Director, Structured Credit

NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM.

Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on

delivering investment results. We drive results through a rigorous but collaborative investment process,

and we hold ourselves to the highest of standards, both as investors and teammates. While our process

is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising

Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence.

These principles serve as the foundation of our team.  They govern the way we conduct ourselves, how

we interact with teammates and how we approach every investment decision.  We act with the integrity

and humility required to make the investment decision that is right for the firm, and ultimately our

policyholders.  Our culture has been deliberately built to foster curiosity and provide opportunities to learn

and grow, both as people and investors. The flat and collaborative nature of our team promotes an

atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is

unwavering.

Please note that we do not offer visa sponsorship for this position.

The Director, Structuring leads the structuring and ongoing management of NLG Capital’s internal feeder funds, CLOs, and related asset-backed financing vehicles across both internally and externally managed mandates. Collateral includes middle market loans and specialty finance / ABL assets. This role owns these vehicles throughout their full life cycle, including initial capital structure design, cashflow modeling, rating agency execution, documentation, and closing processes.

Once established, the Director is responsible for ongoing compliance testing, reporting, covenant monitoring, amendments, resets, and refinancings, and serves as NLG Capital’s internal resource on securitization and structuring technology. The role partners closely with Direct Lending, Asset-Based Finance, and other investment teams to align credit guidelines, eligibility criteria, and concentration limits with investment and structural objectives.

This is a high-visibility, high-impact role with consistent direct communication to the NLG Capital Investment Committee. It requires a builder’s mindset, strong technical rigor, and the ability to work effectively with rating agencies, arrangers, trustees, counsel, and internal and external asset managers.

This position currently offers an onsite work schedule, with the expectation that you will be in the office four (4) days per week during onsite core days.  Our current onsite core days are Monday, Tuesday, Wednesday, and Thursday.  The work schedule type and core days are subject to change with advance notification and manager discretion.

• →Structure and execute internal feeder funds, CLOs, warehouses, and related financing vehicles across internally and externally managed mandates, including capital structure design, eligibility and concentration criteria, coverage tests, and deal economics
• →Own the ongoing management of outstanding vehicles, including compliance and covenant monitoring, waterfall and test verification, internal reporting, amendments, resets, and refinancings
• →Lead rating agency engagement across the vehicle life cycle, including selection, stress and cashflow analysis, agency presentation, and ongoing surveillance
• →Build and maintain cashflow models, replicating rating agency scenarios and testing structures to facilitate the ratings process
• →Partner with Direct Lending and Asset-Based Finance teams to align structural and investment objectives
• →Evaluate externally managed vehicles and third-party managers across structure, documentation, collateral, and manager capability, and recommend actions to the Investment Committee
• →Negotiate transaction documentation alongside counsel and arrangers, and coordinate trustees, agents, and service providers through closing and beyond
• →Advise on financing strategy and relative cost of capital across warehouse, CLO, feeder, and other structures, including implications for NAIC designation, statutory capital, and liability matching
• →Produce pipeline reporting and prepare materials for the Investment Committee, Investment Risk Committee, and senior management
• →Perform all other duties as assigned

• Bachelor’s degree in finance, economics, or a quantitative field
• 5–10 years of experience in CLO, feeder fund, ABS, or other structured vehicle structuring, origination, banking, or rating agency analysis
• Strong command of structured credit documentation, capital structures, covenants and coverage tests, and the ratings process
• Proven ability to execute the end-to-end structuring and ratings process
• Proficiency with Intex and Excel
• Exceptional organizational skills, including the ability to run live transactions while maintaining responsibility for closed vehicles
• Exceptional communication skills with the ability to bring cross-functional groups together and address legal, regulatory, accounting, and financial reporting considerations
• Ability to operate autonomously and build systems, processes, and models when necessary
• Ability to articulate structural and credit concepts to audiences with varying levels of securitization experience

• Advanced degree and/or CFA
• Programming proficiency in SQL and Python
• Understanding of accounting implications and insurance general account investing, including NAIC designations, statutory capital, and RBC treatment
• Experience serving as a resource on securitization and structuring technology
• Deep familiarity with credit markets and structured finance vehicles

At National Life Group, we view AI as an enabler of human potential. We use AI to help us work smarter, serve more clients, and keep our promises, while remaining a relationship-driven business where our people are our greatest strength.

• Leverage approved AI tools, where appropriate, to improve the efficiency, quality, and impact of their work.
• Stay curious and open to new AI-enabled ways of working.
• Exercise sound judgment by reviewing and validating AI-generated content.
• Maintain accountability for the accuracy, quality, fairness, and integrity of work products by adhering to National Life's AI guiding principles.
• Use AI responsibly and in accordance with company policies related to confidentiality, data privacy, security, compliance, retention, and intellectual property.
• Additional Expectations for AI-Forward Roles

• Cultivates Innovation - Fosters innovation by taking calculated risks; Work cooperatively with others to produce innovative solutions.
• Ensures Accountability - Holds self and others accountable to meet commitments and performance goals.
• Directs Work - Provides direction, delegates, and removes obstacles to get work done.
• Demonstrates Emotional Intelligence - Exhibits the ability to recognize, understand, and manage emotions and how emotions can influence others; Uses a combination of feedback and reflection to gain productive insight into personal strengths and opportunities.
• Exhibits Critical and Creative Thinking - Engaging thinking skills that focus on logic and reasoning to make decisions (critical) and innovative solutions to solve problems (creative).
• Leads Change - Facilitates change and transition at the individual and team level; Develops strategic goals for aligning with change.
• Develops Talent - Builds team(s) equipped for the future by applying coaching techniques for developing team members to meet their professional/personal goals and the organizational goals; Listens and responds with empathy; Asks thought provoking questions.
• Inspires Others - Motivates and influences others by creating an environment where teams can do their best work; Partners across the organization to achieve results.