Associate

Universities Superannuation Scheme (Ltd); Greater London; Hybrid; GBP 65,000 - 90,000; Full time

Benefits offered by this job

Generous annual leave

Pension scheme

Health and wellbeing services

Learning and development

Volunteer Days

Cycle to Work

Job summary

Universities Superannuation Scheme (USS) is seeking an Associate to support the full investment lifecycle within Private Markets. You will evaluate opportunities, model cash flows and assist in structuring and due diligence for private credit and structured finance deals.

Reporting into the Private Markets team, you will work with stakeholders across legal, tax, risk and ESG to monitor investments, manage portfolio performance and prepare Investment Committee materials.

Qualifications

• Experience in leveraged finance, private credit, direct lending, structured finance, investment banking, credit investing or a related field.
• Practical experience of credit analysis and financial modelling, including leverage, liquidity, debt service capacity, downside risk and recovery value.
• Understanding of loan documentation and core lender protections, including covenants, security, guarantees, information rights and events of default.
• Experience contributing to transaction due diligence, execution processes or ongoing credit monitoring.
• Strong analytical judgement, attention to detail and willingness to challenge assumptions constructively.
• Undergraduate degree or equivalent professional experience.

Responsibilities

• Evaluate new investment opportunities using quantitative and qualitative analysis, including business, industry, sponsor, structural protections and downside assessment.
• Build and review cash flow models, debt capacity analysis, forecasts, recovery cases and scenario sensitivities.
• Assess capital structures, security packages, covenant frameworks, intercreditor arrangements, borrowing-base mechanics and lender protections.
• Prepare screening papers, diligence findings and investment recommendations.
• Support due diligence workstreams with internal stakeholders and external advisers.
• Support transaction structuring, documentation review and negotiations with borrowers, sponsors, arrangers, co-investors and advisers.
• Maintain high-quality process materials, track key issues and ensure agreed actions are completed to required standards and timelines.
• Prepare Investment Committee and other governance materials and support presentation of recommendations.
• Asset management and portfolio oversight
• Monitor investment performance against underwriting assumptions, financial covenants, reporting requirements and key risk indicators.
• Support the review of waivers, amendments, extensions, refinancings and other lifecycle events.
• Identify emerging risks and opportunities, maintain clear action logs and contribute to portfolio review materials.
• Engage constructively with borrowers, sponsors, agents, managers and advisers.

Skills

Leveraged finance

Private credit

Structured finance

Financial modelling

Credit analysis

Due diligence

Transaction execution

Portfolio oversight

Analytical judgement

Stakeholder management

Education

Undergraduate degree or equivalent

Tools

Excel

MS Office

Job description

When you join USS, the size and scale of our pension scheme means you will have numerous opportunities to learn and develop your career. Given our size you'll have real autonomy and influence as you collaborate closely with a wide-ranging team of experts.

Our office is a vibrant place to work, and we offer flexibility of office/homeworking due to our hybrid model.

About the role

In your role as Associate you will make a meaningful and valued contribution from the outset. This role will provide a great opportunity to support the full investment lifecycle, from initial screening and underwriting through execution and asset management. The role is designed for an investment professional with relevant experience in leveraged finance, private credit or structured finance who wants to deepen exposure to complex private and structured credit transactions and take increasing responsibility within deal teams.

What you will be doing

As a trusted part of the Private Markets team you will be responsible for:

• Evaluate new investment opportunities using quantitative and qualitative analysis, including business, industry, sponsor, structural protections and downside assessment.
• Build and review cash flow models, debt capacity analysis, forecasts, recovery cases and scenario sensitivities.
• Assess capital structures, security packages, covenant frameworks, intercreditor arrangements, borrowing-base mechanics and lender protections.
• Prepare screening papers, diligence findings and investment recommendations.
• Support due diligence workstreams with internal stakeholders and external legal, financial, commercial, tax, technical and other advisers.
• Support transaction structuring, documentation review and negotiations with borrowers, sponsors, arrangers, co-investors and advisers.
• Maintain high-quality process materials, track key issues and ensure agreed actions are completed to required standards and timelines.
• Prepare Investment Committee and other governance materials and support presentation of recommendations.
• Asset management and portfolio oversight
• Monitor investment performance against underwriting assumptions, financial covenants, reporting requirements and key risk indicators.
• Support the review of waivers, amendments, extensions, refinancings and other lifecycle events.
• Identify emerging risks and opportunities, maintain clear action logs and contribute to portfolio review materials.
• Engage constructively with borrowers, sponsors, agents, managers and advisers.

Team and market contribution

• Contribute to thematic research, market monitoring, origination mapping and relative-value analysis.
• Work collaboratively across PCAI, PMG and internal Legal, Tax, Risk, Operations, Finance, Compliance and ESG teams.
• Build external relationships with banks, advisers, sponsors, managers and other market participants.
• Contribute to a collegiate, high-performing team culture and actively seek feedback and development.

About you

We know that sometimes people can be put off applying for a job if they don't tick every box, if you're excited about working for us and have most of the skills or experience we're looking for, then please apply, regardless of whether you meet all the requirements outlined in this profile.

To be successful in the role you will have:

• Experience in leveraged finance, private credit, direct lending, structured finance, investment banking, credit investing or a closely related field.
• Practical experience of credit analysis and financial modelling, including leverage, liquidity, debt service capacity, downside risk and recovery value.
• Understanding of loan documentation and core lender protections, including covenants, security, guarantees, information rights and events of default.
• Experience contributing to transaction due diligence, execution processes or ongoing credit monitoring.
• Strong analytical judgement, attention to detail and willingness to challenge assumptions constructively.
• Undergraduate degree or equivalent professional experience.

The following experience would be desirable but not essential:

• Exposure to fund finance, NAV facilities, first-out / last-out structures, asset-backed lending, securitisation, risk-sharing transactions or other structured credit strategies.
• Experience across new investment underwriting and asset management, including amendments or stressed situations.
• Professional qualification or progress toward CFA, ACA or an equivalent qualification.

At USS, every individual contributes to building a secure financial future for our members and their families. We strive to create a work environment where everyone can thrive professionally while making a meaningful impact on the lives of others. We're also committed to helping you build your career by providing opportunities for development. We put a focus on recognising and supporting each individual's unique career path, driving this forward with the support of an engaged and proactive management team. Here at USS, we want you to thrive in and out of work with a friendly team, flexible culture and excellent range of benefits!

How we will reward you

• Generous annual leave package
• Access to a high quality pension scheme provided through Universities Superannuation Scheme
• Supportive people policies (including enhanced occupational sickness pay and family friendly pay)
• Financial contributions towards your personal development to help you maintain your physical and mental wellbeing
• Access to a range of health and wellbeing services i.e., private healthcare, discounted gym membership
• Learning and development opportunities to develop your skills, knowledge and talent
• Employee Volunteer Days to support the communities where you work and live
• Cycle to Work Scheme

Our culture and values

Our people are what makes us different. We work together to create a diverse and inclusive culture that embraces individuality, where people are welcomed and feel comfortable in the knowledge that they can be themselves. Our purpose firmly states the importance of members, putting them front and centre of what we do. This is embedded through our values:

• Integrity

About us

Universities Superannuation Scheme (USS) was established in 1974 as the principal pension scheme for universities and higher education institutions in the UK. We work with around 330 employers to help build a secure financial future for almost 599,000 members and their families. We are one of the largest pension schemes in the UK, with total assets of around £84 billion (at March 2026). To find out more, please visit https://www.uss.co.uk

The Private Markets Group (PMG) consists of a 70+ person team that oversees c. £26 billion in assets across a fast-growing and diverse portfolio of private equity, infrastructure, private credit and property investments on behalf of the Universities Superannuation Scheme (USS). By operating as a single team, with individual areas of specialism and expertise, PMG is able to combine its resources through a "OnePMG" approach to investing which allows us to maximise origination, due diligence, transaction execution and asset management by tailoring the right mix of skills.

Capable of deploying capital across the full range of private market investing (direct, joint ventures, partnerships, co-investments and funds), and with in-house asset management and strategy teams complementing our investment function, PMG has developed a strong track record of innovation that is frequently recognised by our peers across equity, credit and property and, as one of the UK's pre-eminent private markets' investors, PMG often partners with many of the largest, most respected global financial institutions.

PMG's portfolio includes ownership of some of the UK's largest and most recognisable private companies and, through its holdings, is an established presence in the UK renewables sector. We also hold governance positions through our investments in a range of companies located across the EU, North America and Australia with exposure across different industries and sectors.

Being part of the UK's largest pension scheme and serving the needs of USS and its members, PMG takes its role as a responsible investor seriously and is committed to adopting and promoting strong ESG credentials across its investments.

USSIM is proud to be an equal opportunity employer. We strive to ensure our recruitment process is as flexible and inclusive as possible so we can attract diverse candidates and recruit the best talent. We want all candidates to perform at their best during the recruitment process, so if you need any reasonable adjustments or if there is anything we can do to help support you through your recruitment journey please let us know by contacting [e-mail].