Investment Associate

About the firm

42 Asset Management is an SEC-registered investment adviser that focuses on insurance-oriented asset management. The firm builds tailored private credit, asset-based finance, and fixed income solutions for U.S. life and annuity insurers, as well as related reinsurance platforms. Its approach combines institutional-grade investment underwriting with practical operating experience across insurance, capital markets, and specialty finance.

The team has completed more than 20 insurance transactions, covering billions in insurance-linked assets, and currently oversees about $700 million in assets under management. Clients benefit from an approach centered on asset-liability management aligned yield, portfolio construction, and long-term compounding.

Role overview

This Associate position sits within a small, high-ownership investment team that works across financial services private equity, private credit, and insurance balance sheet investing. The role covers the full investment process, including sourcing opportunities, conducting thematic research, building financial models, leading diligence, structuring transactions, and helping drive value creation after closing.

The work also includes insurance-specific analysis such as RBC impact, ALM alignment, reserve mechanics, and capital-efficient structuring for insurer and reinsurer partners. The Associate will work closely with senior leadership and will have meaningful exposure to platform insurance investments, insurer partnerships, asset-liability strategy, and the use of long-duration insurance capital in asset management.

This opportunity is suited to someone who wants broad transaction exposure, significant responsibility, and the chance to help grow an alternatives platform that blends private-equity style value creation with institutional insurance asset management.

Key responsibilities

• Develop and maintain detailed financial models, cash flow forecasts, and valuation work across private credit, ABS/ABF, insurance-backed assets, and reinsurance structures.
• Evaluate credit quality, collateral mix, structural safeguards, and core underwriting assumptions.
• Perform commercial, financial, and operational diligence, including direct interaction with management teams, advisors, and transaction counterparties.
• Draft investment memoranda, IC materials, and scenario analyses to support decision-making.
• Support transaction execution, including structuring, term sheet negotiation, document review, and closing.
• Coordinate with outside legal, accounting, actuarial, consulting, and valuation advisors.
• Analyze complex waterfall structures, reserve mechanics, and insurance capital factors such as RBC impact, collateral needs, and ALM fit.
• Contribute to thematic research in specialty finance and insurance solutions.
• Monitor market conditions, competitor activity, regulatory updates, and underserved investment opportunities.
• Build and maintain relationships with lenders, originators, bankers, advisors, and operating partners.
• Track portfolio performance, KPIs, credit developments, and collateral reporting.
• Support ongoing discussions with insurer and reinsurer partners on ALM, pipeline activity, and performance reporting.
• Help prepare portfolio reviews, risk assessments, reserve and impairment analysis, and board-level materials.
• Assist with strategic work such as asset allocation, new product development, and platform analytics.
• Collaborate with senior colleagues across asset management, reinsurance strategy, operations, and investor relations.
• Prepare analytical content for LPs, insurance clients, and rating-related discussions.
• Help refine internal processes, underwriting standards, and reporting dashboards as the firm expands.

Candidate profile

The firm is looking for Associate-level candidates with 3 to 4 years of experience in investment banking and/or private equity, along with a proven ability to help lead transactions. Candidates must be based in New York City. A strong academic record is required, along with excellent written and verbal communication skills and the ability to work independently with clients and teammates.

Compensation and benefits

Base pay is stated at $100,000 to $150,000 annually, depending on experience. Total compensation is competitive with leading private credit and private equity firms and includes an annual performance bonus. As the platform grows, there may also be long-term incentive participation.

The benefits package includes comprehensive coverage, a 401(k) with employer contribution, health insurance, and generous paid time off along with the firm holiday schedule. The role is based in the New York City office and may include travel for counterparty meetings, insurer visits, conferences, and diligence site visits.