Role: Structured Products (Associate/AVP) – New York City
Position Description
AB is a leading global investment management firm that offers high-quality research and diversified investment services to institutional clients, individuals and private clients in major markets around the world.
AB Private Credit Investors (“AB-PCI”) is the private corporate credit investing platform of AB offering direct lending capabilities to middle-market companies across various industry sectors. AB-PCI focuses on directly sourced and privately negotiated investments in the primary issue market, while selectively pursuing opportunities in the distributed and secondary loan markets on a relative value basis. AB-PCI pursues a flexible mandate designed to deliver attractive risk-adjusted returns by investing in unitranche, first lien and second lien debt as well as selectively structured preferred stock and private equity co-investments. Target companies typically have robust business models, strong competitive positions, sustainable enterprise value and predictable cash flow profiles. The group maintains a strong credit culture and pursues a highly selective investment process based on fundamental due diligence and a focus on transaction terms and documentation.
AB-PCI is led by relatively tightly knit group of seasoned senior investment professionals with strong industry background and credit investing track-record. The group maintains a cohesive culture and values teamwork, collaboration and contribution of individual team members.
AB-PCI is looking for an Associate/AVP to work as part of the Structured Products team, which is responsible primarily for debt financing of the various AB-PCI investment vehicles. The role will support the growing business and team. AB-PCI has grown significantly over recent years and high caliber talent is needed to help support continued business growth, improve processes, and scale operations. Initial responsibilities will include, but will not be limited to, the following:
- 70-80%: Assist the AB-PCI Structured Products team in structuring portfolio-level debt for AB-PCI funds (including commingled funds, BDCs, SMAs, etc.) to achieve optimal fund leverage and pricing.
- Products include, but are not limited to, warehouses, CLOs, ABS, and bilateral ABLs.
- Focus on (i) Strategy, sourcing, and execution for new leverage capital. (ii) Participating in the oversight and ongoing monitoring/management of existing and future fund leverage vehicles, ensuring best execution and compliance with various facilities.
- Expected to work and coordinate with treasury, finance, credit team, BD, senior management, and accounting and operations teams.
- 20-30%: Handle other ad hoc projects, including BD/equity capital raising projects, RFPs, marketing decks, and other related tasks.
Description of Duties and Expectations:
- Assist the team in structuring and closing new debt facilities, including portfolio modeling, lender selection, term sheet negotiation, internal coordination and approval, liaising with rating agencies, and documentation negotiation.
- Monitor the ramp-up of warehouse facilities to determine the optimal timing for CLO/ABS takeouts.
- Forecast and maintain a forward pipeline of financing vehicle closings and capital market takeouts, while also tracking the end of reinvestment periods and maturity dates for existing financing vehicles.
- Coordinate with treasury, finance, middle office, and operations teams to ensure a smooth closing process.
- Serve as the primary point of contact for arranger banks and other lender counterparties.
- Build and maintain relationships with key debt fundraising counterparties, including banks, insurance companies, alternative asset managers, pensions, and sovereign wealth funds.
- Contribute to the development of new product ideas related to both new and existing business initiatives.
- Prepare ad-hoc analyses and reports as requested by senior management.
Experience:
- Bachelor's degree in Finance, Business, Accounting, Economics, or a related field.
- At least 2 years of direct experience in a structured products role at a private credit direct lender or in a structuring and/or lending capacity at a CLO arranging bank, preferably within the middle market/private credit industry.
- Familiarity with leverage facility loan documentation, including CLO/ABS indentures.
- Knowledge of private credit direct lending terms, concepts, underwriting, and the dynamics of risk and return.
An existing network of lender/investor relationships is a plus.
Skills:
- Proficient in financial modeling, with a solid understanding of rating agency methodologies
- Excellent analytical, negotiation, and problem-solving abilities
- Capable of managing relationships with multiple leverage providers and internal stakeholders
- Strong written and verbal communication skills
- Knowledgeable in lending law and loan documentation
