Associate - Direct Equity

Associate - Direct Equity

Place of Work: London

Contract Type: Permanent

When you join USS, the size and scale of our pension scheme means you will have numerous opportunities to learn and develop your career. Given our size you'll have real autonomy and influence as you collaborate closely with a wide-ranging team of experts.

Our office is a vibrant place to work, and we offer flexibility of office/homeworking due to our hybrid model.

About the role

In your role as Associate - Direct Equity, you will make a meaningful and valued contribution from the outset. This role will provide a great opportunity to participate in all aspects of the investment process across a mix of direct investments and co-investments and will encompass the full breadth of infrastructure across origination and structuring of transactions to asset management and portfolio monitoring.

The successful candidate will join a pool of equity Analysts, Associates and Senior Associates working across a variety of infrastructure sectors, with a career path from Associate to Senior Associate, then Associate Investment Director and beyond.

Direct Equity Background

The Direct Equity Team targets direct investments across a range of investment strategies including Core Infrastructure, Core+ Infrastructure, Cross-over Infrastructure and Clean Energy. The strategy is focused primarily on control or co-control investments in mid-market businesses or assets and selective minority positions in larger companies.

The £8bn portfolio includes active ownership of some of the UK’s most recognisable private companies and assets including Moto, NATS, SMS, Dukes Education and, through its holdings, an established presence in the UK renewables sector. We also hold majority or minority governance positions across a range of companies and assets located in the EU, North America and Australia, with exposure to different industries and sectors.

The Direct Equity Team is responsible for the strategy, origination and execution of new investments, divestments, and portfolio company management. The team has a global mandate, focusing on infrastructure opportunities in the UK, Europe and North America with a plan to invest around £4bn over the next three years in 10-12 direct investments.

What you will be doing

As a trusted part of the Private Markets team you will be responsible for:

• Contributing and supporting origination activities across themes and sectors with targeted research and analysis
• Liaising with potential targets and monitoring existing investee companies and investment managers
• Supporting preparation for meetings with management teams and key stakeholders;
• Investment due diligence (quantitative modelling and qualitative analysis of investment and divestment opportunities including preparation and review of due diligence, structuring and valuation and returns analysis
• Supporting legal workstreams, including transaction documentation
• Co-ordinating external advisers including investment banks, external counsel and other advisers
• Co-authoring of Investment Committee papers and, subsequently, contributing to presenting these materials at Investment Committee
• Collaborating with internal stakeholders including responsible investment, tax, investment legal, operational due diligence, risk and compliance
• Initiating and building relationships across advisory network and with investment professional peers
• Assisting asset management activities across the Direct Equity portfolios including interaction with senior management at investee companies and attendance at shareholder, board and investor meetings, monitoring of company performance and participation in value add and transformation activities

About you

We know that sometimes people can be put off applying for a job if they don't tick every box, if you're excited about working for us and have most of the skills or experience we're looking for, then please apply, regardless of whether you meet all the requirements outlined in this profile.

To be successful in the role you will have:

• Undergraduate degree or equivalent
• Post-graduation experience with a background in, or serving clients in, financial services, ideally in an investment or advisory context (investment management, investment banking, corporate finance, accounting, ratings agency, law or consulting)
• Prior exposure to infrastructure and/or private equity Non-restricted (NR)
• Critical thinker with strong analytical and numerical skills that can be applied to company valuation and financial analysis
• Exceptional cash flow modelling skills (e.g. LBO and/or DCF modelling)
• Strong Microsoft Excel, Word, PowerPoint skills with experience using Copilot and AI productivity tools
• Excellent interpersonal and communication skills with the ability to develop internal and external relationships
• A strong team player contributing to a supportive and collaborative working environment
• Strong work ethic and a self-starter who wants to learn and develop in a growth environment
• Ability to work in the UK with occasional travel to Europe, the US and Australia

Why join us?

At USS, every individual contributes to building a secure financial future for our members and their families. We strive to create a work environment where everyone can thrive professionally while making a meaningful impact on the lives of others. We're also committed to helping you build your career by providing opportunities for development. We put a focus on recognising and supporting each individual's unique career path, driving this forward with the support of an engaged and proactive management team. Here at USS, we want you to thrive in and out of work with a friendly team, flexible culture and excellent range of benefits!

How we will reward you

• Great starting salary
• Generous annual leave package
• Access to a high quality pension scheme provided through Universities Superannuation Scheme

Our culture and values

Our people are what makes us different. We work together to create a diverse and inclusive culture that embraces individuality, where people are welcomed and feel comfortable in the knowledge that they can be themselves. Our purpose firmly states the importance of members, putting them ‘front and centre’ of what we do. This is embedded through our values:

• Integrity
• Collaboration
• Excellence

About us

Universities Superannuation Scheme (USS) was established in 1974 as the principal pension scheme for universities and higher education institutions in the UK. We work with around 330 employers to help build a secure financial future for almost 577,000 members and their families. We are one of the largest pension schemes in the UK, with total assets of around £76.8bn (at 31 March 2025). To find out more, please visit https://www.uss.co.uk

The Private Markets Group (PMG) consists of a 70+ person team that oversees c. £26 billion in assets across a fast-growing and diverse portfolio of private equity, infrastructure, private credit and property investments on behalf of the Universities Superannuation Scheme (USS). By operating as a single team, with individual areas of specialism and expertise, PMG is able to combine its resources through a “OnePMG" approach to investing which allows us to maximise origination, due diligence, transaction execution and asset management by tailoring the right mix of skills.

Capable of deploying capital across the full range of private market investing (direct, joint ventures, partnerships, co-investments and funds), and with in-house asset management and strategy teams complementing our investment function, PMG has developed a strong track record of innovation that is frequently recognised by our peers across equity, credit and property and, as one of the UK’s pre-eminent private markets’ investors, PMG often partners with many of the largest, most respected global financial institutions.

PMG’s portfolio includes ownership of some of the UK’s largest and most recognisable private companies and, through its holdings, is an established presence in the UK renewables sector. We also hold governance positions through our investments in a range of companies located across the EU, North America and Australia with exposure across different industries and sectors.

Being part of the UK’s largest pension scheme and serving the needs of USS and its members, PMG takes its role as a responsible investor seriously and is committed to adopting and promoting strong ESG credentials across its investments.

USSIM is proud to be an equal opportunity employer. We strive to ensure our recruitment process is as flexible and inclusive as possible so we can attract diverse candidates and recruit the best talent. We want all candidates to perform at their best during the recruitment process, so if you need any reasonable adjustments or if there is anything we can do to help support you through your recruitment journey please let us know by contacting [email protected].