Everet Marsh
Associate, Private Credit - Direct Lending
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Join the European investment team of a private credit platform that holds its own paper. The firm lends to sponsor-backed and founder-owned businesses across Northern Europe and the UK, writing unitranche and senior secured facilities from its own funds, taking sole-lender positions and holding the entire ticket rather than clubbing or syndicating out. No distribution desk, no syndication risk, no deal that gets done because the market will absorb it. One question on every transaction, which is whether the money comes back. The London team leads UK and Northern European origination.
The Opportunity
We are seeking an Associate to join the London investment team, working on live direct lending transactions from first screen through to close and then through the life of the loan. You will own the model and draft the credit paper on your deals, sit in diligence sessions with sponsors and management teams, and stay with your credits afterwards rather than handing them to a separate portfolio group. Small investment team means your analysis is the analysis, and your name is on the recommendation rather than buried in an appendix.
Key Responsibilities
- Build and own credit models from a blank page, including full three-statement forecasting, capital structure and returns analysis, covenant headroom, and downside and stress cases that reflect how the specific business actually breaks.
- Draft the credit paper that goes to investment committee, setting out the business, the market, the structure, the key risks and the recommendation.
- Run diligence workstreams end to end, coordinating financial, commercial, legal, insurance and technical advisers, and turning what comes back into the assumptions that drive the case.
- Support structuring and documentation alongside senior colleagues and counsel, including covenant packages, EBITDA definitions and add-back treatment, and permitted baskets.
- Monitor your portfolio companies post-close, covering covenant compliance, quarterly reporting, amendments, waivers and add-on financings.
- Support origination through sponsor, adviser and debt advisory coverage, screening inbound opportunities and preparing initial pricing and structure indications.
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What We're Looking For
- 2 to 5 years of relevant post-graduate experience.
- We are prioritising candidates from leveraged finance, direct lending, private credit, debt advisory, restructuring or financial sponsors, where credit analysis and transaction execution have been the core of the job rather than a component of it.
- Strong modelling capability. Building a credit model from a blank page, with a downside case that reflects how the business actually fails rather than a flat haircut applied to the base case, is the single most valuable technical skill for this seat. Base-case LBO mechanics are assumed.
- Working familiarity with leveraged loan documentation and the terms that decide recovery, including covenants, EBITDA adjustments and baskets, or the appetite to learn it quickly and properly.
- The commercial judgement to explain which single assumption the whole case rests on, and the confidence to say so in a room where more senior people already have a view.
- Degree educated in Finance, Economics or a related discipline. Existing right to work in the UK. German, French, Dutch or a Nordic language is a real advantage given the breadth of Northern European coverage.
- Applicants whose experience is transaction services, financial due diligence, audit, corporate banking relationship management, loan operations, fund accounting or strategy consulting will not be considered for this seat.
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Why Join?
- Principal-side ownership from the first deal. You build the model, you write the paper, and you carry the credit view rather than supporting someone else's.
- A sole-lender model that holds the whole position, so the underwriting has to be right and the judgement you build is genuinely your own.
- Deals held through their full life, including amendments, add-ons and the occasional stressed situation, which is where credit instinct is actually formed rather than described.
- One of the fastest growing parts of European private capital, on a platform scaling into it, with a defined path to Vice President and carry participation at the appropriate level.
- Competitive base and bonus, with the level shaped around the right person rather than fixed to a title.
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