Senior Associate, Private Credit

The Company

For 175 years, National Life Group (“NLG”) has aimed to keep their promises to provide families stability in good times and in bad. And throughout that history, they have provided peace of mind to those families as they plan their futures.

As a mission-driven business, the cause of what they do is as important as the products they sell. And their cause is a very simple one, directed at the people who live and work on America’s Main Streets: “To Do good in our communities and with the individual families we serve.”

NLG Capital, the investment management company of NLG, manages approximately $40 billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team.  They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision.  We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders.  Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.

Position Summary

The Senior Associate, Private Credit will be an essential member of the newly formed Private Credit vertical, playing a key role in sourcing, evaluating, executing, and managing private credit investments for both sponsor and non-sponsor backed businesses as well as secondary market opportunities. This position requires a self-motivated, technically proficient individual with a strong background in credit analysis, financial modeling, and due diligence. The successful candidate will collaborate closely with internal teams and external partners, contribute to direct investment opportunities, and engage in joint ventures with other financial institutions. The Sr Associate will also have the opportunity to participate in secondary market investments and contribute to strategic projects across the firm.

Essential Duties and Responsibilities

• Credit Analysis & Due Diligence: Lead and assist in conducting comprehensive credit analysis for both direct investments and partner-led transactions. This includes evaluating financial statements, assessing credit risks, and performing liquidity/capital structure analysis and engaging third parties such as expert networks or quality of earnings providers.
• Financial Modeling & Technical Expertise: Develop and maintain financial models to assess investment opportunities, including cash flow analysis, debt covenant compliance, and stress-testing. Utilize advanced technical skills to assess credit metrics and structure deals to optimize risk-adjusted returns.
• Investment Materials: Lead the drafting of investment materials (including memos, models, supplemental analyses) for the Investment Committee for both new and existing investments.
• Direct Investments & Partner Collaboration: Source and evaluate new private credit investments. Collaborate with external partners such as private equity firms, direct lenders, capital market desks at investment banks/advisors, and other financial institutions to structure and execute investment transactions.
• Secondary Credit Market Investments: Assess and participate in secondary credit market opportunities, including portfolio acquisitions and single name credits.
• Legal Documents: Draft and review critical legal documents related to private credit transactions, including term sheets, credit agreements, bond indentures, and other related documentation. Work with in-house and external counsel to drive strong execution.
• Portfolio Management & Monitoring: Actively monitor the performance of both direct and partner-related investments. Ensure ongoing covenant compliance, track financial performance, and provide actionable insights for portfolio optimization.
• Special Projects: Participate in firm-wide special projects, collaborating with various internal teams on strategic initiatives that impact the growth and development of the newly formed Private Credit vertical, as well as other areas of the firm.
• Relationship Management: Build and maintain strong relationships with borrowers, investment partners, legal counsel, and other key stakeholders. Work closely with external parties to ensure smooth execution of transactions and ongoing management of investments.
• Independent Contribution & Initiative: As a proactive self-starter, take ownership of individual projects and workstreams, independently identifying opportunities, risks, and solutions while driving initiatives forward with minimal supervision.

Qualifications

• Education: A Bachelor’s degree in Finance, Accounting, Economics, or a related field is required. An MBA or CFA designation is a positive.
  
  
• Experience: A minimum of 2-5 years of experience in private credit, private equity, investment banking, or a similar financial services role. The candidate should have substantial experience in credit analysis, financial modeling, and transaction execution. Prior experience working with private credit funds, investment banks, or financial institutions on direct investments is essential. Exposure to secondary credit market investing is an advantage.
  
  
• Skills:

• Advanced proficiency in financial modeling, including Excel, Word and PowerPoint.
• In-depth knowledge of credit markets, capital structures, and debt instruments, with experience across senior secured, unitranche loans, and secondary credit market opportunities.
• Strong quantitative and qualitative skillset with ability to form and express credit views to team members and investment committees both verbally and through formal IC memos.
• Experience in drafting and reviewing legal documents, such as term sheets, credit agreements, bond indentures, and other legal documents related to private credit transactions
• Excellent communication and presentation skills, with the ability to convey complex financial concepts, investments and investment strategies to both internal stakeholders and external partners.
• Proven experience in collaborating with external partners and managing joint investment processes.
• Exceptional organizational and time-management skills, with the ability to manage multiple, competing priorities in a fast-paced environment.

• Personal Attributes:

• Highly self-motivated with a strong work ethic and a demonstrated ability to work independently and take initiative.
• A collaborative team player who thrives in a dynamic, fast-paced environment and is capable of managing cross-functional relationships.
• Detail-oriented, with a commitment to producing high-quality work and upholding the highest professional standards.

Benefits and Compensation

• Your benefits start day one and are flexible and customizable to your and your family’s specific needs. Check out the BENEFITS of a Career at National Life!
• The base salary range for this role is between $150,000-$200,000 annually. We are open to varying levels of experience.

In addition to base salary, other rewards may include an annual bonus, quarterly bonuses, commissions, and other long-term incentive compensation, depending on the position.  National Life offers a competitive total rewards package which includes: a 401(k) retirement plan match; medical, dental, and vision insurance; a company funded wellness account for director and below employees; 10 paid holidays; a generous paid time off plan (22 days of combined time-off for non-exempt employees and exempt employees have discretion in managing their time, including scheduling time off in the normal course of business, but in no event will exempt employees receive less sick time than required by state or local law); 6 weeks of paid parental leave; and 6 weeks of paid family leave after a year of full-time employment

National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.   

National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT – founded in 1848, Life Insurance Company of the Southwest, Addison, TX – chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. All other entities are independent of the companies of National Life Group.

National Life Group

1 National Life Dr

Montpelier, VT 05604

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Salary : $150,000 - $200,000