Associate – ABF Investment Risk Management

Apollo's Investment Risk Management team, which manages the securitized products and structured finance assets sourced and serviced by ATLAS, is seeking an Associate. The Associate will support the Asset-Backed Finance Risk function, contributing to risk evaluation and monitoring across European ABF investment activity. The role will focus on Commercial Real Estate (CRE) debt transactions — including senior secured whole loans, mezzanine, and subordinated CRE debt — alongside exposure to Residential Mortgage, Consumer and other Asset Backed transactions.

The Associate will work closely with the ABF Risk leads and Origination teams on the evaluation of credit risk in new and existing transactions. Their analysis and written challenge will directly support the senior risk officers in gaining comfort ahead of investment committee sign-off. To ensure alignment between the business and the firm's risk appetite, the incumbent will develop strong working relationships with deal teams while actively contributing to a culture of rigorous review and challenge. The ideal candidate will have 3–5 years of experience in CRE lending, CMBS underwriting, real estate investment banking, or a related credit function, and will bring strong financial modelling skills and sound credit judgement to a fast-paced, high-conviction team.

• Assist in ongoing portfolio monitoring, including tracking covenant compliance, portfolio reporting, and flagging credit deterioration across the ABF book.
• Engage with deal teams throughout the underwriting process to raise risk concerns early and ensure key issues are documented appropriately in a succinct manner.
• Support the evaluation of European CRE debt transactions and broader ABF investments, including new underwritings and ongoing portfolio positions.
• Review and critically assess IC memos, term sheets, and deal materials; prepare written credit challenge and risk commentary for senior review.
• Review legal documentation — facility agreements, intercreditor arrangements, security packages, and servicing agreements — identifying structural or protection gaps.
• Support AUP (Agreed-Upon Procedures) workstreams and third-party operational due diligence reviews, including servicer assessments and collateral verification exercises.
• Contribute to the development of risk tools, monitoring templates, and reporting frameworks as the ABF risk function continues to build out.
• Prepare materials for investment committee, risk committee, and senior risk officer review.

• 3–5 years of experience in commercial real estate lending, CMBS/RMBS underwriting, CRE investment banking, real estate debt fund management, or credit risk in a structured lending context.
• Undergraduate degree, preferably in Finance, Economics, Mathematics, or a related quantitative discipline; CFA or equivalent qualification advantageous.
• Strong understanding of CRE credit fundamentals — property cash flows, LTV and DSCR analysis, loan structuring, and property market dynamics across key European markets.
• Experience reviewing legal documentation (facility agreements, intercreditor agreements, security packages) and identifying structural risk.
• Solid financial modelling skills; able to build and stress-test cash flow models and debt service analysis independently.
• Familiarity with securitised products (CMBS, RMBS, ABS, CLOs) or structured credit warehouse lending is advantageous.
• Ability to form an independent credit view, articulate concerns clearly, and document analysis in a concise and rigorous manner.
• Strong written and verbal communication skills; comfortable preparing written memos and presenting findings to senior stakeholders.
• Excellent attention to detail and strong work ethic; able to manage competing workstreams across multiple transactions and projects in a fast-paced environment.
• Strong interpersonal skills and ability to collaborate effectively with deal teams, external advisors, and counterparties.