Infrastructure Credit Associate – Alternative Investments

IT STARTS HERE. Santander is evolving from a global, high-impact brand into a technology-driven organisation, and our people are at the heart of this journey. Together, we are driving a customer-centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible. This is a chance for driven professionals to grow, learn, and make a real difference.

Santander Alternative Investments (SAI) is the Group’s €10bn alternatives platform supported by over €4.4bn in co-investment from Santander Group. This includes private credit, real assets, infrastructure, private equity, and GP stakes. SAI forms part of Santander Asset Management (SAM), a €255bn global asset manager operating across 10 countries in Europe and Latin America with more than 50 years of experience. SAM combines technology and expertise to provide optimal solutions for clients. We deliver a simple, innovative and transparent service with a sole objective: offer our clients a comprehensive range of products with the right balance between risk and return. Our behaviours underpin everything we do: we think clients, embrace change, act now, move together and speak up.

The difference you make: Santander Asset Management are looking for an Infrastructure Credit Associate – Alternative Investments, based out of London. As an Associate within the Targeted Enhanced-Yield Infra Debt Fund, you will play a pivotal role in the analysis execution, and subsequent investment monitoring of global infrastructure and energy private credit high-yield investments. This includes independently constructing and analysing detailed financial models, preparing high‑quality investment materials, and contributing informed views during idea generation and investment screening. You will engage directly with investee companies throughout the investment and monitoring phases, support ESG initiatives, and help manage the data, analytics and reporting that underpin effective portfolio oversight. You will be responsible for analysing investment opportunities in depth and producing clear, well‑reasoned proposals based on your findings. In addition, you will play a central role in workstreams that structure and negotiate transactions, undertake comprehensive financial, ESG and legal reviews, and manage investments - including preparing and presenting proposals to the fund’s investment committee - with a strong emphasis on financial modelling and data‑driven insight. Working closely with senior management, you will contribute across all aspects of the fund’s activities, supporting disciplined risk management and sustainable value creation. You will also play a key role in portfolio monitoring, investor reporting, and maintaining strong relationships with sponsors, advisors, counterparties and institutional clients.

To succeed in this role, you will:

• Construct and analyse detailed financial models associated with junior credit investments.
• Formulate investment materials such as Investment Committee and portfolio monitoring papers, quarterly reports and wider professional reports.
• Engage with investee companies, advisors, sponsors and banks throughout the investment lifecycle.
• Drive and contribute to ESG analysis and initiatives aligned with the fund’s objectives.
• Be a voice in the team when ideas are shared and investments are screened.
• Manage fund data, investment monitoring and portfolio analytics.
• Conduct detailed quantitative, investment analysis and underwriting.
• Perform detailed cash flow modelling and cash extraction analysis to evaluate debt service capacity, downside scenarios, and overall investment resilience.
• Analyse due diligence materials and incorporate findings into the underwriting process.
• Post investment performance monitoring, management and reporting.
• Play an active role in fund raising and attend meetings with clients and investors.
• Collaborate with senior management on the development of new investment strategies and thematic priorities within the infrastructure and energy private credit space.

Qualifications: Our people are our greatest strength. Every individual contributes unique perspectives that make us stronger as a team and as an organisation. We’re enabling teams to go beyond by valuing who they are and empowering what they bring. The following requirements represent the knowledge, skills, and abilities essential for success in this role. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Professional Experience:

• Professional background in buy‑side credit, financial modelling or accounting/transaction services.
• Strong knowledge of Infrastructure & Energy financing and investment, with a proven capacity to analyse complex private credit transactions.
• Experience of conducting valuations of infrastructure companies.
• Ability to work independently on things like NDAs, engagement letters etc.
• Experience producing clear, professional reports and presentations in English.
• Strong technical expertise in financial modelling, due diligence, valuation and credit.
• Demonstrated ability to manage private credit investments through different economic cycles, with proven insight into the implications for financial credit structures and portfolio resilience.
• Strong interpersonal capabilities, with the ability to build trust and credibility with senior management, peers, investors, and counterparties.
• Self-motivated, results-oriented, and committed to exceeding objectives and delivering long-term value creation.

Education: A degree in Engineering, Business Administration, Economics, Mathematics, or related disciplines would be advantageous, provided they demonstrate a strong professional track record in infrastructure credit investment within an asset manager. Professional certifications such as CFA, CAIA, or equivalent will be considered highly desirable.

Rewards & Benefits: At Santander Asset Management, your contribution matters. We recognise the difference you make every day, and we make sure you feel valued, supported and rewarded in return. Here, recognition goes beyond pay. It’s about the pride you feel in your work, the impact you make for our clients, and the opportunities you have to grow and thrive — personally and professionally.

How We’ll Reward You:

• As well as a competitive salary, we offer a wide range of benefits that you can choose from and tailor to your needs.
• Eligible for a discretionary performance-related annual bonus.
• Hybrid ways of working providing flexibility to work from home 2 days per week (on average).
• We put 15% of salary into your pension, even if you don’t contribute yourself.
• 30 days’ holiday plus bank holidays.
• Company funded private medical and dental insurance for you and your family.
• Free access to a range of digital health services, including GP Protection for you and your family, with company-funded death-in-service benefit and income protection insurance.
• 24/7 access to an online employee discount platform including retailers, entertainment, eating out, travel and more.
• Voluntary healthcare benefits at discounted rates.
• Staff versions of Santander products with no fees and access to deals and discounts.
• Wellbeing resources across four pillars (physical, mental, social and financial) and access to wellbeing programs.
• Global growth opportunities across Santander’s international network.

What To Do Next: If this sounds like a role you are interested in, then please apply. If there’s anything we can do in the recruitment process to help you achieve your best, get in touch.