Blackstone Credit & Insurance - PCS–Origination – Principal

Blackstone; Cambridge (MA); On-site; USD 210,000 - 250,000; Full time

Job summary

Blackstone Credit & Insurance - PCS–Origination – Principal is seeking a senior professional to lead origination efforts, structuring complex private credit and royalty transactions in the Life Sciences sector, and to collaborate with portfolio companies and sponsors.

You will source deals, perform due diligence, build financial models in Excel, and present investment ideas to internal committees, with opportunities to influence across the capital structure.

Qualifications

• Bachelor’s degree in Finance, Economics, Business Administration, or related field required.
• Minimum of 6 years of experience in Life Sciences investing across IB, equity research, private credit or private equity.
• Extensive financial modeling using Microsoft Excel for royalty, credit, and operating models.
• Experience creating proprietary pharmaceutical revenue forecasts from primary research and literature reviews.
• Sourcing, underwriting, due diligence, and closing royalty monetization, synthetic royalty, and debt transactions in Life Sciences.
• Experience managing third-party diligence providers and negotiating bespoke royalty/credit agreements.
• Proficient in using Bloomberg, GlobalData, EvaluatePharma, and CapIQ for screening.
• Fund management experience including fundraising and portfolio construction is a plus.

Responsibilities

• Support BXCI’s Private Credit Strategies Group in growth financings and corporate transactions.
• Structure investments across the capital structure (debt, equity, royalty monetization).
• Develop both quantitative and qualitative investment skills across therapeutic areas and investment types.
• Participate in all aspects of the investment process, from sourcing to memos.
• Meet with management teams, perform due diligence, and prepare investment memos for committees.
• Collaborate with senior Blackstone members on multiple projects and manage multiple tasks.

Skills

Financial modeling

M&A experience

Credit investing

Private equity

Capital structuring

Education

Finance degree

Tools

Excel

Word

PowerPoint

Bloomberg

GlobalData

EvaluatePharma

CapIQ

Job description

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Business Group:

Blackstone Credit & Insurance (“BXCI”)

Business Group Overview:

Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Job Title:

Blackstone Credit & Insurance - PCS–Origination – Principal

Job Responsibilities:

• Primarily support BXCI’s Private Credit Strategies Group, focusing on providing private investment capital to publicly traded companies and private equity sponsors in connection with growth financings, recapitalizations, mergers and acquisitions, and other corporate transactions within the Life Sciences sector.
• Utilize a flexible approach when structuring investments, which may include royalty monetization, synthetic royalties, senior debt (secured and unsecured), subordinated debt, preferred & common equity, and private equity, thus working on investments across the capital structure.
• Develop both quantitative and qualitative skills through the investment process and will have the opportunity to gain exposure to a wide range of therapeutic areas and investment types.
• Will have the opportunity to participate in all aspects of the investment process.
• Responsibilities will include transaction sourcing, business and scientific due diligence, including meeting and interacting with management teams, financial and valuation analyses, industry research, legal documentation, and drafting of investment memos for internal and external use.
• Will be expected to work on numerous projects at a time, as well as work closely with senior members of Blackstone.
• Perform other duties as needed.

Qualifications:

Education:

• Bachelor’s degree (or foreign equivalent) in Finance, Economics, Business Administration, or a related field required.

Experience:

• Minimum of 6 years of experience in job offered or related occupations required.

Experience:

• Minimum of 6 years of experience investing in the Life Sciences sector through roles in investment banking, equity research, private credit and/or private equity.
• Minimum of 6 years of experience utilizing Microsoft Excel to build detailed financial models, including royalty, credit, and company operating models.
• Minimum of 6 years of experience utilizing Microsoft Word and Microsoft PowerPoint to develop internal and external materials and utilizing these materials to present investment ideas to internal investment committees, potential co-investment partners, and other external clients.
• Minimum of 6 years of experience creating proprietary pharmaceutical revenue forecasts informed by primary research that includes clinical trial analysis, literature reviews, patent reviews, plus physician and payor interviews.
• Minimum of 4 years of experience sourcing, underwriting, conducting due diligence, and closing and negotiating royalty monetization, synthetic royalty, and debt transactions in the Life Sciences sector.
• Minimum of 4 years of experience originating investment opportunities through network of advisors and direct-to-corporate relationships.
• Minimum of 4 years of experience creating and running screening tools (including using Bloomberg, GlobalData, EvaluatePharma, and CapIQ) to identify new royalty and credit opportunities.
• Minimum of 4 years of experience managing third-party diligence providers to augment primary research process.
• Minimum of 4 years of experience negotiating bespoke royalty purchase, synthetic royalty / revenue interest financing, and credit agreements.
• Minimum of 2 years of experience in fund management, including fundraising and meeting with prospective investors, portfolio construction, fund finance, cash flow management, fund documentation and limited partner agreements.
• Experience can be concurrent.

The duties and responsibilities described here are not exhaustive and additional assignments, duties, or responsibilities may be required of this position. Assignments, duties, and responsibilities may be changed at any time, with or without notice, by Blackstone in its sole discretion.

Expected annual base salary range:

$210,000 - $250,000

Actual base salary within that range will be determined by several components including but not limited to the individual’s experience, skills, qualifications and job location. For roles located outside of the US, please disregard the posted salary bands as these roles will follow a separate compensation process based on local market comparables.

Additional compensation and benefits offered in connection with the role consist of comprehensive health benefits, including but not limited to medical, dental, vision, and FSA benefits; paid time off; life insurance; 401(k) plan; and discretionary bonuses. Certain employees may also be eligible for equity and other incentive compensation at Blackstone’s sole discretion.

Blackstone is committed to providing equal employment opportunities to all employees and applicants for employment without regard to race, color, creed, religion, sex, pregnancy, national origin, ancestry, citizenship status, age, marital or partnership status, sexual orientation, gender identity or expression, disability, genetic predisposition, veteran or military status, status as a victim of domestic violence, a sex offense or stalking, or any other class or status in accordance with applicable federal, state and local laws. This policy applies to all terms and conditions of employment, including but not limited to hiring, placement, promotion, termination, transfer, leave of absence, compensation, and training. All Blackstone employees, including but not limited to recruiting personnel and hiring managers, are required to abide by this policy.

If you need a reasonable accommodation to complete your application, please contact Human Resources at 212-583-5000 (US), [phone] (EMEA) or [phone] (APAC).

Depending on the position, you may be required to obtain certain securities licenses if you are in a client facing role and/or if you are engaged in the following:

• Attending client meetings where you are discussing Blackstone products and/or and client questions;
• Marketing Blackstone funds to new or existing clients;
• Supervising or training securities licensed employees;
• Structuring or creating Blackstone funds/products; and
• Advising on marketing plans prepared by a sales team or developing and/or contributing information for marketing materials.

Note: The above list is not the exhaustive list of activities requiring securities licenses and there may be roles that require review on a case-by-case basis. Please speak with your Blackstone Recruiting contact with any questions.