Crayhill Capital Management LP
Job Description: Investment Associate
Crayhill Capital Management LP is a New York-based private credit alternative asset management firm that specializes in asset-based lending opportunities. We are focused on generating attractive risk-adjusted returns across credit and economic cycles. Crayhill provides highly customized capital solutions to specialty finance and asset-heavy companies, focusing on sectors such as commercial finance, real estate, new energy, media, and consumer finance.
Crayhill was founded in 2015 by Carlos Mendez and Joshua Eaton who have worked together for over a decade, most recently at Magnetar Capital before founding Crayhill, and have successfully invested over $3bn in asset-based private credit. With over $1bn in assets under management, twenty professionals currently support our growing multi-product platform that invests capital on behalf of a sophisticated institutional client base and has deep relationships with the premier limited partner consultants. Our investment professionals have deep expertise in the credit markets with diverse experience coming from the sell-side and many well renowned alternative asset management firms such as Anchorage, Dune Capital, Och-Ziff, and Benefit Street.
Crayhill is seeking an Investment Associate to have an integral role on the investment team and focus on asset-based private credit deal execution, management, and sourcing. Crayhill’s investment model emphasizes deep industry and asset class specific research as a backdrop to formulating opinions on attractive transactions and deal structures. The team also emphasizes analysis of historical asset performance data and other proxy data, modeling of stress scenarios on projected future asset performance and building transaction structures that mitigate performance and market risks.
- Investment Analysis and Execution: Cradle to grave analysis of potential investments including model building and review, initial deal structuring, term sheet drafting and definitive document negotiation
- IC Memoranda Development and Presentation: Prepare and present investment committee memoranda, which will require communication of industry and competitive trends as well as quantitative credit assessment of the investment
- Due Diligence: Detailed review of data room materials as well as company and asset diligence, both on-site and desktop. Third party research compilation, expert network calls, and comparative analytics
- Research: Synthesize in-depth company and industry research informing RelVal analysis and structural features
- Asset Performance Analysis: Perform quantitative credit and asset performance analysis, resulting in investment pricing and valuation recommendations
- Build and Review Models: Develop complex asset-based financial models and develop and maintain asset databases
- Manage Existing Investments: Interface with portfolio company counterparties, conduct performance analysis and make recommendations based on critical analysis of data
The ideal candidate will have:
- Superior Academic Credentials: A bachelor's degree in finance, economics, mathematics or a related field from a top-tier university
- Relevant Experience: 3 – 7 years of experience with a background in structured credit investing, ABS banking, or asset-based lending. Familiarity with unit economics, payment waterfalls, securitization structures and the ability to analyze a specialty finance company and its assets
- PowerPoint Proficiency: Fluency in framing and creating concise PowerPoint presentations
- Technical Skills: Excellent financial modeling and Excel skills; SQL is a plus but not required
- Financial Knowledge: Understanding of accounting and financial reporting, capital structures and balance sheets
- Communication Skills: Strong written and oral communication skills, with ability to express views on risk / reward in an investment context
- Passion: Deep intellectual curiosity and desire to find solutions supported by data