Senior Associate - Project Finance & Infrastructure

Overview

This role supports the organization’s Investment Management Operations, which manages over $50 billion of general account assets and uses a cross-asset strategy to support a range of insurance products and customers.

The organization is seeking an Investment Analyst to participate in the sourcing, underwriting, execution, and ongoing management of Project Finance & Infrastructure fixed income investments, primarily in private markets. Responsibilities include detailed credit analysis, project-level cash flow modeling, review of transaction structures, and assessment of financing, commercial, and legal documentation. The analyst will collaborate with internal and external partners through underwriting, closing, and portfolio management.

Responsibilities

• Analyze Project Finance & Infrastructure debt opportunities through detailed evaluation of project economics and cash flow, industry fundamentals, counterparties, sponsors, contractual arrangements, transaction structures, collateral, and other relevant credit considerations.
• Develop, review, and sensitize detailed project-level cash-flow models to evaluate debt service capacity, leverage, coverage ratios, liquidity, downside resilience, and other key credit metrics.
• Assess assumptions, identify key value drivers, and perform scenario and sensitivity analysis to understand potential impacts on credit performance.
• Review and analyze key transaction and legal documents, which may include financing agreements, purchase agreements, concession agreements, power purchase agreements, offtake agreements, construction contracts, operating agreements, and other material project documents.
• Partner with internal and external legal counsel to identify and assess provisions relevant to investment risk and structural protections.
• Review and synthesize significant volumes of financial, technical, legal, commercial, and market information to identify the issues most material to investment performance and translate complex information into clear, concise, well-supported recommendations.
• Monitor existing infrastructure and project finance investments, assessing ongoing performance, credit quality, cash flow projections, covenant compliance, and market developments that may impact portfolio risk and returns.
• Build and maintain productive relationships with internal and external colleagues and counterparties, including placement agents, sponsors, issuers, legal counsel, consultants, rating agencies, and other market participants.
• Coordinate with Portfolio Management, Legal, Investment Operations, and other internal stakeholders throughout the underwriting, documentation, closing, and ongoing management of investments.

Requirements

• Bachelor’s degree in Finance, Accounting, Economics, Business, or a related field.
• At least 3 years of experience analyzing investments, private credit opportunities, infrastructure assets, project finance transactions, or fixed income securities.
• Strong fundamental credit analysis, cash flow modeling, and valuation skills.
• Demonstrated ability to evaluate risk, perform independent research, and develop data-driven investment recommendations.
• Strong written and verbal communication skills, including the ability to present investment ideas and collaborate effectively across teams.

Preferred Qualifications

• Advanced degree (MBA, Master’s in Finance, Economics, or related field) and/or progress toward the Chartered Financial Analyst (CFA) designation.
• Experience analyzing infrastructure sectors such as energy, utility, transportation, digital, social infrastructure and/or renewable energy projects.
• Knowledge of project finance structures, private placement market, and infrastructure credit underwriting.

Compensation & Benefits

• Estimated Salary (levels vary by responsibilities and qualifications):
  • Investment Analyst: $110,000 - $140,000, plus annual bonus opportunity
• 401(k) plan with a 2% company contribution and 6% company match.
• Vacation, personal time, and paid holidays to support work-life balance.
• Applicants must not now, nor at any point in the future, require sponsorship for employment.

Location

• Remote (periodic in-person attendance will be required at times for activities such as quarterly or project planning, training, or other business-critical meetings).