Associate Underwriter Direct Lending Fixed Income

Employment Type

: Full-Time


: Miscellaneous

What you'll do:

The Middle Market Direct Lending strategy offers investors access to privately negotiated debt investment transactions, primarily in North America, to support leveraged buyouts, refinancing and recapitalizations. Investments include senior, unitranche and second lien loans and mezzanine notes. Principal targets investment opportunities across a broad range of industries including healthcare, industrials, consumer products, software and business services.

Our Direct lending team is seeking an Associate Underwriter to aid in the origination, due diligence, credit underwriting, execution, and portfolio monitoring of private debt investments.

Key Responsibilities:

  • Work with assigned Senior Underwriter on all transactions in assigned sector
  • Evaluate new transactions and investment opportunities, attend management presentations, review deal terms and credit agreements
  • Lead key areas of due diligence including business and quantitative analysis as well as industry driven research
  • Develop detailed financial models and sensitivity analyses to assess performance scenarios and capital structure alternatives
  • Prepare and present written investment committee memorandum and presentations
  • Actively monitor portfolio company performance

  • What you'll get from us:

  • Competitive pay, benefits, perks and more. We’ll reward you for the skills and experience you have.
  • Respect for your unique perspective. Diversity, inclusion and empowerment are at the core of our culture.
  • A career, not just a job. Principal is a place where you can learn and innovate. Do important work. Make an impact. And achieve your professional goals.
  • The ability to have a great job and a great life . Sure, work is important. But so is your family. And your friends. And your community. That’s why we provide the flexibility needed to find the right balance between your job and the rest of your life.

  • Qualifications:

  • Bachelor's degree in a technical field (i.e. finance, accounting, economics, statistics, engineering, data science, business analytics)
  • Must be able to understand basic accounting principles and economic theory, interpret financial documents, and efficiently and optimally research, compile and analyze information
  • Ability to construct financial models
  • Excellent interpersonal, verbal and written communication skills
  • Ability to work well independently and as part of a team
  • Time management, analytics and use of Excel required
  • Must be collaborative, able to build and maintain positive relationships, manage expectations, attend to details, multi-task and prioritize effectively
  • Keen sense of curiosity and forward-thinking thought process desired
  • A self-starter with a strong work ethic and resourcefulness
  • Preferred Experience:

  • Previous internship in fixed income or related technical field 
  • Undergraduate GPA of 3.5 or above and progress towards CFA 
  • Familiarity with database structures, big data techniques (i.e. Cassandra, Spark and Hadoop), and programming languages (i.e. Python, MATLAB, R) 
  • Previous experience with Bloomberg 
  • Background or experience in leveraged finance, private debt, and/or related transactional experience
  • Knowledge of financial markets and fixed income strategies, including general knowledge of bond mechanics and pricing calculations 
  • This position may be subject to SEC restrictions on personal political contributions.

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