Associate - B2B SaaS & Tech Investments

Performant Capital; Chicago (IL); On-site; USD 120,000 - 180,000; Full time

Benefits offered by this job

Competitive compensation

Performance-based bonus

Benefits package

Job summary

Performant Capital in Chicago is seeking an Associate to join the investment team. The role requires 2–3+ years of investment banking experience with strong financial modeling, deal execution, and a deep interest in B2B SaaS and lower middle market M&A.

This high-impact position offers end-to-end exposure to sourcing, due diligence, and portfolio support, with close collaboration with senior team members, founders, and operating executives in a dynamic environment.

Qualifications

• 2–3+ years of formal, full-time experience in investment banking (required).
• Background in growth equity, private equity, corporate development, or SaaS-focused consulting also considered.
• Deep understanding of B2B SaaS metrics, business models, and industry dynamics.
• Advanced financial modeling skills, including cohort analysis and operating model builds.

Responsibilities

• Lead deal sourcing & market research to identify high-potential SaaS opportunities.
• Build and own detailed financial and SaaS-specific operating models (ARR, NRR, CAC, LTV).
• Conduct due diligence and draft investment memos for IC presentations.
• Support negotiation of deal terms and structuring with senior deal team members.
• Monitor KPI dashboards, investor updates, and portfolio company reporting.
• Assist with strategic initiatives such as pricing optimization and GTM expansion.

Skills

Financial modeling

Deal execution

SaaS metrics

Communication

Portfolio management

Tools

Excel

Job description

Location: Chicago, IL

Firm Type: Lower Middle Market Private Equity

Employment Type: Full-Time, On Site

Start Date: Spring/Summer 2027

About the Firm

Performant Capital is a Chicago-based, lower middle market private equity firm focused on investments in technology-driven companies. Performant acquires SaaS businesses with $3M to $10M of ARR and technology-enabled services companies with revenue of $5M to $30M. With over 50 years of collective investing and operating experience in these sectors, Performant’s principals seek opportunities where its depth of investing, operating expertise, and partner network can materially impact performance.

Position Summary

We are seeking a highly motivated and experienced Associate to join our investment team. The ideal candidate will bring at least 2+ years of investment banking experience with a strong foundation in financial modeling, deal execution, and a deep interest in B2B SaaS and lower middle market M&A.

This is a high-impact role that provides full exposure to the end-to-end investment process – from sourcing and due diligence to portfolio company support and value creation. As an Associate, you’ll work closely with senior team members, founders, and operating executives in a dynamic and entrepreneurial environment. You will also take an active role in shaping investment theses and deal strategy.

Key Responsibilities

Deal Sourcing & Market Research

• Lead thematic research into SaaS verticals and emerging tech trends, translating findings into actionable sourcing strategies
• Identify, prioritize, and build relationships with high-potential founder-led and bootstrapped businesses
• Own outreach and relationship management with founders, CEOs, bankers, and other deal intermediaries

Investment Analysis & Execution

• Build and own detailed financial and SaaS-specific operating models (ARR, NRR, CAC, LTV, cohort and retention analysis)
• Independently analyze product-market fit, customer cohorts, and unit economics, and translate findings into clear investment views
• Conduct (and lead certain) due diligence work streams and draft investment memos for IC presentations
• Manage third-party advisors on legal, financial, and technical diligence, keeping workstreams on timeline
• Support negotiation of deal terms and structuring alongside senior deal team members
• Monitor and analyze KPI dashboards, investor updates, and financial reports across the portfolio
• Assist with strategic initiatives such as pricing optimization, GTM expansion, and add-on M&A
• Serve as a point of contact for portfolio company CEOs and operating partners on growth initiatives and reporting

Internal Initiatives

• Help refine sourcing strategies, CRM tracking, and deal pipeline management.
• Support fundraising, quarterly reporting, and preparation of firm materials as needed

Qualifications

• 2–3+ years of formal, full-time experience in investment banking (required background preference), with growth equity, private equity, corporate development, or SaaS-focused consulting also considered
• Candidates with a traditional software / SaaS operating background (e.g., strategic finance, RevOps, or corporate development at a SaaS company) will also be considered, but must have strong financial modeling ability
• Deep understanding of B2B SaaS metrics, business models, and industry dynamics
• Advanced financial modeling skills, including cohort analysis, retention modeling, and full operating model build-out from scratch
• Demonstrated ability to manage workstreams and diligence processes with limited supervision
• Strong communication and presentation skills — able to synthesize complex ideas clearly for IC and portfolio company leadership
• Highly organized, self-directed and self-starter; able to thrive in a lean, fast-moving team environment
• Genuine passion for technology and developing skill sets in scaling lower middle market SaaS and tech-enabled services companies

What We Offer

• End-to-end deal exposure in a thesis-driven investment environment, with opportunity to “own” more traditional VP-level responsibilities as soon as you demonstrate capabilities and excellence
• Direct mentorship from senior investment professionals and operating executives
• A career path at Performant in a flat, entrepreneurial culture
• Competitive compensation, performance-based bonus, and benefits package