The role of an asset manager in a private credit strategy
When there is a separate deal team, what does the "asset manager" do?
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Curious as well. I have a feeling that it's going to be a sort of a "middle" office role, no? Handling performance metrics, covenants/waterfall calculations, cash flow modeling, valuations, etc..
Thanks -- can any one confirm or refute this?
Speaking from prior experience on the investment team at a spec sits lender...
We generally leveraged the asset management team to support funding mechanics and money flow structures, internal position documentation / reporting, tracking and processing of ongoing reporting requirements, managing monthly and quarterly valuation or other marking processes, and ad hoc assistance on restructurings. In addition to corporate lending we had structured, specialty, RE, and other product groups with asset management professionals staffed as needed across all verticals as opposed to covering one specific group or deal team. So at least at this fund those individuals got exposure to a wide range of products and investments, and deal teams would have experience working with multiple asset management individuals. The asset management team was very much considered middle office though and things like cash flow modeling, waterfalls, covenants, P&I payments, restructurings etc. was the responsibility of the deal team who stuck with the investments from cradle to grave. Exits were mostly to underwriting teams at more vanilla direct lenders, not spec sits / distressed unless on the asset management side.
bump
It certainly isn't middle office, and hasn't been on any place I've been. It depends on firm, of course, but it's considered front office
Generally, DT finish the deal, it's handed off, including parts of the Relationship with C suite. They are the go to person for all day to day, ex: you approve BB and fundings but operations executes and books, run meetings, track reporting, covenants, market research, do UW work, either give 2 cents on model tweaks, aid initial diligence, and negotiate/structure amendments to pitch to IC, run valuation processes, and help develop and support market views. Some go on the road supporting a pitchbook with the borrower.
IMO its a jack of all trades seat and know so many markets inside and out. Sure you don't get the closing deal glory, but its a good WLB, good pay, and in demand.
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