Job Description: The Team With more than $800 billion in assets under management as of December 31, 2023, Fidelity’s Strategic Advisers, LLC (SAI) is a leading provider of asset allocation solutions for retail, institutional, and high net worth clients. The range of investment solutions include managed accounts, financial planning frameworks and custom solutions. Strategic Advisers is a registered investment adviser and a Fidelity Investments Company. SAI serves as the investment manager to all Fidelity managed accounts offered by Fidelity’s Portfolio Advisory Services and through Fidelity’s Wealth Management Advisory Services. We construct and manage asset allocation portfolios for more than three million clients. The majority of our assets are fully discretionary and centrally managed from the home office. The Role We are seeking an experienced Portfolio Manager (PM), Private Credit. Located in Boston, this new role reports to SAI’s Chief Investment Officer of Alternatives and will be instrumental in the build out of SAI’s private asset offering to Fidelity Wealth clients, a critical initiative of the firm. SAI’s aspiration is to democratize access to private markets across our mass affluent and high-net worth clients via a series of multi-GP private asset funds. This individual will collaborate with SAI’s Product, Labs (innovation team), and Private Asset Research Teams to develop the private credit investment philosophy and process and to design and launch an open architecture multi-GP evergreen fund. SAI is a dynamic and innovative group currently extending our deep expertise in managing over $300 billion in public market multi-manager funds to develop the infrastructure for managing private asset funds. As such, a component of this role is to participate in all facets of the build out of this new capability in conjunction with our team of subject matter experts in research, portfolio engineering, risk management, legal, compliance and technology. Responsibilities, team and product offering will grow over time with the evolution and maturation of our private asset business. The ideal candidate will possess a deep understanding of credit markets, risk management, and financial analysis, demonstrate a proven track record of managing private credit portfolios, exhibit a strong due diligence process including selecting and managing relationships with private credit/direct lending managers and have experience in building out co-investment capabilities and underwriting processes. The Value You Deliver Portfolio Construction. Develop and implement the investment process and create a diversified portfolio across strategies, GPs, vintages, sectors and companies ensuring a balanced and resilient portfolio. Fund and Deal Sourcing/Evaluation. Collaborate with external partners and SAI’s internal Private Asset Research Team to identify and underwrite investments in private credit via primary and secondary funds and co-investments from GP partners, evaluating creditworthiness and fit within the portfolio. Risk Management. Develop and implement a robust risk management process to monitor and mitigate portfolio risks in partnership with SAI’s Risk, Data and Technology teammates. Liquidity management. Collaborate with SAI’s Portfolio Engineering team to model and manage shareholder cash flows, distributions and commitment strategy, ensuring appropriate liquidity for an intermittent liquidity vehicle. Communication and Reporting. Provide clear and concise communication to stakeholders, including senior management and fund board of directors, regarding portfolio performance, positioning, market update and investment outlook. There are no sales/business development components to this role. Relationship Management. Cultivate and maintain relationships with external partners, GPs, and other collaborators. Engage with research teammates to effectively negotiate terms and agreements for potential investments in conjunction with teammates. Team Collaboration. Work in partnership with cross-functional teams, fostering a supportive and collaborative atmosphere. Encourage diverse viewpoints and a culture of creativity and problem-solving within the team. . Continuous Learning. Stay abreast of industry trends, regulatory changes, and emerging opportunities, cultivating a culture of continuous learning and professional growth, and contributing to the team’s collective knowledge. The Expertise and Skills You Bring Skills/Knowledge Experience evaluating and investing in private credit with a proven track record of managing private credit portfolios. Interval fund or tender offer fund management a plus. A well-developed network of GP relationships in private assets. Creative, flexible, strategic problem solver with a demonstrated combination of academic knowledge, market experience, curiosity and intellect when investing in private credit in a fund-of-funds and co-investment structure. Strong leadership skills. Willingness and ability to engage with all facets of the organization to build out the private asset infrastructure. Experience navigating the complexities of a large, heavily matrixed organization. Success working in a highly collaborative team-oriented investment environment. Education Advanced degree or equivalent in finance, economics or business preferred. Certifications: Category: Investment Professionals At Fidelity, we are passionate about making our financial expertise broadly accessible and effective in helping people live the lives they want! We are a privately held company that places a high degree of value in creating and nurturing a work environment that attracts the best talent and reflects our commitment to our associates. We are proud of our diverse and inclusive workplace where we respect and value our associates for their unique perspectives and experiences. For information about working at Fidelity, visit FidelityCareers.com. Fidelity Investments is an equal opportunity employer. Fidelity will reasonably accommodate applicants with disabilities who need adjustments to participate in the application or interview process. 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