Managing Director - Private Credit (Underwriting, Portfolio Management & Workouts)
Location: Boston, MA
Reports To: Head of Underwriting & Portfolio
Position Overview
We are seeking an experienced Managing Director to lead underwriting, portfolio management, and workout/restructuring activities across our private credit platform. The ideal candidate brings a deep background in cash flow and asset-based lending, complemented by hands‑on experience in special situations, stressed, and distressed credit investing. This senior role focuses on rigorous credit, active portfolio oversight, and capital preservation/recovery strategies. The candidate will work closely within the investment/risk team to ensure disciplined underwriting, effective portfolio governance, and value realization across both performing and non‑performing investments.
Key Responsibilities
Underwriting & Execution
- Lead detailed credit due diligence and underwriting for new investment opportunities.
- Evaluate company fundamentals, cash flow drivers, leverage capacity, collateral coverage, and downside protection.
- Build and review detailed financial models, sensitivity analyses, and recovery scenarios.
- Collaborate with legal counsel to negotiate credit agreements, security documentation, and intercreditor arrangements.
- Draft and present investment committee memoranda, outlining investment thesis, key risks, mitigants, structural protections, and expected returns.
Portfolio & Risk Management
- Oversee an assigned portfolio of credit investments, monitoring borrower performance, covenant compliance, and collateral trends.
- Maintain up-to-date internal credit ratings, watchlists, and exposure tracking.
- Conduct regular portfolio reviews and assist with periodic valuations and investor reporting.
- Identify early warning signs of performance deterioration and implement proactive risk mitigation strategies.
Workouts, Restructurings & Special Situations
- Lead the workout and restructuring processes for underperforming or distressed investments.
- Develop and execute recovery strategies including amendments, recapitalizations, restructurings, or debt‑to‑equity conversions.
- Coordinate with external restructuring advisors, turnaround consultants, legal counsel, and CROs to maximize recoveries.
- Evaluate secondary market opportunities, distressed exchanges, and opportunistic rescue financings.
- Support special situations transactions such as bridge loans, DIP financings, or structured capital solutions.
Strategic Contribution & Leadership
- Provide subject matter expertise on credit risk, restructuring dynamics, and market trends to inform investment decisions.
- Assist group head in mentoring and developing junior professionals in credit underwriting and distressed investing techniques.
- Collaborate across teams to continuously refine underwriting and workout frameworks.
Qualifications
- 15 to 20 years of experience in private credit, direct lending, special situations, or distressed investing.
- Demonstrated expertise in cash flow and asset‑based lending, and legal documentation.
- Proven track record managing workouts, restructurings, and recovery processes within a private credit or fund environment.
- Deep understanding of credit documentation, intercreditor agreements, and restructuring mechanics (Chapter 11, Article 9, etc.).
- Strong financial modeling, valuation, and scenario analysis skills.
- Bachelor’s degree in finance, accounting, or economics; MBA, CFA, or CPA preferred.
Personal Attributes
- Critical thinker with sound judgment and disciplined risk awareness.
- Calm, strategic, and decisive under pressure, with a hands‑on approach to problem solving.
- Excellent negotiation, communication, and presentation skills.
- Team‑oriented, collaborative, and comfortable working in a fast‑paced investment environment.
Compensation
Competitive base salary, annual performance bonus.
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