Position Summary1823 is seeking a Principal who will lead external manager selection and opportunity screening for the Opportunistic Credit platform. This role owns the pipeline of third-party managers/funds/SMAs, drives due diligence and ongoing oversight, and determines which opportunities meet the firm's buy box aligned to risk, return, liquidity, and mandate constraints. The Principal will partner closely with the OCIO/IC, Legal/Compliance, and Risk to recommend allocations and approve deal flow for further underwriting.
Key ResponsibilitiesExternal Manager Selection, Oversight and Partnership- Source, evaluate, and recommend external managers (funds and SMAs for primary allocation, secondaries/portfolio acquisitions and GP stakes) across opportunistic, distressed, special situations, and asset-backed strategies.
- Lead investment and operational due diligence (track record decomposition, loss ratios, value-add attribution, financing usage, risk systems, ops/controls, compliance).
- Negotiate mandate terms (fees, liquidity, reporting, co-invest rights, capacity, side letters, etc.).
- Establish and maintain coverage with GPs; monitor performance, risk, exposures, and mandate compliance; propose adds/upsizes/reallocations and reductions/terminations.
Portfolio Ownership & Management- Define, maintain, and enforce (instrument types, seniority, leverage limits, rating/PD/LGD guardrails, liquidity, tenor, concentration, jurisdiction, documentation requirements).
- Gate inbound opportunities from external managers; greenlight or decline based on fit, expected risk-adjusted return (IRR/MOIC), structure, and portfolio context.
- Oversee the portfolio management including managing overall collateral positions and manager relationships, performing surveillance and reporting on portfolio performance, and managing watchlist and workout positions
- Coordinate with Risk to calibrate position limits, concentration thresholds, and scenario/downsides; ensure proposals meet house stress and drawdown tolerances.
- Coordinate with Structuring team to place deals into appropriate structures to accommodate insurance clients
Underwriting & IC Interface- Produce crisp recommendation memos summarizing manager merits, pipeline, edge, alignment, fees, and risks; present to Investment Committee.
- For direct deals, confirm buy-box compliance, structure protections (covenants, collateral, intercreditor), and exit pathways; align documentation with modeled economics.
Stakeholder Leadership- Manage relationships with GPs and service providers; represent the firm in diligence meetings.
- Mentor VPs/Senior Associates supporting diligence, analytics, and reporting; uphold documentation and model-governance standards.
Qualifications - 12-18+ years in opportunistic/special situations/distressed/private credit, including manager research/selection or multi-manager/platform experience.
- Demonstrated judgment selecting managers and gating co-invests; strong track record presenting to ICs.
- Advanced analytical skills (track record normalization, downside/portfolio stress, dispersion analysis) and fluency with legal/structural terms.
- Strong negotiation capability (fees, liquidity, reporting, rights) and stakeholder management.
- Executive presence; concise written and verbal communication; high integrity and process discipline.
1823 Value- Join a dynamic team and play a pivotal role in shaping the future of 1823 Partners
- Exposure to sophisticated investment structures and institutional capital partners. Opportunity to work with a high-performing, collaborative team at the intersection of finance, strategy and investment
- A culture with strong values - alignment, candor, meritocracy, passion and trust. We value collaboration, integrity, partnership and long-term thinking
- Competitive compensation, comprehensive benefits package and generous paid time off
*The pay range listed below is dependent on individual candidate experience and skills and is based on several factors including job function, level, and geographic location. Final offer amounts are determined by multiple factors including experience and expertise, and may vary from the amounts listed here.
