Associate, Liquid Credit Research

The Carlyle Group; New York (NY); On-site; USD 135,000 - 165,000; Full time

Benefits offered by this job

Retirement benefits

Health insurance

Life insurance

Disability insurance

Paid time off

Job summary

The Carlyle Group in New York is seeking an Analyst for the Loans & Structured Credit team. You will conduct industry research, perform credit and cash-flow analyses, and contribute to portfolio monitoring and valuation work.

Ideal candidates have 1–3 years of buy-side credit or high-yield research experience, solid Excel-based modeling skills, and a collaborative mindset. The role offers a base salary of about $150,000 with comprehensive benefits and potential annual incentives.

Qualifications

• 1-3 years buy-side credit or high-yield research experience preferred.
• Strong quantitative, analytical and modeling skills using Excel.
• Self-starter with strong communication and interpersonal skills.
• Bachelor's degree required.
• Ability to work effectively in a team.

Responsibilities

• Industry research on trends, drivers and economics.
• Financial analysis focusing on cash flow and balance sheet items; build predictive models.
• Valuation analysis using DCF and market values; assess recoveries.
• Capital structure analysis and credit provisions review.
• Monitor portfolio positions and prepare daily summaries.
• Maintain confidential information; handle special projects.

Skills

Quantitative analysis

Financial modeling

Excel

Teamwork

Communication

Education

Bachelor's degree

Tools

Excel

Job description

The Carlyle Group (NASDAQ: CG) is a global investment firm with $485 billion of assets under management, across 678 investment vehicles as of June 30, 2026. Founded in 1987 in Washington, DC, Carlyle has grown into one of the world's largest and most successful investment firms, with more than 2,500 professionals operating in 28 offices in North America, Europe, the Middle East, Asia and Australia.

Carlyle's purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors, which range from public and private pension funds to wealthy individuals and families to sovereign wealth funds, unions and corporations. Carlyle invests across three segments - Global Private Equity, Global Credit and Carlyle AlpInvest - and has deep expertise across industries, markets, and geographies.

At Carlyle, we believe that a wide spectrum of experiences and viewpoints drives performance and success. Our CEO, Harvey Schwartz, has stated that, "To build better businesses and create value for all of our stakeholders, we are focused on assembling leadership teams with the strongest insights from a range of perspectives." Reflecting this view, emphasis is placed on development, retention and inclusion through our internal processes and seven Employee Resource Groups (ERGs). We cultivate a culture where ideas are openly shared and challenged, connecting diverse expertise and perspectives to drive enduring value.

Fund or Department Description

The Loans & Structured Credit team generally focuses on performing senior secured bank loans rated below investment grade in the U.S. and European markets. Investment professionals practice a disciplined, anticipatory investment approach that is focused on identifying investment opportunities and proactively managing credit and market risk. Through stringent credit selection and monitoring, the team seeks to avoid defaults and maximize recoveries. The team also engages in active trading to improve credit quality. The Loans & Structured Credit strives to achieve high current income from quarterly or semi-annual cash distributions.

The Loans & Structured Credit team has long-standing close relationships with arrangers of leveraged finance and secondary market makers and also has the benefit of Carlyle's extensive network and strong relationships with the financial community. The team sources assets from both the primary and secondary market and has deal flow relationships with all major counterparties active in the U.S. and European leveraged finance markets, as well as strong relationships with nearly all private equity sponsors in these regions.

Loans & Structured Credit investment approach is highlighted as follows:

• Leverage the investment team's demonstrated analytical, trading and investment management expertise with The Carlyle Group's superior industry, company and market knowledge.
• Source investment ideas through The Carlyle Group's extensive industry relationships and network of contacts.
• Invest in quality companies that offer high current income with a low risk of principal loss using fundamental credit analysis.
• Construct and actively manage portfolio asset allocations based upon fund objectives and expectations for macro-economic performance.

Primary Responsibilities

• Industry Research: Develop/maintain a point of view on industry trends, drivers and economics;
• Financial Analysis: Analysis of assigned credits with particular focus on cash flow as well as on/off balance sheet assets and liabilities; the analyst will be expected to build/maintain predictive financial models
• Valuation Analysis: Analysis of transaction values, DCF and public values to express a view on asset protection as well as market value and ultimately recoveries in a default scenario;
• Capital structure analysis including an assessment of credit agreement and indenture provisions;
• Relative value analysis and the ability to express a view of an investment risk / return profile;
• Monitoring of portfolio positions and summarizing relevant information for daily morning meetings;
• Ensure assigned credit information is complete and accurate on internal information systems;
• Maintain confidentiality of all sensitive and confidential issues; and
• Special projects as assigned.

Requirements

• 1-3 years of prior buy side credit and /or sell-side high yield loan/bond research experience preferred; experience covering Financial Services or Technology is also preferred (though not a requirement)
• Strong quantitative, analytical and modeling skills (using Excel)
• Self-Starter, takes pride in work product, excellent communication (both written and oral) and interpersonal skills, curiosity/interest in credit and investing
• Strong organizational skills and attention to detail
• Demonstrated ability to work effectively as part of a team
• Bachelor's degree required

The compensation range for this role is specific to New York, NY and takes into account a wide range of factors including but not limited to the skill sets required/preferred; prior experience and training; licenses and/or certifications.

The anticipated base salary range for this role is $150,000.

In addition to the base salary, the hired professional will enjoy a comprehensive benefits package spanning retirement benefits, health insurance, life insurance and disability, paid time off, paid holidays, family planning benefits and various wellness programs. Additionally, the hired professional may also be eligible to participate in an annual discretionary incentive program, the award of which will be dependent on various factors, including, without limitation, individual and organizational performance.

Due to the high volume of candidates, please be advised that only candidates selected to interview will be contacted by Carlyle.