Investment Associate, Private Credit Secondaries

We are currently partnered with the insurance arm ($100B AUM) of a top full service alternatives asset manager ($1T AUM). This firm is known for being a market leader in the alternatives space and having a strong culture of upward mobility for employees.

As an Investment Associate, you will be responsible for identifying, evaluating, and executing investments in the private credit secondary market. This includes purchasing Limited Partner (LP) interests in existing private debt funds and participating in GP-led transactions (e.g., continuation vehicles and portfolio strips).

Unlike a traditional direct lending role, you will analyze diversified portfolios across all industries, providing an "instant" look-through into hundreds of underlying corporate loans.

• Investment Underwriting: Perform fundamental credit analysis on underlying portfolio companies. You will assess debt capacity, EBITDA growth, and enterprise value (EV) coverage for senior secured, unitranche, and mezzanine loans.
• Financial Modeling: Build and maintain complex secondary valuation models. This includes projecting fund cash flows, calculating internal rates of return (IRR), and modeling "Multiple on Invested Capital" (MOIC) based on various discount/premium scenarios to Net Asset Value (NAV).
• Due Diligence: Lead the diligence process by reviewing Virtual Data Rooms (VDRs), analyzing GP track records, and interviewing fund managers to understand the health of their loan books.
• IC Memorandum Preparation: Draft and present clear, data-driven investment committee (IC) memos that summarize risk/return profiles, industry tailwinds/headwinds, and transaction structures.
• Market Monitoring: Track "dry powder" levels and liquidity needs of institutional investors to identify potential secondary sellers.

• Experience: 1–3 years of experience in Investment Banking (Leveraged Finance/M&A),
  Direct Lending
  , or Credit Secondaries
  .
• Deep understanding of credit agreements (covenants, waterfalls, and seniority).
• Education: A Bachelor’s degree in Finance, Economics, or a related field from a top-tier university. CFA or progress toward it is a plus.
• Mindset: Ability to balance "high-velocity" deal flow (analyzing many deals at once) with the "deep-dive" rigor of credit underwriting.