A fast-growing, London-based specialist private credit fund is seeking a technically strong Associate to join its investment team.
The business deploys capital across SME cashflow lending, asset-backed finance, real estate, forward flow, and platform lending strategies.
This is not a traditional institutional environment. There are no rigid templates or predefined underwriting models—every deal requires independent thinking, bespoke modelling, and genuine credit judgement.
You will join a small, high-performing team where your analysis directly influences investment decisions from day one.
What Makes This Role Different
- Direct exposure to senior decision-makers within a lean team
- Immediate responsibility for financial modelling and analysis
- Exposure across multiple asset classes
Strong analytical thinking is recognised. Weak analysis is challenged.
Key Responsibilities
- Analyse borrower financials and large, unstructured loan datasets
- Build bespoke Excel models from first principles to assess credit risk
- Identify inconsistencies and challenge borrower assumptions
- Construct default curves, vintage analysis, and roll-rate matrices
- Model SME cashflows, covenant headroom, and downside scenarios
- Assess underwriting methodologies of lending platforms
- Evaluate probability of default using quantitative and qualitative factors
- Translate complex analysis into clear credit recommendations
- Engage with origination channels (e.g. brokers) to support deal flow
- Support relationship management and post-investment monitoring
Technical Requirements
This role requires strong modelling capability and intellectual curiosity around risk:
- Ability to build complex Excel models from a blank workbook
- Experience handling large datasets (20k+ rows)
- Knowledge of vintage, cumulative default, and roll-rate analysis
- Ability to reconcile inconsistencies in borrower data
- Flexibility to apply different analytical frameworks across asset classes
- Advanced Excel skills (Pivot Tables, XLOOKUP/INDEX-MATCH, SUMIFS, dynamic modelling)
Ideal Background
2–5 years’ experience in one or more of the following:
- Private credit
- Structured or specialty finance
- Asset-backed lending
- Structured products
Exposure to multiple credit types is highly desirable.
- Analytical and performance-driven
- Entrepreneurial rather than institutional
- Flat structure with high ownership
You will work closely with senior team members and develop practical credit judgement across a broad range of transactions.
Who Will Thrive
This role suits someone who:
- Enjoys building rather than operating processes
- Is intellectually curious about credit risk
- Is comfortable making decisions with imperfect data
- Thinks independently rather than relying on templates
- Can move between consumer-style portfolio modelling and SME underwriting
- Has strong commercial awareness (not purely academic)
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Associate – Private Credit (SME Lending) in London employer: Cobalt Recruitment
Join a dynamic real estate development and investment management firm in London, where your expertise in equity capital raising will be highly valued. With a lucrative salary and performance-based bonuses, you'll thrive in a high-growth environment that fosters collaboration and innovation among ambitious investors. Our supportive work culture prioritises employee growth, offering unique opportunities to expand your professional network and enhance your skills in a vibrant city known for its financial prowess.
