Overview
Position Title: Funds Ratings - Director (London)
Entity: Kroll Bond Rating Agency UK Limited
Employment Type: Full-time
Location: London, England
Summary/Overview: KBRA UK is seeking a Director to join the Funds Ratings team in the London office. The Funds team assigns and monitors credit ratings on funds and other fund vehicles. KBRA evaluates financing instruments that support fund operations, enhance liquidity, and optimize capital structures, including subscription credit lines, NAV-based loans and credit facilities, and rated feeder notes. KBRA’s ratings portfolio covers funds across investment strategies such as fixed income, private equity, private credit, direct lending, real estate, infrastructure, and asset-based financing. A strong candidate will have extensive experience in fund investment and credit strategies and how funds operate, deploy capital, and generate cash flows.
Responsibilities
- Lead new issuance rating process, evaluating capital structure, legal protection, collateral quality, cash flow dynamics, and manager experience and track record.
- Interact with issuers, conduct due diligence meetings to assess investment process, experience, risk management, and ability to execute strategies.
- Prepare rating memos and new issuance reports; make recommendations to rating committees.
- Lead ongoing monitoring and surveillance; stay informed on developments of outstanding issuances and ratings.
- Develop and maintain complex spreadsheets and databases.
- Collaborate with KBRA experts across sectors to develop approaches for evaluating complex multi-asset strategies.
- Supervise and mentor junior team members to develop analytical and professional skills.
- Lead or assist with developing analytical tools to standardize rating approaches and streamline processes.
- Represent KBRA at industry events, engaging with market participants to share insights on fund ratings and credit trends.
- Assist with in-depth credit research and publications on funds-related developments and trends.
Qualifications
- Bachelor’s degree in Finance, Business, Mathematics, or related analytical field.
- Eight (8) or more years of experience in fund finance, investing, or structured finance.
- Experience with investment strategies in private equity, private credit, real estate, infrastructure, and asset-based lending facilities.
- Understanding of subscription lines, NAV financing, hybrid facilities, rated feeders, or other fund finance products.
- Experience reviewing legal documents; understanding liability structures, LTV/advance rates, payment priorities, and structural protections.
- Advanced proficiency in Excel for building and analyzing financial models, asset cash flows, and debt repayment under stress scenarios.
- Ability to assess creditworthiness of funds, assets, and counterparties; understanding of applicability to rating methodologies is a plus.
- Strong verbal and written communication skills for clear memos and reports presented to committees.
- Strong interpersonal skills and ability to work in a collaborative, dynamic environment; manage internal and external relationships.
- CFA or interest in obtaining CFA is a plus.
- Ability to manage time and resources in a fast-growing company.
- Familiarity with Generative AI tools for research and productivity is a plus.
- Hybrid work schedule: in-office Tue/Wed/Thu.
About KBRA
KBRA is a full-service credit rating agency registered with the U.S. SEC as an NRSRO. KBRA Europe Limited is registered as a CRA with ESMA. KBRA UK Limited is registered as a CRA with the UK FCA under the Temporary Registration Regime. KBRA is recognized by multiple regulators and associations. KBRA UK is located in London.
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