Associate – Tax-Driven Investments

Description

The Company

Liberty Mutual Investments (LMI) is the investment firm for Liberty Mutual Group (Liberty) and is responsible for powering Liberty’s strategy amid profound change in global capital markets. With deep expertise in fixed income, equity, and alternative strategies, LMI invests $120+ billion (as of 12/31/2025) of capital globally, taking a long-term approach across its integrated platform and has a team of over 350 investment, finance, and operations professionals located in Boston, MA, and New York, NY. 

LMI has a clear purpose: build enduring businesses side-by-side with our partners, drive economic growth, and generate superior risk-adjusted returns that power Liberty’s strategy and secure its promises. We offer the best of both worlds — the look and feel of a boutique investment firm with the reputation and financial strength of a global leader. As the investment firm of a mutual with long-term capital, LMI has a single client mandate. This gives us the freedom to focus on what we do best. 

Our portfolio spans a broad spectrum of public and private investments, and we are committed to expanding our capabilities and our toolkit in support of our mission. We invest across diverse asset classes, financial structures, and industries, including real estate, digital infrastructure, healthcare, renewable energy, and technology—with the aim of creating value and powering innovation. We pride ourselves on our extensive network of mutually beneficial partnerships, and we use our substantial influence, capital, and energy to drive towards a better future. #LMI #LI-LMI

The Position

The Global Strategy & Capital Allocation team is seeking a highly analytical and execution-oriented Associate to drive and scale LMI’s $3.5bn Tax-Driven Investments (TDI) mandate across three core sub-strategies: Transferable Tax Credits (TTC), Renewable Tax Equity (RTE), and Low Income Housing Tax Credits (LIHTC). The Associate will be expected to lead transaction structuring, negotiation, and closing with meaningful independence — leveraging prior transactional experience to contribute immediately. The role sits at the intersection of project finance, energy transition policy, and institutional portfolio management, offering a distinctive platform to shape a high-growth mandate that scales across LMI’s portfolio.

Responsibilities

• Investment Diligence: Lead all phases of the investment lifecycle across TTC (ITC/PTC), RTE (Traditional TE, Hybrid/T-Flip TE), and LIHTC — including independent financial modeling, technical and tax diligence, risk assessment, and Investment Committee memo preparation.
• Transaction Structuring & Execution: Own end-to-end structuring and negotiation of TTC, RTE, and LIHTC transactions. Coordinate with Corporate Tax, LMI Legal, Risk, and Accounting to drive transactions from term sheet through close, serving as the primary deal point of contact for counterparty counsel and internal stakeholders.
• Portfolio Management: Own active management across all closed TTC, RTE, and LIHTC positions across their full lifecycle, serving as LMI’s primary point of contact with seller counterparties, syndicators and third-party partners.
• Counterparty Relationships & Origination: Own and deepen relationships with renewable energy developers, syndicators and developers, and other counterparties across all three sub-strategies — serving as a primary point of contact for ongoing deal flow and market intelligence. Leverage existing market relationships to contribute to pipeline origination and identify opportunities that align with LMI’s tax capacity, return objectives, and social impact priorities.
• Enterprise Collaboration & Citizenship: Operate with an owner’s mindset — aligning TDI workstreams with LMI’s broader organizational goals, speaking up with innovative ideas, and seeking opportunities to step up beyond role. Collaborate proactively with LMG Tax, Corporate Treasury, Transaction Services, and other LMI investment teams, tailoring communication effectively for each audience. Contribute to a high-performance team culture through candid feedback, intellectual curiosity, and a willingness to develop and share knowledge with junior team members.

Qualifications

Qualifications

• Bachelor’s Degree from a leading institution (Finance, Economics, Accounting, or Engineering preferred)
• 4 - 7 years’ experience in tax equity, renewable energy project finance, LIHTC investing, or a closely adjacent field (e.g., energy-focused investment banking, tax credit advisory, or project finance lending) -with direct, hands-on involvement in structuring and closing transactions, not solely analytical support
• Excellent quantitative and qualitative analytical skills (including financial modeling and transaction document review), decision making ability, and communication skills, both verbal and written
• Working knowledge of ITC and/or PTC mechanics required, including partnership flip structures, placed-in-service timelines, and recapture risk under IRC §50; familiarity with transferable tax credit transactions under IRA §6418 (transfer agreements, tax credit insurance, cost certification) strongly preferred
• Exposure to LIHTC structures (federal 4% or 9%, or state equivalent) preferred — including partnership structure, credit delivery mechanics, syndicator relationships, extended-use obligations, and K-1 reporting; direct experience underwriting or closing LIHTC transactions is a meaningful differentiator
• Strong transaction management skills, with the demonstrated ability to drive deals to close across multiple concurrent workstreams while coordinating internal (Corporate Tax, Legal, Treasury, Risk) and external (sponsor counsel, syndicators, marketplace platforms) stakeholders
• Demonstrated comfort leveraging AI tools to enhance day-to-day investment workflows with a genuine interest in identifying and adopting emerging applications that improve team productivity and analytical output.
• High comfort level working in Excel and PowerPoint; ability to produce detail-oriented, accurate and consistent work product
• Comfortable making investment recommendations to and fielding questions from an Investment Committee
• Self-motivated and intellectually curious, with an owner’s mindset — thriving in a lean, high-conviction team environment, balancing speed and execution across competing priorities, and demonstrating genuine interest in building institutional infrastructure and expanding knowledge at the frontier of tax credit markets
• Demonstrates strong AI literacy and uses AI-enabled tools to enhance speed, accuracy, and insight generation while maintaining sound judgment and compliance with governance standards 

About Us

About Us 

At Liberty Mutual, our goal is to create a workplace where everyone feels valued, supported, and can thrive. We build an environment that welcomes a wide range of perspectives and experiences, with inclusion embedded in every aspect of our culture and reflected in everyday interactions. This comes to life through comprehensive benefits, workplace flexibility, professional development opportunities, and a host of opportunities provided through our Employee Resource Groups. Each employee plays a role in creating our inclusive culture, which supports every individual to do their best work. Together, we cultivate a community where everyone can make a meaningful impact for our business, our customers, and the communities we serve.

We value your hard work, integrity and commitment to make things better, and we put people first by offering you benefits that support your life and well-being. To learn more about our benefit offerings please visit: https://www.libertymutualgroup.com/about-lm/careers/benefits      Liberty Mutual is an equal opportunity employer. We will not tolerate discrimination on the basis of race, color, national origin, sex, sexual orientation, gender identity, religion, age, disability, veteran's status, pregnancy, genetic information or on any basis prohibited by federal, state or local law.     Fair Chance Notices 

• California
• Los Angeles Incorporated
• Los Angeles Unincorporated
• Philadelphia
• San Francisco

Pay Philosophy: Compensation offered is based off several factors including skills, experience, education, certifications and location. The full salary range for this role reflects the competitive labor market value for all employees in these positions across the national market and provides an opportunity to progress as employees grow and develop within the role. Some roles at Liberty Mutual have a corresponding compensation plan which may include commission and/or bonus earnings at rates that vary based on multiple factors set forth in the compensation plan for the role.

Compensation: 125000 to 215000 (USD)