Fixed Income Private Credit Research Analyst

Fidelity Investments•Merrimack, NH

1d•Hybrid

About The Position

The Group Fidelity’s Fixed Income division is one of the world’s leading fixed income managers with over $2 trillion in fixed income assets managed by a staff of more than 200 investment professionals. At Fidelity, we combine fundamental research on debt issuers with macroeconomic and quantitative analysis to develop investment decisions that aim to maximize risk-adjusted total return for our clients. The Fixed Income division is headquartered in Merrimack, New Hampshire. The Role We are seeking an experienced investment grade private credit specialist to join our team. Located in Merrimack, NH, this new role will report to a Chief Investment Officer and will lead the build out of Fixed Income’s investment grade private credit capabilities. This is an exciting opportunity to help design and execute the division’s investment grade private credit strategy with access to our world class fixed income investment teams and with partnership from our highly experienced investment support teams, including investment operations, risk, compliance and legal. The ideal candidate will possess a deep understanding of credit markets, risk management, and financial analysis, demonstrate a proven track record of sourcing, underwriting, and executing private market investments, exhibit a strong due diligence process including selecting and managing relationships with private credit/direct lending managers and have experience in building out co-investment capabilities and underwriting processes. The Value You Deliver Credit Underwriting & Analysis Conduct comprehensive investment grade credit analysis, including detailed financial modeling, leverage and coverage evaluations, liquidity assessments, and sector benchmarking. Demonstrate strong expertise in full capital structure analysis, including seniority, security, amortization profiles, covenant strength, and intercreditor dynamics. Shield existing investment professionals from material nonpublic information / information barrier challenges during deal evaluation phase, bringing in relevant investors when appropriate. Lead the evaluation and negotiation of transaction documentation such as term sheets, covenants, structural protections, and legal agreements. Transaction Sourcing & Structuring Cultivate and maintain strong relationships across originators, issuers, investment banks, intermediaries, and legal teams to support robust deal sourcing. Evaluate private placement and bespoke lending transactions, ensuring structures are aligned with investor protections and market norms. Conduct thematic and sector specific research to identify attractive private credit opportunities. Portfolio Monitoring & Risk Management Monitor private credit portfolio holdings, including review of quarterly financials, capital structure changes, covenants, rating actions, and industry developments. Maintain and update internal credit ratings, as needed, and issuer‑level risk assessments in partnership with existing research teams. Track compliance with financial and structural covenants, performance triggers, and reporting requirements. Work with portfolio managers on allocation decisions, diversification strategies, and sector positioning. Collaboration & Stakeholder Engagement Collaborate closely with CIOs, Portfolio Managers, legal, operations, compliance, and risk management teams throughout the investment’s lifecycle. Support preparation of briefing materials for investment committees and senior leadership. The Skills & Experience You Bring Advanced degree or equivalent in finance, economics or business preferred. Experience in investment grade private credit, corporate credit underwriting, private placements, or direct lending. Strong understanding of capital structures, including debt seniority, security, covenants, and intercreditor arrangements. Demonstrated relationships across a wide variety of sectors/issuers, investment banks, and legal teams. Advanced financial modeling and credit analysis skills. Experienced with investment grade rating frameworks and legal documentation standards. Ability to independently manage multiple sectors and surveillance responsibilities simultaneously. High degree of judgment regarding structural, legal, credit, and market risks. Experience navigating the complexities of a large, heavily matrixed organization. Success working in a highly collaborative team-oriented investment environment. Note: Fidelity will not provide immigration sponsorship for this position. Certifications: Category: Investment Professionals Most roles at Fidelity are Hybrid, requiring associates to work onsite every other week (all business days, M-F) in a Fidelity office. This does not apply to Remote or fully Onsite roles. Some roles may have unique onsite requirements. Please consult with your recruiter for the specific expectations for this position. Please be advised that Fidelity’s business is governed by the provisions of the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, ERISA, numerous state laws governing securities, investment and retirement-related financial activities and the rules and regulations of numerous self-regulatory organizations, including FINRA, among others. Those laws and regulations may restrict Fidelity from hiring and/or associating with individuals with certain Criminal Histories. At Fidelity, we are passionate about making our financial expertise broadly accessible and effective in helping people live the lives they want! We are a privately held company that places a high degree of value in creating and nurturing a work environment that attracts the best talent and reflects our commitment to our associates. We are proud of our diverse and inclusive workplace where we respect and value our associates for their unique perspectives and experiences. For information about working at Fidelity, visit FidelityCareers.com. Fidelity Investments is an equal opportunity employer. Fidelity will reasonably accommodate applicants with disabilities who need adjustments to participate in the application or interview process. To initiate a request for an accommodation please contact the following: For roles based in the US: Contact the HR Leave of Absence/Accommodation Team by sending an email to [email protected], or by calling 800-835-5099, prompt 2, option 2 For roles based in Ireland: Contact [email protected] For roles based in Germany: Contact [email protected] Fidelity Privacy Policy

Requirements

Advanced degree or equivalent in finance, economics or business preferred.
Experience in investment grade private credit, corporate credit underwriting, private placements, or direct lending.
Strong understanding of capital structures, including debt seniority, security, covenants, and intercreditor arrangements.
Demonstrated relationships across a wide variety of sectors/issuers, investment banks, and legal teams.
Advanced financial modeling and credit analysis skills.
Experienced with investment grade rating frameworks and legal documentation standards.
Ability to independently manage multiple sectors and surveillance responsibilities simultaneously.
High degree of judgment regarding structural, legal, credit, and market risks.
Experience navigating the complexities of a large, heavily matrixed organization.
Success working in a highly collaborative team-oriented investment environment.

Responsibilities

Conduct comprehensive investment grade credit analysis, including detailed financial modeling, leverage and coverage evaluations, liquidity assessments, and sector benchmarking.
Demonstrate strong expertise in full capital structure analysis, including seniority, security, amortization profiles, covenant strength, and intercreditor dynamics.
Shield existing investment professionals from material nonpublic information / information barrier challenges during deal evaluation phase, bringing in relevant investors when appropriate.
Lead the evaluation and negotiation of transaction documentation such as term sheets, covenants, structural protections, and legal agreements.
Cultivate and maintain strong relationships across originators, issuers, investment banks, intermediaries, and legal teams to support robust deal sourcing.
Evaluate private placement and bespoke lending transactions, ensuring structures are aligned with investor protections and market norms.
Conduct thematic and sector specific research to identify attractive private credit opportunities.
Monitor private credit portfolio holdings, including review of quarterly financials, capital structure changes, covenants, rating actions, and industry developments.
Maintain and update internal credit ratings, as needed, and issuer‑level risk assessments in partnership with existing research teams.
Track compliance with financial and structural covenants, performance triggers, and reporting requirements.
Work with portfolio managers on allocation decisions, diversification strategies, and sector positioning.
Collaborate closely with CIOs, Portfolio Managers, legal, operations, compliance, and risk management teams throughout the investment’s lifecycle.
Support preparation of briefing materials for investment committees and senior leadership.