Investment Associate

About the role

You own a slice of distressed debt workflow, guiding ideas from first signal through final payout. Decisions rest on your analysis, judgment, and calm under pressure in this credit shop. You move autonomously yet coordinate tightly with research, trading, and portfolio teams on complex situations.

Key facts

What you'll do

Setting market context while tracking distressed names across sectors and geographies.

Generating investment theses from creditor dynamics, balance sheet stress, and recovery potential.

Charting capital structures to spot fulcrum risk and creditor-on-creditor exposure.

Reading legal docs such as credit agreements and intercreditor pacts for structural protections.

Running scenario and stress tests that expose downside risks in distressed names.

Building financial models for operating forecasts, liquidity, recovery, and restructuring outcomes.

Packaging findings into investment memoranda for internal committee review and approval.

Representing the firm in creditor committees and steering groups during live restructurings.

Partnering with legal advisors, restructuring specialists, and external advisors throughout the trade lifecycle.

Watching portfolio holdings for valuation, liquidity, and covenant shifts as situations evolve.

About Oak Hill Advisors

Oak Hill Advisors, L.P., including its affiliated investment advisors (the "Firm" or "OHA"), is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The Firm has approximately $112 billion in assets under management (AUM) across credit strategies, including private credit, high yield bonds, leveraged loans, stressed and distressed debt and collateralized loan obligations as of March 31, 2026. With over 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ

GS: TROW). For further information about OHA, please visit www.oakhilladvisors.com.

Overview

Oak Hill Advisors is seeking an experienced distressed investor to join its Distressed Debt and Special Situations team in New York. The team, comprised of five dedicated investment professionals, manages approximately $7-8 billion of capital dedicated to stressed, distressed and special situations investing across industries and geographies. The position will work extensively with portfolio management, trading and the Firm's sector-focused research analyst staff.

The ideal candidate will have strong experience in fundamental valuation as well as a deep understanding of the structural and process-related considerations associated with distressed investing, including liability management transactions, in-court and out-of-court restructurings, and creditor organization dynamics. The candidate should be able to shepherd an investment through its entire life cycle, from idea generation through underwriting, execution and ultimately monetization, while operating with a high degree of autonomy and sound judgment.

Primary Responsibilities

Engage actively in markets and the distressed community to source and generate differentiated investment ideas.

Underwrite investment opportunities through comprehensive industry, company and capital structure-specific due diligence.

Build and oversee complex financial analyses, including operating forecasts, liquidity analyses, recovery and waterfall analyses, and restructuring scenarios.

Evaluate capital structures and assess relative value opportunities across debt and equity securities, including identification of fulcrum securities and creditor-on-creditor risk.

Analyze legal documentation, including credit agreements, indentures and intercreditor agreements, to assess structural protections, documentation vulnerabilities and liability management risk.

Conduct scenario analysis and rigorous stress-testing of investment theses.

Prepare and present investment memoranda and recommendations to the internal investment committee.

Participate in creditor committees, steering committees and ad hoc groups in potential and ongoing restructurings, including involvement in negotiations and restructuring processes.

Work closely with legal advisors, financial advisors, restructuring professionals and other external stakeholders involved in distressed situations.

Monitor existing portfolio investments and identify changes in credit fundamentals, liquidity position, valuation or restructuring outcomes.

Assist in the development and training of junior investment professionals, where appropriate.

Participate in client meetings and discussions regarding the market environment and particular investments, as appropriate.

In-Office Requirement: Employees are required to follow the in-office work schedule. Currently, OHA's US Credit team in New York follows a hybrid model where employees work in-office Monday through Thursday. Employees have the flexibility to work remotely on Fridays. This schedule is subject to change based on organizational needs and policies.

Must be available to work after hours, when necessary, which could include nights and/or weekends.

Contribute to additional projects and initiatives supporting the Distressed Debt and Special Situations platform.

Requirements

• Meet the bar Practical notes