Asset & Wealth Management, Credit Secondaries & Portfolio Finance - Vintage Credit Opportunity Partners (VCOP), Associate - New York
Goldman SachsThe Vintage Platform is Goldman Sachs Asset Management’s dedicated secondary investing platform and sits within the External Investing Group or XIG. The Vintage Funds, which provide liquidity solutions to private market limited partner investors and sponsors / fund managers, are a flagship of Goldman Sachs’ alternatives franchise, with leadership in the secondaries space since 1998. Since inception, the Vintage Funds have raised and invested nine globally diversified secondary funds and three strategy-specific vehicles across Real Estate, Infrastructure and Credit & Portfolio Finance. Across the secondaries platform, the group has invested over $85bn across more than 750 secondary transactions. The team operates primarily from offices in New York, London, Hong Kong, Singapore, Salt Lake City, San Francisco and West Palm Beach.
Vintage Credit Opportunity Partners leverages the expansive and deep General Partner (GP) and Limited Partner (LP) relationships of the Vintage secondaries platform, XIG and Goldman Sachs to source and execute credit secondaries and portfolio finance transactions. From a dedicated pool of capital, VCOP seeks to provide liquidity solutions across two main categories:
- Credit Secondaries. VCOP seeks to acquire existing direct and indirect credit portfolios through a range of transaction structures.
- Portfolio Finance. VCOP provides innovative and highly bespoke structured liquidity and financing solutions to GPs and LPs in exchange for priority over assets and / or cash flow streams and management company economics, and at times via securitization structures. Note: these are not traditional NAV loans or subscription facilities.
https://am.gs.com/en-us/institutions/products/secondaries
Responsibilities:
- Conduct commercial and financial due diligence to evaluate transactions across credit deal types that the Vintage Platform focuses on:
- Credit continuation vehicles, with a focus on fundamental company-level due diligence, valuation and transaction structuring
- Limited Partner secondary transactions, with a focus on fundamental asset-level valuation within diversified credit portfolios across a broad range of sectors
- Portfolio finance transactions, involving lending and structured asset-backed liquidity solutions for Limited Partners (backed by funds), private equity sponsors (backed by portfolio companies, or management company revenue streams), and other owners of private assets, such as family offices and corporates
- Other credit secondary transactions, including the acquisition of direct and indirect portfolios of private credit and strategic transactions with credit asset managers
- Drive portfolio valuation and modelling to inform investment decisions
- Drive investment committee materials and present investment opportunities to the Investment Committee through written and oral presentations, and conduct thoughtful follow-up analysis
- Work with external advisers, legal counsel and counterparties to advance transaction diligence and execution
- Support vertical-wide initiatives through team development, relationship development and transaction sourcing
Requirements:
- Minimum of 3 years of experience in investing roles: preference for credit (or credit adjacent) experience, but experience in Private Equity, Secondaries and other principal investment strategies or advisory roles (Investment Banking or Management Consulting) will be considered.
- Excellent numerical, analytical and valuation skills
- Proficiency in modelling for the purposes of asset valuation and complex transaction cash flow waterfalls
- Knowledge of key methodologies to analyse business models, competitive advantages and threats
- Strong presentation, communication and negotiation skills enabling the candidate to make robust recommendations to the Investment Committee and interact effectively with third parties
- Excellent time, people and project management skills
- Ability to work effectively as part of a global team
Salary Range
The expected base salary for this New York, New York, United States-based position is $100000-$170000. In addition, you may be eligible for a discretionary bonus if you are an active employee as of fiscal year-end.
Benefits
Goldman Sachs is committed to providing our people with valuable and competitive benefits and wellness offerings, as it is a core part of providing a strong overall employee experience. A summary of these offerings, which are generally available to active, non-temporary, full-time and part-time US employees who work at least 20 hours per week, can be found here.