Investment Associate - Distressed Debt & Special Situations

Oak Hill Advisors, L.P., including its affiliated investment advisors, is a leading global credit-focused alternative asset manager with over 30 years of investment experience. The Firm works with institutions and individuals to deliver attractive risk-adjusted returns and has approximately $112 billion in assets under management across credit strategies, including private credit, high yield bonds, leveraged loans, stressed and distressed debt, and collateralized loan obligations. With over 400 professionals across six global offices, OHA offers a collaborative platform to meet diverse credit needs and is the private markets platform of T. Rowe Price Group, Inc.

About the role

Oak Hill Advisors is seeking an experienced distressed investor to join its Distressed Debt and Special Situations team in New York. The team manages approximately $7-8 billion of capital dedicated to stressed, distressed, and special situations investing across industries and geographies. The position involves extensive collaboration with portfolio management, trading, and the Firm's sector-focused research analyst staff.

Responsibilities

• Engage actively in markets and the distressed community to source and generate differentiated investment ideas.
• Underwrite investment opportunities through comprehensive industry, company, and capital structure-specific due diligence.
• Build and oversee complex financial analyses, including operating forecasts, liquidity analyses, recovery and waterfall analyses, and restructuring scenarios.
• Evaluate capital structures and assess relative value opportunities across debt and equity securities, including identification of fulcrum securities and creditor-on-creditor risk.
• Analyze legal documentation, including credit agreements, indentures, and intercreditor agreements, to assess structural protections, documentation vulnerabilities, and liability management risk.
• Conduct scenario analysis and rigorous stress-testing of investment theses.
• Prepare and present investment memoranda and recommendations to the internal investment committee.
• Participate in creditor committees, steering committees, and ad hoc groups in potential and ongoing restructurings, including involvement in negotiations and restructuring processes.
• Work closely with legal advisors, financial advisors, restructuring professionals, and other external stakeholders involved in distressed situations.
• Monitor existing portfolio investments and identify changes in credit fundamentals, liquidity position, valuation, or restructuring outcomes.
• Assist in the development and training of junior investment professionals, where appropriate.
• Participate in client meetings and discussions regarding the market environment and particular investments, as appropriate.
• Contribute to additional projects and initiatives supporting the Distressed Debt and Special Situations platform.

Employees are required to follow the in-office work schedule. The US Credit team in New York currently follows a hybrid model: in-office Monday through Thursday, with remote work on Fridays. This schedule may change based on organizational needs. Availability to work after hours, including nights and/or weekends, is required when necessary.

Qualifications

• Advanced degree from a top-tier program preferred; Bachelor's degree with a strong academic record required.
• 2-5 years of investment experience in distressed investing, special situations, restructuring advisory, leveraged finance, private credit, or a related field.
• Demonstrated experience underwriting, evaluating, and executing distressed or special situations investments, financings, or restructuring transactions.
• Established relationships within the distressed investing and restructuring community, including exposure to financial advisors, restructuring counsel, and other market participants.
• Deep understanding of corporate finance, capital structures, bankruptcy processes, liability management transactions, and creditor rights.
• Strong financial modeling, valuation, and credit underwriting skills.
• Outstanding analytical judgment and investment acumen, with the ability to distill complex situations into clear investment theses and recommendations.
• Strong communication and interpersonal skills, with a blend of confidence and humility.
• Self-starter with excellent work ethic, attention to detail, and organizational skills.
• Proven ability to manage multiple transactions and competing deadlines.
• Ability to thrive in a dynamic, fast-paced team environment and collaborate with a broad variety of constituents, both internal and external.

Pay

The expected base salary for this position is $150,000 - $175,000 USD, based on the individual’s experience, skills, and market considerations. Base salary is one component of the total compensation package, which may also include an annual discretionary performance-based bonus determined by firm and individual performance.

Benefits

• Competitive total compensation and generous retirement plan contributions.
• Health and Welfare benefits (medical, dental, vision, life, and disability).
• Tax-efficient vehicles to cover out-of-pocket health care costs, commuting expenses, and dependent care expenses.
• Wellness programs (fitness reimbursement, Employee Assistance Program).
• Access to discounted voluntary benefits that provide supplemental coverage for a variety of situations.