A major global alternatives platform spanning private equity, credit, real assets, and insurance. The firm manages capital across direct investment funds and affiliated insurance subsidiaries, with a mandate to generate risk adjusted returns through disciplined underwriting and long term ownership. The insurance business offers annuity, protection, and reinsurance products managed by a dedicated subsidiary, and demand for residential asset based finance product across the insurance balance sheet and the firm’s managed funds has grown materially over recent years, driving the need to add capacity to the residential team at the Vice President level.
The role sits within the residential ABF effort and covers the structuring, underwriting, and ongoing portfolio management of residential whole loan and securitized transactions placed across the insurance balance sheet and the firm’s managed credit and ABF funds. The Vice President will work alongside senior investment professionals on a steady pipeline of residential transactions and will be relied on to run the modeling, diligence, structuring analytics, and execution work that sits behind each deal, while taking ownership of surveillance and performance work across the existing residential portfolio. Asset class coverage includes non-QM, jumbo prime, residential transition loans, second lien and HELOC, single family rental, mortgage servicing rights, reverse mortgages, and agency and non-agency RMBS, with selective exposure to the wider ABF universe as the broader team’s pipeline requires.
Core Responsibilities
- Deal Execution and Modeling
- Build and maintain detailed cash flow models for residential whole loan portfolios and securitized transactions, covering collateral level analysis, loss and prepayment assumptions, and structured note waterfalls, and run those models through the underwriting, structuring, and closing process for each deal.
- Structuring
- Contribute to the structuring of rated note feeders, private securitizations, warehouse facilities, and other capital efficient formats used to place residential collateral into the insurance balance sheet and the firm’s managed fund vehicles, working alongside internal structuring, legal, accounting, and ratings advisor counterparts through to execution.
- Diligence and Investment Materials
- Lead collateral and counterparty diligence on residential whole loan portfolios and forward flow programs, and author the internal investment memos that go to senior committees and insurance stakeholders with clear conclusions and recommendations.
- Market Coverage
- Maintain active coverage of residential whole loan and securitized markets including agency and non-agency RMBS, non-QM, residential transition, HELOC and second lien, single family rental, MSR, and reverse mortgage, and develop a working view on relative value across sub sectors through dealer dialogue, research, and pricing trends.
- Portfolio Management
- Monitor existing residential holdings across vehicles for emerging risk or opportunity, produce the surveillance and performance reporting that supports senior decision making, and contribute to the design and execution of rotation trades alongside senior investment colleagues.
What We’re Looking For
- Undergraduate degree in finance, economics, or a quantitative discipline
- 6-8 years of experience in investment banking, asset management, or insurance investing, with a meaningful portion of that time spent on residential whole loan or RMBS transactions
- Direct experience working with residential whole loans is required, including involvement in diligence, modeling, structuring, or trading of whole loan portfolios at an originator, aggregator, asset manager, insurance investor, or sell side desk
- Strong financial modeling and analytical skills, including cash flow modeling of residential collateral, loss and prepayment analysis, and structured note waterfalls
- Familiarity with the rated note feeder, private securitization, and warehouse formats commonly used to place residential collateral into institutional balance sheets and fund vehicles
- Working knowledge of the regulatory, capital, and accounting frameworks that shape residential ABF investing on an insurance balance sheet, including NAIC and rating agency treatment of rated note and private securitization structures
- Clear written and verbal communication, with the ability to produce investment memos and deal materials for senior audiences and to represent the team in counterparty dialogue
- Entrepreneurial mindset and comfort taking ownership of work streams in a fast moving environment
- Familiarity with insurance specific accounting, capital, and investment constraints is a plus
