Job Title:  Head of Private Credit Manager Selection - Team Lead Executive Director

Corporate Title: Executive Director  

Department: Nomura Capital Management

Location: New York City   

The pay range for this position at commencement of employment is expected to be between $250K and $350K/year*

Company Overview

Nomura is a global financial services group with an integrated network spanning over 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Retail, Wholesale (Global Markets and Investment Banking), and Investment Management. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

Aon’s Benefit Index®, Nomura’s benefits rank #1 amongst our competitors

Department Overview

Nomura Capital Management LLC (NCM) is a Credit manager navigating the spectrum of public and private debt for intermediary and institutional clients. The Nomura Capital Management team helps clients navigate and unlock value across the global credit markets. Backed by Nomura, a century-old global financial services institution, Nomura Capital Management plays a vital part of Nomura Group’s growth strategy as its investment management business expands both in the Americas and globally. For further information about NCM, visit www.nomuracapitalmanagement.com.

Role Description

The initial focus of this role will require the candidate to actively lead and manage the research process of a Private Credit Interval Fund vehicle, a small analyst team, and the relevant initiatives necessary for driving investment performance.  The candidate will be responsible for contributing to the investment strategy decisions of the fund - regarding manager selection, portfolio construction, and asset allocation.  The investment strategy will initially focus on a diversified manager and diversified market approach to private credit and will require the candidate to have experience across strategies within the private credit markets, as well as experience with establishing relationships that lead to private credit co-investments.  Ideally the candidate will have experience on an institutional platform working with similar types of portfolios, experience covering a wide range of managers, and an understanding of a range of investment vehicles.  Knowledge of and experience allocating to emerging and boutique managers within private credit (e.g. AUM ~$500mm - $3bb) – including managers focused on asset based lending, real estate lending, and specialty finance will be required for the role.

In addition to day-to-day manager research responsibilities, the candidate will lead a small team of analysts, participate in due diligence visits, calls with portfolio managers and research analysts as part of the manager selection process for the external managers.  Additionally, as a key team member and contributor in a fast growing business, the candidate will help shape strategic decisions for the growth objectives for the entire Alternatives platform through ad hoc research, marketing materials, project management, and interdepartmental collaboration.

Key Requirements

This role will focus on evaluating external private credit managers, and developing relationships with them that lead to a pipeline of co-investments.  An internal team of credit professionals will lead the underwriting process around this pipeline of co-investment opportunities.

• Daily responsibilities will include leading a small team of research analysts, tracking, forecasting and reporting manager performance, building and maintaining relationships with underlying managers, helping to coordinate cash drawdown and funding calendar.
• Leading due diligence and documentation of external manager investments this includes IDD, and responsibility for overseeing third party ODD and LDD.
• Conduct comprehensive quantitative analysis (including forecasts) and research on managers in multiple asset classes.
• Sourcing, screening, and analyzing investments in private funds (and co-investments/secondaries); Assisting in term structuring and legal evaluations
• Facilitate and complete a variety of research tasks, including conducting written surveys, analyzing peer groups, and writing manager review memorandums and commentaries.
• Conduct quantitative and qualitative analysis to assess the opportunity set and key risks for various private market and alternative strategies over time to help inform portfolio management decisions.
• In all of these activities, the candidate will collaborate with teams both internally and externally and across functions - Risk Management, Legal, Compliance, Data providers, Distribution partners, Counterparties, Fund Managers, and Technology, etc.
• Develop new discretionary product initiatives including fund of funds, co-investment programs, separately managed accounts, and custom portfolios
• Actively contribute content/reporting for the production of investment materials and communications to clients (e.g., marketing decks, roadshows, blogs, etc)
• Build internal and external relationships to help drive product development, idea generation, and investment performance.
   

Skills And Experience We Are Looking For

10+ years of professional experience in manager selection roles of progressive seniority, specifically including relevant experience researching private credit managers, and extensive experience with private credit co-investments.  Experience with private credit secondaries also preferred.

• Prior experience doing manager selection in Private Credit is required – direct investment experience is a plus.  Private equity, real estate, and hedge fund investment experience is also beneficial, but not required.
• Private Credit Co-investment experience is required.
• Team player with a positive attitude and “doer” mentality with a results-oriented mindset necessary for driving competitive investment returns is required.
• Experience as a Private Markets LP (private credit fund of funds, institutional investor, private credit consultant, etc.) or experience at a private credit interval fund manager, private credit investment firm, investment consultant, or within a wealth management manager research team, is highly desirable. 
• Understanding of portfolio construction theory, financial and credit analysis, valuation and primary fundamental research, and their application in investment decisions and transaction structuring is a plus.  Understanding of macroeconomic theory/policy is desirable but not required.
• Demonstrated capacity to learn and develop broad expertise, including working knowledge of: alternative investment strategies; the financial instruments employed globally therein; valuation approaches across securities and derivatives. Experience in any relevant aspect is a plus, but not required.
• Strong intellectual curiosity and a passion for investing.  Demonstrated orientation toward and interest in understanding financial markets and investment management.
• Data driven mindset with strong quantitative and technical skills.
• Strong verbal and written communication skills.
• Strong attention to detail, sense of accountability, and dedication to continuous improvement.
• Strong organizational skills and the demonstrated ability to work productively and efficiently in a fast-paced environment with multiple projects, priorities, and deadlines.
• BS/BA in finance, accounting, mathematics, statistics, engineering or related field required; Master’s degree preferred
• Advanced Excel/Word/PowerPoint skills required; working knowledge of R/Python (or equivalent) is ideal.

*base pay offered may vary depending on multiple individualized factors, including market location, corporate and functional title and duties, job-related knowledge and advanced degrees, skills, and experience. The total compensation package for this position may also include other elements, including a sign-on bonus, restricted stock units, and discretionary awards in addition to a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. Details of participation in these benefit plans will be provided if an employee receives an offer of employment.

If hired, employee will be in an “at-will position” and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors”.

Nomura is an Equal Opportunity Employer