Prime: Associate - Private Debt
Business Unit & Team: Prime, Private Debt
Reporting to: Head of Private Debt Co-investments
Location: 22 Bishopsgate, London
BNP Paribas Asset Management (BNPP AM) is the asset manager of BNP Paribas, a leading banking group in Europe with international reach. Among the top three asset managers in Europe, the firm manages over €1.6 trillion in assets for institutional, corporate, retail, and wealth clients worldwide. BNPP AM has a global network of local experts in 35 countries, combining global reach with local expertise.
BNPP AM’s expertise spans liquid and alternative investments, with a leadership position in long-term savings management for insurers and pension funds (€850 billion in assets under management).
BNPP AM’s alternatives platform, backed by over 30 years of experience, is the largest in Europe and a global leader, managing approximately €300 billion across real estate, infrastructure, alternative credit and private equity.
BNPP AM offers a broad range of liquid investment solutions, including fixed income, high-conviction active strategies, and a fast-growing ETF offering, totaling over €1 trillion in assets.
Sustainable and thematic investment capabilities are embedded across the business, supporting clients’ long-term objectives.
BNPP AM aims to set a new standard in asset management by harnessing scale, deep expertise, and long-term capital access to deliver sustainable and resilient outcomes for clients and the economy.
All figures are sourced from publicly available data as of September 2025
Job Purpose
This role involves primarily analysing and structuring co-investments in Private debt investment opportunities and making investment recommendations for the Private debt portfolios across a wide range of industries, geographies (Europe and US) and instruments (unitranche, senior secured and subordinated debt).
The selected candidate will execute co-investments in Direct Lending investments under the responsibility of the Head of Private Debt Co-investments.
Responsibilities
Opportunities screening:
- Reviewing new credit opportunities (direct investments, and to a lower extent LP investments and secondary trades) and quickly assessing their credit merits and associated risks, as well as key legal terms
- Determining to what extent an investment would fit with portfolio construction objectives and targeted returns
- Understanding ESG impact of investments and fit with targets
- Sharing outcome of findings with rest of the team and making recommendations based on a first assessment of opportunities
Deal execution & monitoring:
- Run in-depth analysis of credit opportunities including review of information material and due diligence reports, assessment of key risks and mitigants, preparation of comprehensive financial modelling together with sensitivity analysis and business valuation/debt coverage
- Assess appropriate debt structures and terms, including review of term sheets and credit term agreements
- Prepare credit papers on the opportunity and present recommendations to portfolio manager(s) of the Private Debt funds and relevant investment committees
- Run deal process until closing of the investment, working closely with internal and external parties as appropriate (legal/ ESG/ operations/ finance/ compliance as well as external counsel and fund administrator)
- Closely monitoring the financial performance of investments made. Perform adequate reporting and quarterly valuations on these. Also run amendments and refinancing of allocated portfolio assets
Client relationship, reporting and fund raising:
- Maintain relationships with third party asset managers, origination partners, management team of portfolio companies, sponsors, advisors and law firms
- Active interaction with external and internal investors and internal parties in relation to inter alia investment performance, market views, etc.
- Monitor portfolio and asset performance’s impact
- Perform control over reporting tools to ensure accuracy of data reported
- Contribute to producing regular reporting documents as well as ad-hoc analysis/ requests to be shared with clients
Private Debt business set-up:
- Contributing to primaries fund selection
- Contribute to building a best-in-class reporting tool that fits with internal and third-party requirements
Qualifications, knowledge and experience:
Your qualifications and experience:
- Master’s degree in Economics or Engineering (with applied finance)
- Fluency in written and spoken English; Foreign languages (German, Nordics, Dutch, French) are a plus
- Restructuring experience is also a plus
- At least 5 years of experience in direct lending and/or leveraged finance within buy side funds/ asset managers/ banking institutions/ debt advisory firms
- Origination experience is not essential, but strong credit acumen and execution capability are paramount. Must-have skills include credit and financial analysis, cash-flow modelling and sensitivity analysis, legal documentation review and negotiation
Your knowledge and skills:
- Strong team orientation with capacity for intensive independent work
- Strong analytical skills
- Strong writing and presentation capabilities
- Emphasis on quality of analysis for clients
- Strong integrity, self-starter and can-do attitude
- Excellent Relationship management
- Experience in running deal processes and coaching interns/analysts