Senior Manager, Private Company Valuation (Private Credit Focus)

T. Rowe Price • Baltimore, MD

2d • $133,000 - $284,000 • Hybrid

About The Position

At T. Rowe Price, we identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, and multi-asset capabilities to individuals, advisors, institutions, and retirement plan sponsors. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership so our clients can feel more confident. We believe doing the right thing for our clients and our associates is good business. With a career at the firm, you can expect opportunities to create real impact at work and in your community. You’ll enjoy resources to support your career path, as well as compensation, benefits, and flexibility to enrich your life. Here, you’ll find a collaborative culture that respects and values differences and colleagues who share a spirit of generosity. Join us for the opportunity to grow and make a difference in ways that matter to you. About This Position We are seeking an adaptable and innovative Senior Private Company Valuation Manager to lead the successful management and execution of diverse projects with moderate to high risk and complexity. This role will have a particular focus on valuing private credit positions held by T. Rowe Price's funds. Role Summary The primary purpose of the team and this position is to prepare valuations of private investments - specifically private credit securities - held by T. Rowe Price and related funds. Valuations will conclude recommended fair values for our positions under guidelines established by T. Rowe Price’s Valuation Committee. The fair value ultimately is used as an input into our funds' NAVs, which are disclosed in our quarterly SEC filings and reviewed in various capacities including by our external auditors. This role requires the ability to determine recommended prices of difficult to value securities, provide robust documentation in support of the valuations, and defend and communicate the valuations to both internal and external constituents. The position sits within T. Rowe Price's Global Investment Operations department.

Requirements

• Bachelor's degree or the equivalent combination of education and relevant experience AND 8+ years of total relevant work experience.
• Experience in valuing private credit securities, with a secondary emphasis on valuing private equity investments and analyzing complex capital structures associated with PE/VC transactions.
• Strong knowledge of both theoretical and practical valuation concepts and standards including equity, debt, and firm level invested capital analysis and familiarity with valuation guidelines including the Accounting and Valuation Guide (Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies) published by the AICPA strongly preferred.
• Identifying, reviewing, and integrating relevant information from a variety of sources and developing the complex financial models required to assess values of businesses in various (including early) stages of their life cycle.
• Experience with highly valued technology, biotech, and/or pre-revenue companies is a plus.
• Preferably, candidates will have at least one valuation related credential such as; Chartered Financial Analyst Designation (CFA); Certified Public Accountant Accredited in Business Valuation (CPA/ABV); Certified Valuation Analyst (CVA); or Accredited Senior Appraiser (ASA).
• CFA Charter holder’s designation strongly preferred.
• Desire to work in a middle-office environment supporting a fast-paced investment process.
• Experience with Excel models and analytical/research tools such as Bloomberg, FactSet, or S&P Capital IQ
• FINRA licenses are not required and will not be supported for this role.

Nice To Haves

• Experience in valuing private credit securities, with a secondary emphasis on valuing private equity investments and analyzing complex capital structures associated with PE/VC transactions.
• Strong knowledge of both theoretical and practical valuation concepts and standards including equity, debt, and firm level invested capital analysis and familiarity with valuation guidelines including the Accounting and Valuation Guide (Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies) published by the AICPA strongly preferred.
• Experience with highly valued technology, biotech, and/or pre-revenue companies is a plus.
• Preferably, candidates will have at least one valuation related credential such as; Chartered Financial Analyst Designation (CFA); Certified Public Accountant Accredited in Business Valuation (CPA/ABV); Certified Valuation Analyst (CVA); or Accredited Senior Appraiser (ASA).
• CFA Charter holder’s designation strongly preferred.

Responsibilities

• Through collecting a mosaic of information, the responsibility of the associate is to calculate, monitor, and communicate valuations of private company investments.
• It will also be expected that the professional is comfortable defending the principles employed and decisions made in the valuation recommendation.
• The valuation process includes spending time reviewing company and industry backgrounds, available financial information, internal projections, management projections, and/or financial market inputs.
• Analysis and inputs used will include prior transaction values, comparable company valuation analysis, comparable transaction valuation analysis, and/or discounted cash flow (DCF) models.
• Ultimately, the work product needs to produce a conclusion of value and be audit ready relying on accepted standard valuation approaches and with a synthesized and documented valuation conclusion.
• Ability to handle and debate common valuation challenges arising from our private company investments. For example, this may include any discounts for lack of marketability, and interpreting the impact of preference terms, “ratchet” rights, treatment of stock-based compensation, or other deal specific differentiating features of private company transactions.
• As a subject matter expert on our valuation process, it is expected that the individual will be able to operate within the framework of the role independently and initiate suggestions or improvements to the process when appropriate.
• The role could also include participation in presentations, conferences, or meetings to improve and communicate our private company valuation process.

Benefits

• Competitive compensation
• Annual bonus eligibility
• A generous retirement plan
• Hybrid work schedule
• Health and wellness benefits, including online therapy
• Paid time off for vacation, illness, medical appointments, and volunteering days
• Family care resources, including fertility and adoption benefits

What This Job Offers

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