Associate, Direct Lending

Associate, Direct Lending – Liberty Mutual Investments

Base pay range: $120,000 – $215,000 per year.

Liberty Mutual Investments (LMI) is the investment arm of Liberty Mutual Group, managing over $100 B of long‑term capital worldwide. The firm focuses on fixed income, equity, and alternative strategies, and seeks to create value through deep expertise and strong partnerships. LMI offers the boutique feel of a dedicated investment firm with the backing and reputation of a global mutual.

LMI invests across a broad spectrum of public and private assets, including real estate, digital infrastructure, healthcare, renewable energy, and technology. With nearly 300 professionals headquartered in Boston, MA, and New York, NY, the firm’s purpose is to drive economic growth and build enduring businesses while generating superior risk‑adjusted returns.

LMI is actively recruiting an Associate for its Direct Lending team, a key member of the leveraged‑financed platform within Global Credit Markets. The Associate will manage ownership of the end‑to‑end private credit investment process, from sourcing and underwriting to ongoing portfolio monitoring of private loans.

• Invest in private debt financings across the capital structure, focusing on unitranche, first lien, and second lien loans.
• Lead the investment process from beginning to end, working closely with Team Leaders and Credit Research to conduct company and industry research, develop investment recommendations, and manage loan positions post‑investment.
• Prepare investment‑committee memorandums with detailed financial projections, and support Team Leaders in presenting recommendations to internal committees.
• Evaluate, structure, and negotiate term‑sheet stage terms and final documentation, supporting Team Leaders throughout the transaction lifecycle.
• Monitor existing investment performance and maintain post‑close relationships with key participants, including Borrower/Sponsor and Agent, providing regular portfolio updates.
• Collaborate cross‑functionally with Legal, Finance, Accounting, and Risk Management to execute transactions and manage the portfolio.
• Engage externally with other market participants—direct lenders, buy‑side investors, bankers, advisors, and third‑party consultants—during the investment process.
• Cover relationships with private equity firms across the lower, middle, and large market, sourcing deal flow to meet origination targets.
• Play an active role in training, developing, and coaching Analysts within the team.

• 5+ years in investing, with a minimum of 3+ years in direct lending or private credit.
• Experience underwriting and monitoring credit investments.
• Proven ability to build internal and external relationships with Borrowers, Sponsors, and deal sources.
• Experience with credit‑agreement documentation or relevant legal documentation.
• Ability to identify industry and market risks and opportunities, and assess risk‑mitigation strategies.
• Excellent written and verbal communication skills, with the ability to articulate key insights from due diligence.
• Self‑starter who is flexible and willing to take on additional responsibilities as needs arise.
• Strong academic credentials and a demonstrated track record of successful work experience.
• Proven ability to work collaboratively in team environments.
• Strong AI literacy; uses AI‑enabled tools to enhance speed, accuracy, and insight generation while maintaining sound judgment and compliance with governance standards.

Liberty Mutual Investments is an equal‑opportunity employer. The firm values integrity, hard work, and a commitment to making things better, and it puts people first by offering benefits that support employees’ well‑being. To learn more about our benefits, visit  For more information about culture and career development, view the firm’s employee resource groups and flexible workplace options.

• California
• Los Angeles Incorporated
• Los Angeles Unincorporated