Funds Ratings - Director (Chicago)

Summary/Overview

Location: Chicago, IL

KBRA (Kroll Bond Rating Agency, LLC) is seeking a Director to join our growing Funds Ratings team in the Chicago office. The Funds team assigns and monitors credit ratings on various debt instruments issued by funds, and other fund vehicles. KBRA evaluates financing instruments that support fund operations, enhance liquidity, and optimize capital structures.

These include subscription credit lines, which provide liquidity by bridging capital calls; NAV-based loans and credit facilities, which offer leverage against a fund's portfolio assets; and feeder fund rated notes, which facilitate investment through debt instruments.

KBRA's growing ratings portfolio encompasses funds which leverage a variety of investment strategies including fixed income securities, private equity, private credit, direct lending, real estate, infrastructure and asset based financing. A strong candidate will have extensive experience and interest in fund investment and credit strategies and how funds operate, deploy capital, and generate cash flows.

About the Job

• Lead new issuance rating process, including evaluating key factors including an issuance's capital structure, legal protection, collateral quality, cash flow dynamics and the manager's experience and track record.
• Interact with issuers, conducting due diligence meetings with issuers and managers to assess their investment process, experience, risk management skills, and overall ability to execute strategies.
• Prepare rating memos and new issuance report and making recommendations to the rating committees.
• Lead ongoing monitoring and surveillance process and keep abreast of developments on the outstanding issuances and ratings.
• Develop and maintain complex spreadsheets and databases.
• Collaborate with KBRA experts in other sectors such as project finance, corporate finance, financial institutions, and structured finance to develop approaches to evaluating complex multi-assets strategies.
• Supervise and mentor junior team members to leverage their contributions while supporting their development of analytical and professional skills.
• Lead or assist with the development of analytical tools to standardize rating approaches and streamline new issuance and surveillance processes.
• Represent KBRA at industry conferences, panels, and investor meetings, engaging with market participants to share insights on fund ratings and credit trends.
• Assist with in-depth credit research and publications on new development, trends or topical subjects related to funds.

You will be successful in this role if you have

• Bachelor's degree in Finance, Business, or Math related fields or any subject that results in strong analytical skills.
• Eight (8) or more years of work experience in fund finance, investing, or structured finance.
• Experience with investment strategies in private equity, private credit, real estate, infrastructure, and asset-based lending facilities.
• Understanding of subscription lines, NAV financing, hybrid facilities, rated feeders, or other fund finance products.
• Experience reviewing legal documents and strong understanding of liability structures, LTV/advance rates, payment priorities, and structural protections.
• Advanced Proficiency in Excel is required to build and analyze excel based financial models to assess asset cash flow projections, and debt repayment under stress scenarios
• Ability to assess creditworthiness of funds, assets, and counterparties; understanding how this applies to rating methodologies is a plus.
• Strong verbal and written communication skills to prepare clear, concise, and well-reasoned credit memos and reports and present them to committees in an efficient manner.
• Strong interpersonal skills to work as an integral part of a highly collaborative team and across disciplines in a challenging and dynamic environment and effectively manage internal and external relationships.
• CFA or interest in obtaining CFA a plus
• Ability to manage time and resources in fast-growing company.
• Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus.

Salary Range

The anticipated annual base salary range for this full-time position is $140,000 to $170,000. Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.

Benefits

• A hybrid work schedule (Tuesday, Wednesday and Thursdays in the office)
• Competitive benefits and paid time off
• Paid family and disability leave
• 401(k) plan, including employer match (100% vested)
• Educational and professional development financial assistance
• Employee referral bonus program

More Info

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