Fixed Income Private Credit Research Analyst

Fidelity•Merrimack, NH

1d•Hybrid

About The Position

Fidelity’s Fixed Income division is one of the world’s leading fixed income managers, overseeing over $2 trillion in fixed income assets with a team of more than 200 investment professionals. The division employs fundamental research on debt issuers combined with macroeconomic and quantitative analysis to optimize risk-adjusted total returns for clients. Headquartered in Merrimack, New Hampshire, the team is seeking an experienced investment grade private credit specialist for a new role. This position, also located in Merrimack, NH, will report to a Chief Investment Officer and is tasked with leading the establishment of Fixed Income’s investment grade private credit capabilities. This presents a significant opportunity to shape and implement the division’s private credit strategy, leveraging Fidelity’s extensive fixed income investment teams and collaborating with highly experienced investment support teams, including investment operations, risk, compliance, and legal. The ideal candidate should possess a deep understanding of credit markets, risk management, and financial analysis, a proven history of sourcing, underwriting, and executing private market investments, a robust due diligence process for selecting and managing private credit/direct lending managers, and experience in developing co-investment capabilities and underwriting processes.

Requirements

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.

Nice To Haves

Advanced degree or equivalent in finance, economics or business preferred.

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.