management interaction. Industrials/infrastructure/services background helpful; genuine interest in the "atoms" side of the economy is required.
• Technical: Advanced LBO and operating modeling from a blank sheet — defend every assumption. Fluency in DCF, comps, precedents, debt mechanics, returns attribution. Strong reading of QoE, audited financials, and debt docs — you find the issue that matters in a 200-page data room. Excel, PowerPoint, Pitch Book, Alpha Sense.
• How you operate: Hungry — you want more reps, not fewer. Direct — point-first, real recommendations under pressure, no hedging. High judgment — you know real risk from noise. Builder — you see gaps and fill them. High integrity — we invest other people’s money and our own.
• Education: Bachelor’s required. MBA, CFA, or CPA a plus, not a requirement.

• Real ownership of deals from month one — no rotational filler.
• Direct exposure to the senior team, family principals, and portfolio CEOs.
• Permanent capital and no fund clock — the only real way to learn this craft.
• Competitive base, performance bonus, and a clear path to…