Private Credit Workouts
**VP / Principal - Private Credit Workout
Location: NYC**
Firm Overview
A leading private credit investment platform seeking a senior workout professional to join its Portfolio Management / Special Situations group. The team manages stressed, distressed, and underperforming credits across the firm's private credit portfolio, with a focus on maximizing recovery value and driving creative solutions across complex capital structures.
Role Overview
The VP/Principal will take a lead role in managing distressed credits, driving restructuring processes, and negotiating with borrowers, sponsors, advisors, and lender groups. This individual will be responsible for leading workouts as the agent or lead lender, setting strategy, coordinating stakeholders, and ensuring the firm's rights and remedies are executed effectively. The hire will work closely with investment teams, legal, and senior leadership.
Key Responsibilities
Workout & Restructuring Leadership
- Serve as agent or lead lender on complex private credit workouts, representing the lender group and driving outcomes.
- Lead in‑court and out‑of‑court restructuring processes, including amendments, forbearances, covenant resets, and recapitalizations.
- Develop and execute customized workout strategies based on collateral coverage, enterprise value, legal documentation, and capital structure dynamics.
- Oversee development of IC materials, recovery analyses, and restructuring scenarios.
Stakeholder Management
- Coordinate with management teams, private equity sponsors, legal counsel, financial advisors, and co‑lenders.
- As agent, run lender calls, distribute information, and lead negotiations among lender groups.
- Build and maintain strong relationships with internal PMs and investment professionals.
Credit, Legal, & Documentation
- Review and interpret credit agreements, security agreements, intercreditor agreements, indentures, and related legal docs to assess lender rights and remedies.
- Drive negotiations on amendments, waivers, incremental liquidity solutions, and collateral packages.
- Evaluate collateral adequacy and structure creative enforcement or recovery paths (asset sales, DIPs, foreclosures, etc.).
Portfolio Oversight
- Manage a portfolio of stressed/distressed private credit loans, monitoring performance and identifying early warning signs.
- Work cross‑functionally to formulate restructuring hypotheses and lead execution from start to finish.
- Provide ongoing reporting to senior leadership on exposures, risks, and recovery expectations.
Qualifications
- 6-12+ years of experience in private credit workout, direct lending portfolio management, restructuring, or special situations.
- Strong preference for candidates with agent or lead‑lender workout experience, including running lender groups and directing negotiations.
- Experience with complex capital structures, intercreditor issues, and legal documentation.
- Ability to operate in fast‑moving, ambiguous workout situations and influence stakeholders.
- Exceptional financial modeling and valuation skills (recovery modeling, liquidation analysis, downside scenarios).
- Strong communication and negotiation abilities; comfortable presenting recommendations to IC.
Ideal Background
- Direct lending workout teams (e.g., private credit funds, BDCs, specialty finance platforms).
- Bank or non‑bank lender restructuring/workout groups (agent‑side experience highly valuable).
FAQs
Congratulations, we understand that taking the time to apply is a big step. When you apply, your details go directly to the consultant who is sourcing talent. Due to demand, we may not get back to all applicants that have applied. However, we always keep your CV and details on file so when we see similar roles or see skillsets that drive growth in organisations, we will always reach out to discuss opportunities.
Yes. Even if this role isn’t a perfect match, applying allows us to understand your expertise and ambitions, ensuring you're on our radar for the right opportunity when it arises.
We also work in several ways, firstly we advertise our roles available on our site, however, often due to confidentiality we may not post all. We also work with clients who are more focused on skills and understanding what is required to future-proof their business.
That's why we recommend registering your CV so you can be considered for roles that have yet to be created.
Yes, we help with CV and interview preparation. From customised support on how to optimise your CV to interview preparation and compensation negotiations, we advocate for you throughout your next career move.