Job Description

U.S. Bank's Fund Finance ("FF") team is a market-leading lender in the rapidly growing fund finance industry, providing tailored financing solutions to the world's leading private capital sponsors. The team specializes in structuring and underwriting subscription line facilities and related fund-level credit products secured by the capital commitments of sophisticated institutional limited partners. As the private funds ecosystem continues to expand and evolve, Fund Finance has become a strategically important product within global banking, sitting at the intersection of structured credit, capital markets, and alternative assets. The platform is also increasingly leveraging data, analytics, and emerging AI-enabled tools to enhance underwriting quality, portfolio monitoring, and operating efficiency.

We are seeking an Associate-level Underwriter / Portfolio Manager to join our Portfolio Management and Underwriting team. This role sits at the center of a highly visible, fast-scaling business and offers direct exposure to top-tier private equity sponsors, complex fund structures, and global investor bases. The successful candidate will play an important role in supporting the underwriting of new transactions, assisting in the management of a growing portfolio, partnering with originations and relationship management, and contributing to the continued evolution of U.S. Bank's fund finance platform within a technology-forward operating model.

Primary Responsibilities
• Partner with and support Fund Finance Originations and Relationship Managers in underwriting and monitoring a diversified portfolio of subscription credit facilities and institutional sponsor relationships, with the opportunity to assist on emerging NAV and hybrid financing solutions as the platform evolves.
• Assist in underwriting private investment funds across multiple strategies, including buyout, growth equity, secondaries, private credit, real assets, and real estate.
• Support the evaluation of fund structures, legal documentation, and investor bases to help determine credit quality, advance rates, and borrowing base composition, with exposure to NAV-based collateral analysis on applicable transactions.
• Analyze a broad range of investor types, including pension funds, endowments, foundations, insurance companies, sovereign wealth funds, feeder vehicles, and high-net-worth investors.
• Assist and prepare written credit memoranda and financial analyses, support the assignment of risk ratings, and help prepare transactions for presentation to senior management and credit committees.
• Support the processing of new facilities, amendments, extensions, and waivers in accordance with internal credit policy and risk appetite.
• Ensure accurate and timely completion of loan booking, credit approval, and ongoing monitoring requirements within nCino and related systems.
• Help monitor portfolio performance, identify emerging risks, and escalate potential mitigants or structural enhancements as appropriate.
• Contribute to strategic initiatives focused on process improvement, portfolio optimization, data quality, and scalability.
• Maintain effective internal and external stakeholder relationships through clear communication and commercially focused problem-solving.
• Support knowledge sharing and collaboration across the group.

Basic Qualifications

• Bachelor's degree, or equivalent work experience
• Typically six or more years of relevant experience

Preferred Skills/Experience

• Working knowledge of commercial/corporate lending and credit standards, policies, procedures and products
• Exposure to fund finance and/or underwriting structured credit facilities for private equity clients, with familiarity with NAV and/or hybrid financings a plus.
• Familiarity with investor types and their risk profiles.
• Ability to support transaction execution under tight timelines.
• Developing technical and analytical skills, including financial statement analysis and risk assessment.
• Ability to work independently and as part of a team.
• Developing relationship management and business development skills
• Analytical and problem-solving skills
• Effective presentation, verbal and written communication skills
• Proficiency in Microsoft Office Suite with an emphasis on Excel.
• Familiarity with credit systems such as nCino and other loan booking platforms.
• Solid work ethic, attention to detail, and organizational skills.
• Intellectual curiosity and a growth mindset, with an interest in continuous learning, exploring emerging trends in fund finance, and seeking better ways to solve problems.
• Comfort with and interest in leveraging AI-enabled tools and emerging technologies to enhance underwriting quality, portfolio monitoring, and operating efficiency.

Location expectations

This role requires working from a U.S. Bank location three (3) or more days per week.

Benefits:

Our approach to benefits and total rewards considers our team members' whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following:

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short-term and long-term disability
• Pregnancy disability and parental leave
• 401(k) and employer-funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

Review our full benefits available by employment status here.

The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, U.S. Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401(k) contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $117,725.00 - $138,500.00

Posting may be closed earlier due to high volume of applicants.