Enstar Group
Overview
VP Investments, Private Credit and Alternatives will assist the Head of Alternatives and Non-Core Specialty Mandates in four key areas: 1) Strategy and Pipeline Development, Sourcing, and Investment Due Diligence 2) Ongoing Monitoring of Existing Managers and Investments, 3) Portfolio Management, and 4) Ad-hoc projects, which can include strategic investment opportunities, joint ventures or other opportunities that arise through Enstar’s network. Enstar has managers across the following alternatives and non-core asset classes which make up 30% of $20B+ total investable assets and contribute a significant component of projected investment return, with the remainder managed by core-fixed income managers (which are outside the scope of this role).
What you will be doing Primary Responsibilities:
Provide coverage of external managers and investments across the above-mentioned range of alternative assets and certain other public equity-oriented asset strategies, such as covered call strategies.
Lead due diligence, underwriting and monitoring of private credit investments across a range of sub-strategies including Sponsor/Non-Sponsor Direct Lending, Junior Capital Solutions, Asset-Backed and Specialty Finance, Real Estate Credit, and Credit Special Situations.
Evaluate investment opportunities held via Limited Partnerships, Traded and Non-Trades BDCs, Interval Funds, and Rate Note Feeders.
Investment Pipeline: Sourcing, research, tracking and organizing calls with prospective general partners or sponsors for fund and co-investment opportunities.
Manager Due Diligence: Create RFPs and conduct due diligence on current and prospective managers and fund investments; review investment structure and tax implications; assess insurance regulatory capital requirements across jurisdictions; conduct reference calls.
Pipeline Development: Develop market maps for alternative and non-core asset classes; build and maintain a forward fund pipeline; develop peer group comparisons of pipeline managers.
Ongoing Monitoring: Maintain coverage of existing managers and investments, produce quarterly investment updates, and ensure accuracy of buy/hold/sell ratings.
Performance Measurement and Attribution: Evaluate absolute and relative performance against benchmarks and peer groups; develop manager scorecards and peer group analyses.
Investment Data Management: Maintain up-to-date information in internal databases and third-party systems; design and maintain high-quality reports for alternatives, managers and strategies.
Coordinate with regional teams, risk management, operations, accounting, legal counsel, external vendors and managers; assist in negotiations on new investments.
Portfolio Modeling: Develop and update strategic asset allocation, commitment pacing, NAV, cash flow, and return projection models; monitor credit risk for private credit investments and perform related analyses.
Portfolio Construction and Allocation: Conduct ongoing portfolio construction, research, relative value analysis and capital charge assessment.
Operational Setup: On-board new managers and investments in coordination with related teams; ensure internal systems are updated with new information.
Ad-hoc Projects as needed.
What you will bring 8+ years of work experience in an institutional investment role focused on identifying, diligence, and monitoring of external managers in the outlined strategies.
Experience as an investor, portfolio manager, and/or senior research analyst with a focus on alternatives is preferred.
3–5 years of experience within an insurance company investment general account, CIO office, or related area is preferred.
Prior experience with sourcing, screening, due-diligence, monitoring, performance measurement, credit risk analysis, and reporting of private credit is a must.
Demonstrated ability to model yield and returns for private credit structures including leverage, fees, expenses, and expected losses.
Experience with co-investments with sponsors is a plus.
Undergraduate degree required; advanced degree preferred. Finance/economics/accounting or related field preferred.
CFA and/or CAIA designations preferred.
Solid understanding of investment concepts, capital markets, alternatives, and the asset classes outlined above.
Strong statistical knowledge and ability to apply models to investments.
Foundational knowledge of private credit, fund terms, and related structures.
Knowledge of total return attribution, credit risk modelling, and performance measurement and attribution.
Proficiency in financial statement analysis, NAV and cash-flow modelling; M&A and LBO modelling.
Expertise in performance measurement and benchmark construction; knowledge of asset allocation and risk-based portfolio construction.
Advanced Excel and PowerPoint skills are critical; Power BI or Power Pivot/Power Query experience is a plus.
Ability to travel as needed for due diligence and monitoring.
General Info
The target base salary pay range for this role is $185,000 - $200,000. *Target full-time equivalent base salary range is based on relevant market data. The actual salary offered will depend on applicable market data for hiring location and relevant candidate knowledge, skills/experience. This salary range is not inclusive of applicable discretionary incentives.
Who we are
Enstar is a trusted, leading global (re)insurance group that delivers innovative solutions that help our clients reduce risk, release capital and achieve finality. We operate through our network of group companies positioned across the world’s major insurance hubs, spanning Bermuda, the US, London, Continental Europe and Australia. We are dedicated to helping some of the world’s largest organisations manage risk, providing new opportunities and supporting freedom to grow. With deep expertise, a highly experienced team and a strong track record in the retrospective (re)insurance market, we are proud of our 30+ year history of building enduring partnerships and bringing fresh thinking to complex challenges. Our solutions are supported by Enstar’s robust balance sheet, as evidenced by our $20.3 billion in assets, financial strength ratings and partnership with Sixth Street, a leading global investment firm.
Equal Opportunities at Enstar
Our annual Inclusivity Index puts Enstar ahead of the industry in terms of diversity and inclusivity. At Enstar, we value all types of diversity. We’re an equal opportunity employer and believe that our diversity creates an authentic working culture. We don’t discriminate on the basis of age, disability, gender identity, pregnancy or carer status, race, religion, sex, sexual orientation. Enstar is committed to providing an accessible recruitment experience for all applicants. Please let your Enstar Recruitment Partner know if you require any reasonable accommodation during the application process due to a disability.
Note: This job description reflects responsibilities and qualifications at the time of posting and may be subject to change. This listing is not intended to be all-inclusive.
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VP Investments, Private Credit and Alternatives will assist the Head of Alternatives and Non-Core Specialty Mandates in four key areas: 1) Strategy and Pipeline Development, Sourcing, and Investment Due Diligence 2) Ongoing Monitoring of Existing Managers and Investments, 3) Portfolio Management, and 4) Ad-hoc projects, which can include strategic investment opportunities, joint ventures or other opportunities that arise through Enstar’s network. Enstar has managers across the following alternatives and non-core asset classes which make up 30% of $20B+ total investable assets and contribute a significant component of projected investment return, with the remainder managed by core-fixed income managers (which are outside the scope of this role).
What you will be doing Primary Responsibilities:
Provide coverage of external managers and investments across the above-mentioned range of alternative assets and certain other public equity-oriented asset strategies, such as covered call strategies.
Lead due diligence, underwriting and monitoring of private credit investments across a range of sub-strategies including Sponsor/Non-Sponsor Direct Lending, Junior Capital Solutions, Asset-Backed and Specialty Finance, Real Estate Credit, and Credit Special Situations.
Evaluate investment opportunities held via Limited Partnerships, Traded and Non-Trades BDCs, Interval Funds, and Rate Note Feeders.
Investment Pipeline: Sourcing, research, tracking and organizing calls with prospective general partners or sponsors for fund and co-investment opportunities.
Manager Due Diligence: Create RFPs and conduct due diligence on current and prospective managers and fund investments; review investment structure and tax implications; assess insurance regulatory capital requirements across jurisdictions; conduct reference calls.
Pipeline Development: Develop market maps for alternative and non-core asset classes; build and maintain a forward fund pipeline; develop peer group comparisons of pipeline managers.
Ongoing Monitoring: Maintain coverage of existing managers and investments, produce quarterly investment updates, and ensure accuracy of buy/hold/sell ratings.
Performance Measurement and Attribution: Evaluate absolute and relative performance against benchmarks and peer groups; develop manager scorecards and peer group analyses.
Investment Data Management: Maintain up-to-date information in internal databases and third-party systems; design and maintain high-quality reports for alternatives, managers and strategies.
Coordinate with regional teams, risk management, operations, accounting, legal counsel, external vendors and managers; assist in negotiations on new investments.
Portfolio Modeling: Develop and update strategic asset allocation, commitment pacing, NAV, cash flow, and return projection models; monitor credit risk for private credit investments and perform related analyses.
Portfolio Construction and Allocation: Conduct ongoing portfolio construction, research, relative value analysis and capital charge assessment.
Operational Setup: On-board new managers and investments in coordination with related teams; ensure internal systems are updated with new information.
Ad-hoc Projects as needed.
What you will bring 8+ years of work experience in an institutional investment role focused on identifying, diligence, and monitoring of external managers in the outlined strategies.
Experience as an investor, portfolio manager, and/or senior research analyst with a focus on alternatives is preferred.
3–5 years of experience within an insurance company investment general account, CIO office, or related area is preferred.
Prior experience with sourcing, screening, due-diligence, monitoring, performance measurement, credit risk analysis, and reporting of private credit is a must.
Demonstrated ability to model yield and returns for private credit structures including leverage, fees, expenses, and expected losses.
Experience with co-investments with sponsors is a plus.
Undergraduate degree required; advanced degree preferred. Finance/economics/accounting or related field preferred.
CFA and/or CAIA designations preferred.
Solid understanding of investment concepts, capital markets, alternatives, and the asset classes outlined above.
Strong statistical knowledge and ability to apply models to investments.
Foundational knowledge of private credit, fund terms, and related structures.
Knowledge of total return attribution, credit risk modelling, and performance measurement and attribution.
Proficiency in financial statement analysis, NAV and cash-flow modelling; M&A and LBO modelling.
Expertise in performance measurement and benchmark construction; knowledge of asset allocation and risk-based portfolio construction.
Advanced Excel and PowerPoint skills are critical; Power BI or Power Pivot/Power Query experience is a plus.
Ability to travel as needed for due diligence and monitoring.
General Info
The target base salary pay range for this role is $185,000 - $200,000. *Target full-time equivalent base salary range is based on relevant market data. The actual salary offered will depend on applicable market data for hiring location and relevant candidate knowledge, skills/experience. This salary range is not inclusive of applicable discretionary incentives.
Who we are
Enstar is a trusted, leading global (re)insurance group that delivers innovative solutions that help our clients reduce risk, release capital and achieve finality. We operate through our network of group companies positioned across the world’s major insurance hubs, spanning Bermuda, the US, London, Continental Europe and Australia. We are dedicated to helping some of the world’s largest organisations manage risk, providing new opportunities and supporting freedom to grow. With deep expertise, a highly experienced team and a strong track record in the retrospective (re)insurance market, we are proud of our 30+ year history of building enduring partnerships and bringing fresh thinking to complex challenges. Our solutions are supported by Enstar’s robust balance sheet, as evidenced by our $20.3 billion in assets, financial strength ratings and partnership with Sixth Street, a leading global investment firm.
Equal Opportunities at Enstar
Our annual Inclusivity Index puts Enstar ahead of the industry in terms of diversity and inclusivity. At Enstar, we value all types of diversity. We’re an equal opportunity employer and believe that our diversity creates an authentic working culture. We don’t discriminate on the basis of age, disability, gender identity, pregnancy or carer status, race, religion, sex, sexual orientation. Enstar is committed to providing an accessible recruitment experience for all applicants. Please let your Enstar Recruitment Partner know if you require any reasonable accommodation during the application process due to a disability.
Note: This job description reflects responsibilities and qualifications at the time of posting and may be subject to change. This listing is not intended to be all-inclusive.
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