Credit Analyst - LBO Underwriting in London

Manage and monitor GIPD's European credit portfolio, with core responsibility for BSLBSL exposure via a Separately Managed Account (SMA) and expanding coverage of European DL investments (acting as fund LP) and mid-market LBO co-investments.

Act as primary reviewer and challenger of credit inputs from the BSL Asset Manager for SMA investments, adding independent credit judgment and ensuring alignment with the Banks risk appetite and portfolio objectives.

Lead the development of DL capabilities, including evaluation of DL funds, GP platforms, and underlying LBO exposures, supporting both investment and gatekeeping decisions.

Apply strong credit underwriting skills (including mid-market LBO analysis) alongside a portfolio manager mindset to optimise risk-return across BSL, DL funds, and co-investments.

Provide concise, high-quality reporting and portfolio insights to Deputy HoD, HoD, RMD, UGM, and GM to support risk management and strategic decision-making.

Support senior management in shaping and expanding the Banks European credit franchise across (i) BSL SMA investments, (ii) DL fund LP investments, and (iii) mid-market LBO co-investments with DL GPs.

Build effective relationships with Asset Managers, GPs, and internal stakeholders, while developing junior colleagues through coaching and knowledge sharing.

KEY RESPONSIBILITIES

• BSL (SMA) Portfolio Oversight: Review and challenge Asset Managers credit inputs; assess individual credits, portfolio positioning, and relative value; enhance internal reporting quality and efficiency; ensure robust monitoring of risks and performance.
• DL & Fund Investment Coverage: Evaluate DL funds and GPs, including fund structure, strategy, terms, and performance metrics; conduct GP-level analysis and ongoing monitoring; support investment selection and gatekeeping.
• LBO Credit Underwriting & Co-investments: Perform credit analysis on mid-market LBO co-investment opportunities, including financial modelling, structure, documentation, and downside assessment; significantly leverage information from the partner GP in this context.
• Portfolio Management & Risk Control: Monitor portfolio risks across BSL, DL and mid-market LBO co-investment exposures; ensure adherence to credit standards and risk limits; identify concentration, structural, and market risks; take timely action in stress scenarios.
• Deal Execution & Investment Process: Prepare credit memos, investment notes, and portfolio reviews; support internal approval processes and Credit Committee discussions with clear and balanced recommendations.
• Market & Strategic Insight: Maintain strong understanding of European leveraged finance and private credit markets, including DL dynamics, fund structures, and investor behaviour; provide insights to inform portfolio positioning and strategy.
• Operational & Reporting Excellence: Maintain efficient reporting frameworks (including BSL SMA), leveraging external managers and internal tools; ensure timely and high-quality communication to senior management.
• Client & Stakeholder Management: Build and maintain relationships with BSL Asset Manager, DL GPs, and other market participants; act as a key internal point of contact across relevant product areas.

QUALIFICATIONS AND EXPERIENCE

• Strong experience in sub-IG corporate credit analysis, with solid grounding in LBO underwriting (rating agency, bank, or buyside experience acceptable).
• Good understanding of European DL market, including fund structures, GP dynamics, key terms, and private credit ecosystem.
• Demonstrated ability to combine detailed credit work with portfolio-level thinking and strategic perspective.
• Self-motivated, proactive, and capable of working independently while contributing to team and franchise development.