Associate

Business Area: Private Markets

Place of Work: London

Contract Type: Permanent

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.

About the role

In your role as Associate you will make a meaningful and valued contribution from the outset. This role will provide a great opportunity to support the full investment lifecycle, from initial screening and underwriting through execution and asset management. The role is designed for an investment professional with relevant experience in leveraged finance, private credit or structured finance who wants to deepen exposure to complex private and structured credit transactions and take increasing responsibility within deal teams.

What you will be doing

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

Opportunity assessment and underwriting

1. Evaluate new investment opportunities using quantitative and qualitative analysis, including business, industry, sponsor, structural protections and downside assessment.
2. Build and review cash flow models, debt capacity analysis, forecasts, recovery cases and scenario sensitivities.
3. Assess capital structures, security packages, covenant frameworks, intercreditor arrangements, borrowing-base mechanics and lender protections.
4. Prepare screening papers, diligence findings and investment recommendations.

Transaction execution

1. Support due diligence workstreams with internal stakeholders and external legal, financial, commercial, tax, technical and other advisers.
2. Support transaction structuring, documentation review and negotiations with borrowers, sponsors, arrangers, co-investors and advisers.
3. Maintain high-quality process materials, track key issues and ensure agreed actions are completed to required standards and timelines.
4. Prepare Investment Committee and other governance materials and support presentation of recommendations.
5. Asset management and portfolio oversight
6. Monitor investment performance against underwriting assumptions, financial covenants, reporting requirements and key risk indicators.
7. Support the review of waivers, amendments, extensions, refinancings and other lifecycle events.
8. Identify emerging risks and opportunities, maintain clear action logs and contribute to portfolio review materials.
9. Engage constructively with borrowers, sponsors, agents, managers and advisers.

Team and market contribution

1. Contribute to thematic research, market monitoring, origination mapping and relative-value analysis.
2. Work collaboratively across PCAI, PMG and internal Legal, Tax, Risk, Operations, Finance, Compliance and ESG teams.
3. Build external relationships with banks, advisers, sponsors, managers and other market participants.
4. Contribute to a collegiate, high-performing team culture and actively seek feedback and development.

About you

We know that sometimes people can be put off applying for a job if they don't tick every box, if you're excited about working for us and have most of the skills or experience we're looking for, then please apply, regardless of whether you meet all the requirements outlined in this profile.

To be successful in the role you will have:

1. Experience in leveraged finance, private credit, direct lending, structured finance, investment banking, credit investing or a closely related field.
2. Practical experience of credit analysis and financial modelling, including leverage, liquidity, debt service capacity, downside risk and recovery value.
3. Understanding of loan documentation and core lender protections, including covenants, security, guarantees, information rights and events of default.
4. Experience contributing to transaction due diligence, execution processes or ongoing credit monitoring.
5. Strong analytical judgement, attention to detail and willingness to challenge assumptions constructively.
6. Undergraduate degree or equivalent professional experience.

The following experience would be desirable but not essential:

1. Exposure to fund finance, NAV facilities, first-out / last-out structures, asset-backed lending, securitisation, risk-sharing transactions or other structured credit strategies.
2. Experience across new investment underwriting and asset management, including amendments or stressed situations.
3. Professional qualification or progress toward CFA, ACA or an equivalent qualification.

Why join us?

At USS, every individual contributes to building a secure financial future for our members and their families. We strive to create a work environment where everyone can thrive professionally while making a meaningful impact on the lives of others. We're also committed to helping you build your career by providing opportunities for development. We put a focus on recognising and supporting each individual's unique career path, driving this forward with the support of an engaged and proactive management team. Here at USS, we want you to thrive in and out of work with a friendly team, flexible culture and excellent range of benefits!

How we will reward you

Great starting salary

Generous annual leave package

Access to a high quality pension scheme provided through Universities Superannuation Scheme

Supportive people policies (including enhanced occupational sickness pay and family friendly pay)Financial contributions towards your personal development to help you maintain your physical and mental wellbeing</l