Investment Director – Private Credit & Alternatives

USS Investment Management Limited; Greater London; Hybrid; GBP 120,000 - 180,000; Full time

Benefits offered by this job

Generous annual leave

Pension scheme

Private healthcare

Learning and development opportunities

Employee volunteering day

Job summary

USS Investment Management Limited in London seeks an Investment Director to lead origination, underwriting and ongoing management of Private Credit & Alternative Income investments. You will head the investment lifecycle from sourcing to exit, coordinating with sponsors, banks and advisers to drive disciplined, high-impact decisions.

The role combines principal investing with leadership across structured finance activities, while contributing to strategy and team development in a hybrid

Qualifications

• Significant experience in structured finance, asset-backed lending, securitisation or a related principal-investing discipline.
• Proven track record leading complex transaction underwriting, structuring, documentation and execution.
• Ability to lead negotiations independently and exercise sound judgement on credit, commercial and legal matters.
• Strong origination network and evidence of developing opportunities through long-term market relationships.
• Accountability for proactive asset management, including amendments, refinancings and downside situations.
• Advanced financial modelling, valuation and downside analysis.
• Strong understanding of capital structures, security packages, covenants, intercreditor arrangements and lender protections.
• Experience preparing and presenting investment recommendations to senior committees.
• Ability to combine detailed bottom-up analysis with portfolio-level and strategic thinking.
• Proven ability to manage and develop junior colleagues and lead multidisciplinary deal teams.

Responsibilities

• Origination and StrategyDevelop and execute origination strategies aligned with PCAI priorities and USS portfolio objectives.
• Source direct opportunities, partnerships, co-investments, funds and structured solutions through relationships with sponsors, banks, advisers, asset managers and corporates.
• Identify attractive themes and build actionable origination roadmaps across private credit and alternative income markets.
• Represent USS externally and strengthen its position as a sophisticated, reliable long-term capital partner.
• Underwriting and Transaction Leadership.Lead the full underwriting process, including commercial, financial, credit, legal, tax, operational and ESG diligence.
• Form an independent investment view on risk, return, downside protection, relative value and portfolio fit.
• Lead structuring and negotiations across economics, covenants, security, intercreditor arrangements, governance rights and documentation.
• Coordinate between internal stakeholders and external advisers, ensuring disciplined execution against timelines and decision points.
• Prepare and present formal investment recommendations to the Private Markets Investment Committee and other governance forums.
• Portfolio and Asset ManagementMaintain senior accountability for allocated investments from closing through repayment, refinancing, restructuring or exit.
• Monitor performance against underwriting assumptions and ensure emerging risks, covenant issues and strategic opportunities are identified early.
• Lead material waivers, amendments, extensions, refinancings and stressed or complex credit situations.
• Present portfolio updates and action recommendations to Portfolio Review Committees and senior stakeholders.
• Leadership and Team Contribution.Provide line management, coaching and technical guidance to junior investment professionals.
• Set high standards for analytical quality, judgement, accountability and communication across transaction teams.
• Contribute to PCAI strategy, prioritisation, resource allocation and continuous improvement of investment processes.
• Promote collaboration across PCAI, PMG and wider USS teams.

Skills

Structured finance

Asset-backed lending

Securitisation

Principal investing

Underwriting leadership

Financial modelling

Credit analysis

Negotiation

Portfolio management

ESG diligence

Job description

USS Investment Management Limited in London seeks an Investment Director to lead origination, underwriting and ongoing management of Private Credit & Alternative Income investments. You will head the investment lifecycle from sourcing to exit, coordinating with sponsors, banks and advisers to drive disciplined, high-impact decisions.

The role combines principal investing with leadership across structured finance activities, while contributing to strategy and team development in a hybrid