Private Equity Associate

The Firm

42 Asset Management is an insurance-focused asset manager providing customized private credit, asset-based finance, and fixed income strategies to U.S. life & annuity insurers and affiliated reinsurance platforms. The firm integrates institutional investment underwriting with hands on operating expertise across insurance, capital markets, and specialty finance.

Our team has executed 20 insurance transactions and managed billions of insurance-dedicated assets, offering clients a differentiated approach to ALM-oriented yield, portfolio construction, and long-term compounding.

Overview of Job

The Associate will be a central member of a lean, entrepreneurial private-equity style investment team operating at the intersection of financial services-focused private equity, private credit, and insurance balance sheet investing. The role spans the full deal lifecycle: sourcing, thematic research, financial modeling, diligence leadership, deal structuring, and post-investment value creation, while layering in insurance specific considerations such as RBC impact, ALM alignment, reserve mechanics, and capital-efficient structuring for insurer and reinsurer partners.

Associates will work directly with senior leadership and gain significant responsibility in evaluating platform insurance investments and supporting portfolio company initiatives. The role includes exposure to investment origination platforms, insurance company partnerships, asset liability management strategy, and the integration of asset management with long duration insurance capital.

This position is ideal for someone seeking meaningful ownership, broad transaction exposure, and the opportunity to help build a scaled alternatives platform that combines private-equity value creation with institutional insurance asset management.

Duties and Responsibilities

Investment Underwriting & Evaluation

• Build and maintain detailed financial models, cash-flow projections, and valuation analyses across private credit, ABS/ABF, insurance-backed assets, and reinsurance structures.
• Assist in assessing credit quality, collateral composition, structural protections, and underwriting assumptions.
• Conduct commercial, financial, and operational due diligence, including engagement with management teams, advisors, and counterparties.
• Prepare investment memos, IC presentations, and scenario analyses that support firm-level decision making.

Deal Execution

• Support all components of transaction execution, including structuring, term sheet negotiation, documentation review, and closing processes.
• Coordinate with external advisors (legal, accounting, actuarial, consultants, third-party valuation, etc.).
• Analyze complex cash flow waterfalls, reserve mechanics, and insurance related capital considerations such as RBC impact, collateral requirements, and ALM fit.

Origination and Sector Research

• Participate in thematic research across key verticals such as specialty finance and insurance solutions.
• Track market dynamics, peer activity, regulatory developments, and whitespace investment opportunities.
• Build relationships with lenders, originators, bankers, advisors, and operating partners.

Portfolio Monitoring and Value Creation

• Monitor portfolio performance, KPIs, credit trends, and collateral reporting packages.
• Support ongoing interaction with insurer and reinsurer partners regarding ALM, investment pipeline, and performance reporting.
• Contribute to portfolio reviews, risk assessments, reserve/impairment analysis, and board-level materials.
• Assist with strategic initiatives, including asset allocation, new product development, and platform level analytics.

Internal and Cross-Functional Responsibilities

• Work with senior team members across asset management, reinsurance strategy, operations, and investor relations.
• Prepare analytical materials for LPs, insurance clients, and rating related discussions.
• Help develop internal processes, underwriting frameworks, and reporting dashboards as the firm scales.

Job Requirements

• We are seeking Associate candidates with 3 - 4 years of experience in investment banking and/or private equity with the demonstrated ability to lead transactions.
• Must be located in New York City.
• Must have a strong academic record, excellent writing and oral communication skills and the ability to work independently with clients and colleagues.

Compensation and Benefits

Compensation

Competitive with top-tier private credit and private equity firms. Total compensation includes:

• Base Salary: $100,000 to $150,000 (commensurate with experience)
• Annual performance-based bonus
• Potential long-term incentive participation as the platform scales

Benefits

Comprehensive benefits package. 

• 401(k) with employer contribution
• Health insurance
• Generous PTO and firm holiday schedule
• In-office NYC role with opportunities for travel to counterparties, insurers, conferences, and due-diligence visits