Principal. Private IG (Portfolio Management/Workouts)

About the role

The role is a Principal seat within Apollo's Private Investment Grade team, focusing on the origination, structuring, underwriting, execution, and ongoing management of illiquid investments across developed markets.

Responsibilities

• Lead portfolio monitoring across assigned holdings — financial performance tracking, covenant compliance, rating migration, and early identification of credit deterioration; maintain watchlist discipline and drive early escalation of deteriorating credits.
• Lead amendments, waivers, and consent requests across the portfolio — managing the full counterparty process from initial identification through negotiation, documentation, and execution.
• Lead workout and restructuring situations, including active position management decisions: secondary sales, position sizing adjustments, and capital stack repositioning.
• Coordinate with the IG sector analysts and Performing Credit analyst team on shared issuer views, sector coverage, and early warning signals across the public and private IG platform.
• Lead underwriting and execution on new private investment grade transactions — fundamental credit analysis, independent credit opinions on business risk, financial risk, structural risk, and relative value, and Investment Committee presentations.
• Negotiate pricing, tenor, amortization, call protection, security packages, and financial maintenance covenants on new deals across formats, working alongside internal and external legal counsel.
• Ensure analytical work and deal recommendations reflect the relevant insurance balance-sheet constraints across US (NAIC/SVO, RBC, Schedule D) and European (Solvency II, matching adjustment) mandates; oversee external rating processes and regulatory filings on lead investor positions.
• Engage directly with counterparties — corporate executives, lenders, agents, investment banks, and legal counsel — in both portfolio management and new deal contexts.
• Set and enforce analytical standards, credit process rigor, and documentation quality across the team; lead the team's adoption of AI tooling across portfolio surveillance, covenant extraction, document review, and comparable transaction analysis.
• Partner with High Grade Corporate Solutions, Apterra, ABF, Hybrid Credit, and other Apollo origination channels on transactions and credits that span multiple products or capital stacks.
• Supervise and develop junior team members — including associates with limited prior experience — providing day-to-day guidance on credit work, deal execution, and professional development.
• Contribute to platform-building efforts including investment process design, technology and data infrastructure priorities, and thematic research and investor-facing materials.

  Qualifications & Experience

  • A minimum of 8 years of relevant experience in private credit portfolio management, workouts, special situations, restructuring, debt advisory, or a closely adjacent field.
  • Substantive experience in workouts, restructuring, or active position management — including direct ownership of amendment, waiver, and restructuring processes across complex credits.
  • Track record of leading underwriting and execution on complex transactions end-to-end; this is not a monitoring-only role — new investment execution capability is required.
  • Deep expertise in covenant negotiation, documentation, and capital structure analysis across at least one format: private placements, syndicated or club loans.
  • Strong independent credit judgment — ability to identify credit deterioration early, form and defend a view under pressure, and lead both defensive and offensive investment decisions.
  • Familiarity with insurance balance-sheet investing (NAIC/SVO, RBC, Solvency II) helpful; genuine willingness to develop the gaps is essential.
  • Experience managing and developing junior resources in a results-oriented environment; player-coach orientation essential — this team includes associates at early stages of their development.
  • Demonstrated interest in AI-enabled workflows and process improvement — particularly portfolio surveillance and covenant monitoring applications.
  • Strong written and verbal communication suited to IC presentations, credit memos, amendment negotiations, and external counterparty interactions.
  • Bachelor's degree with an exceptional academic record. CFA, MBA, and/or ACCA helpful but not required.