Investment Associate - Distressed Debt & Special Situations

Oak Hill Advisors • New York, NY

18h • $150,000 - $175,000 • Hybrid

About The Position

Oak Hill Advisors (OHA) is seeking an experienced distressed investor to join its Distressed Debt and Special Situations team in New York. This team manages approximately $7-8 billion of capital dedicated to stressed, distressed, and special situations investing across industries and geographies. The position will involve extensive collaboration with portfolio management, trading, and the Firm's sector-focused research analyst staff. The ideal candidate will possess strong fundamental valuation skills and a deep understanding of the structural and process-related aspects of distressed investing, including liability management transactions, in-court and out-of-court restructurings, and creditor organization dynamics. The role requires the ability to manage an investment throughout its entire lifecycle, from idea generation through underwriting, execution, and monetization, with a high degree of autonomy and sound judgment.

Requirements

• 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 good 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.

Nice To Haves

• Advanced degree from a top-tier program preferred

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.

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 situation

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level