Investment Associate - Distressed Debt & Special Situations

Overview

Oak Hill Advisors is seeking an experienced distressed investor to join its Distressed Debt and Special Situations team in New York. The team, comprised of five dedicated investment professionals, manages approximately $7-8 billion of capital dedicated to stressed, distressed and special situations investing across industries and geographies. The position will work extensively with portfolio management, trading and the Firm's sector-focused research analyst staff.

The ideal candidate will have strong experience in fundamental valuation as well as a deep understanding of the structural and process-related considerations associated with distressed investing, including liability management transactions, in-court and out-of-court restructurings, and creditor organization dynamics. The candidate should be able to shepherd an investment through its entire life cycle, from idea generation through underwriting, execution and ultimately monetization, while operating with a high degree of autonomy and sound judgment.

Primary Responsibilities

• Engage actively in markets and the distressed community to source and generate differentiated investment ideas.
• Underwrite investment opportunities through comprehensive industry, company and capital structure-specific due diligence.
• Build and oversee complex financial analyses, including operating forecasts, liquidity analyses, recovery and waterfall analyses, and restructuring scenarios.
• Evaluate capital structures and assess relative value opportunities across debt and equity securities, including identification of fulcrum securities and creditor-on-creditor risk.
• Analyze legal documentation, including credit agreements, indentures and intercreditor agreements, to assess structural protections, documentation vulnerabilities and liability management risk.
• Conduct scenario analysis and rigorous stress-testing of investment theses.
• Prepare and present investment memoranda and recommendations to the internal investment committee.
• Participate in creditor committees, steering committees and ad hoc groups in potential and ongoing restructurings, including involvement in negotiations and restructuring processes.
• Work closely with legal advisors, financial advisors, restructuring professionals and other external stakeholders involved in distressed situations.
• Monitor existing portfolio investments and identify changes in credit fundamentals, liquidity position, valuation or restructuring outcomes.
• Assist in the development and training of junior investment professionals, where appropriate.
• Participate in client meetings and discussions regarding the market environment and particular investments, as appropriate.
• In-Office Requirement: Employees are required to follow the in-office work schedule. Currently, OHA's US Credit team in New York follows a hybrid model where employees work in-office Monday through Thursday. Employees have the flexibility to work remotely on Fridays. This schedule is subject to change based on organizational needs and policies.
• Must be available to work after hours, when necessary, which could include nights and/or weekends.
• Contribute to additional projects and initiatives supporting the Distressed Debt and Special Situations platform

Qualifications

• Advanced degree from a top-tier program preferred; Bachelor's degree with a strong academic record required.
• 2-5 years of investment experience in distressed investing, special situations, restructuring advisory, leveraged finance, private credit or a related field.
• Demonstrated experience underwriting, evaluating and executing distressed or special situations investments, financings or restructuring transactions.
• Established relationships within the distressed investing and restructuring community, including exposure to financial advisors, restructuring counsel and other market participants.
• Deep understanding of corporate finance, capital structures, bankruptcy processes, liability management transactions and creditor rights.
• Strong financial modeling, valuation and credit underwriting skills.
• Outstanding analytical judgment and investment acumen, with the ability to distill complex situations into clear investment theses and recommendations.
• Strong communication and interpersonal skills, with a good blend of confidence and humility.
• Self-starter with excellent work ethic, attention to detail and organizational skills.
• Proven ability to manage multiple transactions and competing deadlines.
• Ability to thrive in a dynamic, fast-paced team environment and collaborate with a broad variety of constituents, both internal and external.

Compensation

The expected base salary for this position is based on a wide range of factors, including the individual’s experience and skills for the role and market considerations.  Base salary is only one component of our total compensation package.  Employees may be eligible for an annual discretionary performance-based bonus, which is determined based on firm and individual performance.

New York Base Salary Range 150000 - 175000 USD