BAAM - Credit Strategy, Associate
Job Description: BAAM - Credit Strategy, Associate Employer:
Blackstone Firm Overview:
Blackstone is one of the world's leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $472 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone. Business Unit:
BAAM Business Unit Overview:
Blackstone Alternative Asset Management (BAAM®), Blackstone's Hedge Fund Solutions platform, is the world's largest discretionary investor in hedge funds, with approximately $78 billion in assets under management. BAAM manages a diversified set of businesses including a customized solutions business, a special situations platform, a hedge fund seeding business, an open-ended mutual fund platform and a business that purchases stakes in established alternative asset managers. In all of BAAM's business lines, it carefully selects and partners with fund managers across a variety of asset classes and strategies to create solutions for its investors. Through its sharp focus on clients' goals, a rigorous due-diligence process and access to Blackstone's global insights, BAAM strives to generate attractive risk-adjusted returns across market cycles while preserving capital during stressed market environments. Job Title:
Credit Strategy Associate Job Description:
Our investment process combines the public market and financial analysis characteristic of hedge fund investing with the strategic thinking of private equity. This role offers the opportunity to analyze, evaluate, and engage both hedge fund managers and direct investment opportunities in corporate credit across the globe. The role will have dual and equal responsibilities spanning the following:
- Fund Investing:
- Working with the team to source and perform due diligence on prospective hedge fund investments within the Credit space. This will include meetings with hedge fund managers and their teams, reference checks, strategy research and quantitative track record analysis
- Monitoring of existing hedge fund relationships, which include regular conversations with different levels of contacts at the firm, tracking key positions, themes and exposures in the portfolio, assessing the impact of any organizational changes, and continuously challenging the validity of BAAM's investment thesis
- Thinking critically about how various market factors impact Credit strategies broadly and making recommendations regarding different styles of investing, given the current environment and future expectations
- Thinking creatively about ways to improve the team's existing due diligence process, helping to ensure quality, consistency and thoroughness in their approach.
- Training and mentoring of junior team members
- Direct investing:
- Working with the team to diligence and underwrite deals (spanning co-investments and internally originated investments) in the corporate credit / distressed space
- Construct detailed financial models on individual securities
- Monitor existing investments by maintaining company models and updating position-level investment scenarios and risk/reward expectations
- Draft and deliver investment memoranda for presentation to the BSOF Investment Committee
- Conduct research on the macro and micro factors that may impact potential investments
- Developing and utilizing a personal network to source new investments and assist in a deeper understanding of existing investments
Blackstone seeks to hire individuals who are highly motivated, intelligent and have demonstrated excellence in prior endeavors. In addition to strong analytical and quantitative skills, the successful candidate should have:
- 5-7 years of relevant work experience, including a minimum of 3 years of credit and distressed investing experience, preferably at a hedge fund
- Superior communication skills, including a demonstrated ability to write effectively
- A desire to work in a team environment often under pressure
- Strong accounting and financial modeling skills
- A passion for credit markets and an understanding of different approaches within the asset class
- An ability to manage ad hoc projects independently and to completion
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, age, disability, sexual orientation, national origin or any other category protected by law.
If you need a reasonable accommodation to complete your application, please contact Human Resources at 212-583-5000 (US), +44 (0)20 7451 4000 (EMEA) or +852 3656 8600 (APAC).
The Blackstone Group and its affiliates provide equal employment opportunity to all qualified employees and applicants for employment regardless of race, color, creed, religion, sex, pregnancy, national origin, ancestry, citizenship status, age, marital or partnership status, sexual orientation, gender identity or expression, disability, genetic predisposition, veteran or military status, status as a victim of domestic violence, a sex offense or stalking, or any other classification prohibited by applicable law.
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