Description
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 assessment, 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.
Requirements
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.
