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Enstar Group · 3 months ago

VP I, Investments- Private Credit & Alternatives

New York

Full-time

Onsite

Senior Level, Lead/Staff

$185K/yr - $200K/yr

8+ years exp

Enstar is a trusted, leading global (re)insurance group that delivers innovative solutions to help clients manage risk and achieve finality. The VP of Investments in Private Credit and Alternatives will assist the Head of Alternatives in strategy development, investment due diligence, ongoing monitoring of investments, and portfolio management across various alternative asset classes.

ConsultingInsuranceMarket Research

Responsibilities

Provide coverage of external managers and investments across the above-mentioned range of alternative assets and certain other public equity-oriented asset strategies, such as covered call strategies

Lead due diligence, underwriting and monitoring of private credit investments across a range of sub-strategies including Sponsor/ Non-Sponsor Direct Lending, Junior Capital Solutions, Asset-Backed and Specialty Finance, Real Estate Credit, and Credit Special Situations

Evaluate investment opportunities held via Limited Partnerships, Traded and Non-Trades BDCs, Interval Funds, and Rate Note Feeders

Compose investment memorandums for presentation to investment committee

Research, track, and organize calls with prospective general partners or sponsors for fund and co-investment opportunities

Create RFPs and conduct due diligence on current and prospective managers and fund investments; review of investment structure and determination of tax implications; determination of insurance regulatory capital requirements across various jurisdictions; and conduct reference calls

Develop market maps for alternative and non-core asset classes; build and maintain an accurate forward fund pipeline for existing and prospective managers; develop peer group comparison summaries of pipeline managers

Maintain coverage of existing managers and investments, produce quarterly investment updates, and ensure accuracy of existing buy/hold/ sell ratings

Evaluate absolute and relative performance and attribution of existing managers and investments against assigned benchmarks, peer groups, SAA benchmarks

Develop and maintain scorecard of existing investment funds, strategies, and managers using a combination of qualitative and quantitative analysis

Build, maintain, and regularly provide peer group performance comparisons and analysis of existing and prospective managers and strategies

Build, and maintain up-to date information of existing mandates, managers, and investments in internal databases, and third-party systems

Design, prepare, and maintain high quality reports for alternative and non-core investments, managers, and strategies

Proactively monitor activities within the alternatives and non-core investment portfolio including investment transactions, status reports, risk reports, and portfolio performance

Assist in negotiations on new investments, and co-ordinate with regional investment teams, risk management, investment operations, investment accounting, legal counsel, external vendors, and investment managers

Develop, maintain, and update strategic asset allocation, commitment pacing, asset and portfolio NAV, cash flow, gain-loss, and return projection models

Monitor credit risk for private credit investments, and perform credit risk analysis including ratings migration, default probability, loss given default, and recovery analysis

Conduct ongoing portfolio construction, investment allocation, portfolio planning, research, relative value analysis, and capital charge assessment

Setup and on-board new managers and investments in co-ordination with regional investment teams, legal, investment accounting, investment operations, information technology, external managers and vendors. Ensure all internal systems and databases are updated with new investment and manager information

Complete various other special projects on an ad hoc basis

Qualification

Private Credit InvestmentsInvestment Due DiligencePortfolio ManagementPerformance MeasurementCFACAIA DesignationFinancial Statement AnalysisCredit Risk AnalysisStatistical AnalysisAdvanced ExcelPower BICommunication SkillsCollaboration SkillsAttention to Detail

Required

8+ years of work experience in an institutional investment role focused on identifying, diligence, and monitoring of external managers in strategies outlined above

Prior experience with sourcing, screening, due-diligence, monitoring, performance measurement, credit risk analysis, and reporting of private credit is a must

Demonstrated experience in modelling of yield and returns for private credit limited partnerships, traded and non-trades BDCs, interval funds, and rate note feeders accounting for leverage, cost of borrowing, fees, expenses, expected losses etc. is required

Undergraduate Degree required and/or Advanced degree preferred; educational concentration in finance, economics, accounting, or a related field is preferred

CFA and/or CAIA designations is preferred

Solid understanding of investment concepts, terminology, styles, models, strategies, fundamental investment factors, US and global capital markets, economic principles, and alternatives and non-core asset classes outlined above

Deep understanding of statistical concepts, methods, and models, and their application to investments

Possess strong, foundational knowledge of private credit asset class, fluency in the private debt sub-strategies and fund structures, and knowledge of fund terms across the private credit landscape

Demonstrated knowledge of total return attribution between income from rate and/or spread, and price changes, and credit risk modelling including ratings migration, default rates, loss given default and recovery, and loss rates

Proficiency in financial statement analysis, asset and portfolio NAV, Cash-flow, Gain-Loss forecast modelling, M&A and LBO modelling

Expertise in performance measurement and attribution, and benchmark construction required

Strong knowledge of strategic and tactical asset allocation, risk-based portfolio construction and optimization

A genuine interest in investments, and a passion for analyzing alternatives and non-core external managers, strategies, and asset classes

High-level of self-drive and strong work ethic, high attention to detail, excellent analytical and technical skills, and willingness to learn and be coached

Ability to excel in a fast-paced, complex environment

Exceptional multitasking ability and skill in planning, organizing, and prioritizing work assignments to manage a high-volume workload in a fast-paced, changing environment and in completing detailed work with a high degree of accuracy

Strong collaborator with regional investment teams, other functional areas, and investments leadership to ensure smooth functioning and execution

Considerable skill in conducting data searches and evaluations of large amounts of information, performing complex statistical analysis of the data, and preparing concise and accurate reports

Ability to use advanced excel and power point is critical given the requirement to develop investment analytics and proposals as well as due to the manual nature of our process

Excellent verbal and/ written communication of complex information that is accurate, timely and based on sound judgment

Ability to travel as needed in order to conduct due diligence on investment managers and monitor current managers/investments

Preferred

Experience as an investor, portfolio manager, and/or senior research analyst with a focus on alternatives preferred

3 – 5 years of experience within an insurance company investment general account, insurance company CIO office, insurance asset management, or analysis of insurance portfolios preferred

Experience with sourcing, analysis, and execution of co-investments with sponsors will be a plus

Experience with Power Pivot, Power Query (Get Data) in Excel or Power BI will be a plus