Associate Portfolio Manager

Engelhart

ABOUT US Engelhart was founded in 2013 by BTG Pactual Group as a commodities trading company. Our business model is “asset light” and highly diversified – giving us the ability to adapt effectively and nimbly to changing market conditions. We have assembled successful multidisciplinary teams, leveraging advanced fundamental analysis with deep quantitative and weather research capabilities.  Our activities are underpinned by strong risk management practices and by powerful technology and operational excellence. We have exceptional teams with diverse global backgrounds and decades of experience, and are driven by a highly collaborative culture, across products and competencies. In 2024, Engelhart acquired Trailstone, a global energy trading and technology company. The acquisition provides us with new expertise, analytics and proprietary technology which is being used to provide risk management and optimisation services to help maximise the value of our clients’ renewable power. The acquisition also expanded Engelhart’s capabilities into physical natural gas across North America, a critical fuel to support the energy transition. Our talented and experienced individuals work together according to its four company values: Performance, Agility, Collaboration, Entrepreneurship. ABOUT THE ROLE We are pleased to announce a new opening in our Short Term Portfolio Management Academy in Berlin, to start on September 1st this year. Our Short Term Portfolio Management Academy provides exposure to renewables and gas portfolio management and systematic short term power trading in an international energy trading company. This is an ideal opportunity for someone looking to develop a career in the world of commodities trading.  After a structured training period, you will be exposed to the balancing risk of our European and Japanese renewables portfolio boosting the PnL by expertly managing the deviations of wind & solar production and optimising the flexibility of our renewables sites through a combination of discretionary trading decisions and support from our automated trading systems. You will monitor the system health of our automated trading systems including our systematic short term power trading strategies that you can also contribute to with new trading ideas. You will also be exposed to the European natural gas portfolio, where you will build responsibility in operating the physical gas asset portfolio (storages, cross border capacities, supply, demand) via scheduling, capacity booking, and short term trading of asset optionality.  In addition to your training for supported development, as part of our Short Term Portfolio Management Academy you can expect to receive a clearly defined career path aligned with transparent growth milestones. Practical experience of renewables or gas portfolio management is not required – but the commitment and hunger to develop a long-term career within our industry is essential.   Please note that, due to the nature of Short Term Portfolio Management, this role will be required to work on a shift basis on rotation. The shift rota will include working during some weekends, bank holidays and nights.  The role will be based in our Berlin office on Ernst-Reuter-Platz, and will include the following day-to-day responsibilities:     * Upon joining, you will undertake our bespoke Short Term Portfolio Management training program, providing accelerated career knowledge and expert insights into European power and gas markets.   * Working with the fundamental aspects of supply and demand in order to optimise portfolios and execute trades, including ownership of monitoring profit and loss.   * Working in a fast-paced team environment whilst managing market and operational risks.   * Undertaking regular project work when ‘off shift’ based on your skills and interests. Projects can be analytical, quantitative, operational or commercial.     ABOUT YOU We are looking for people who are commercially minded and operationally diligent, with a keen interest in becoming experts within the world of commodities portfolio management and / or trading. As English is our 'company language', your English language skills will need to be fluent, both written and spoken, in order to successfully engage in these roles and complete the Short Term Portfolio Management Academy training program.   In addition we believe the following attributes will best set someone up for success, and we will prioritise accordingly:   * Knowledge of, and experience with, coding in Python. [Required, this will be tested during the interview process]  * A University degree in Engineering, Mathematics or another quantitative subject.   * Analytical and highly numerate approach, with strong attention to detail.   * Demonstrable knowledge and thorough understanding of European power and / or gas markets.   * Strong communication skills, with the ability to collaborate effectively across the Short Term Portfolio Management Team and the wider global business.   * A proactive, pragmatic problem solver with a strong bias for action.   * A positive and team-oriented mindset.  * Ability to thrive in a fast-paced trading environment.    WHAT WE OFFER * Competitive compensation and participation in Engelhart’s discretionary bonus plan. * 28 days of annual holiday entitlement plus Berlin public holidays. * €3,000 per year contribution to a private pension scheme on your behalf. * €20 monthly subsidy towards BVG tickets. * €25 monthly subsidy towards ClassPass membership. * A subsidy for German language courses to help you immerse yourself in the local culture. * A sociable working environment with an open, international culture. We believe in inclusivity and are therefore dedicated to ensuring all employees – across gender identity, race, ethnicity, sexual orientation, religion, life experience, background and more – feel welcome and included in the company. We promote diversity because we believe it is essential to our ability to think holistically.

Pemberton

Pemberton Asset Management is a leading European private credit manager. Built on more than a decade of experience and deep credit expertise, we provide innovative, cycle-tested private credit solutions for LPs and GPs. Pemberton’s extensive origination network of ten European offices, local market and sector expertise are core characteristics of Pemberton’s value proposition. A substantial investment team, a broad and independent credit function and rigorous credit analysis inform our investment approach. We are committed to advancing responsible investing in private credit and fostering long-term value through transparent partnerships. Pemberton manages USD $28.8bn in AuM and employs more than 200+ staff globally. (*As of 30th September 2025. Defined as capital committed since inception) Further information is available at www.pembertonam.com. Follow Pemberton on LinkedIn here. Role Relationships: Reporting to Managing Director, Head of Product Strategy & Development Key Stakeholders the role will interact with: * Portfolio Managers * Business Development * Investor Relations * All groups across Central Functions (Finance, Compliance, Legal etc) Role Responsibilities: The Associate is responsible for structuring and executing a wide range of structured finance offerings (both private and public) including asset-backed financings, direct lending CLOs, securitized funds and leveraged continuation funds —offering institutional clients efficient, regulatory-optimized access to Pemberton Investment Strategies. The role incorporates advanced cash flow modeling of underlying portfolios and strategies, in-depth analysis of fee and cost economics, preparation of marketing and governance materials, participation in new product processes, and regular interaction with rating agencies and institutional investors. CLO Structuring * Structure and model CLOs and asset-backed warehouse/term facilities, optimizing for tranche sizing, waterfalls, collateral rules, and credit risk * Model portfolio cash flows under various investment scenarios, integrating expected asset returns, loss/gain cases, prepayment assumptions, and stress analysis. * Drive deal execution with support from legal, compliance, and operations teams. * Lead data submissions and manage iterative feedback processes with rating agencies. Asset Financing * Model leveraged funds and the use of various financing facilities to optimise return * Evaluate sensitivities based on loan covenants * Analyse fee and cost economics for each structure, including layered fees (fund/asset management, structuring, servicing, administrative), and their projected impact on investor returns and deal cash flows * Draft and iterate term sheets detailing economic terms, waterfall provisions, fee structures, and reporting mechanics. * Drive deal execution with support from legal, compliance, and operations teams Credit Continuation Funds * Support analytics for Pemberton Continuation Funds including preparation of investor materials * Lead investor analytical workstreams Fund Securitisation and Rated Feeder Structuring * Structure and model CFs, rated feeders and other securitised fund structures using CLO/securitisation experience Investor Marketing & Communication * Prepare technical, data-driven marketing materials, including transaction overviews, fee and economics workups, illustrative cash flow outputs, pitch decks, and detailed investor Q&A. * Articulate investment structure, economic rationale, gross-to-net return expectations, and comparative benchmarking of costs and fees versus market alternatives. * Support sales/distribution with tailored materials for investor diligence and roadshows. New Product Committee & Internal Governance * Present new bespoke products (notes, wrappers, other vehicles) at New Product Committees - detailing full economic structure, scenario/fee modelling outputs, and compliance review. Buy-Side & Portfolio Advisory * Advise Pemberton portfolio teams and institutional clients on structure mechanics, cash flow drivers, expected net yields, and impact of cost frameworks on investor outcomes. * Prepare robust investment and risk memoranda—including net return drivers and downside/worst-case analytics—for internal committees and client reporting. Compliance and ESG Responsibilities: In performing regulated and unregulated activities for the firm the Associate, Product Strategy & Development, will follow the Individual Conduct rules: * Act with integrity. * Act with due care, skill and diligence. * Open and cooperative with the FCA, the PRA and other regulators. * Pay due regard to the interests of customers and treat them fairly. * Observe proper standards of market conduct. * Ensure all Investment Development activity takes into consideration ESG factors to maximise corporate sustainability and support the firm’s diversity and inclusion objectives. Work Experience & Qualifications: As a Product Strategy & Development Associate, the skills and competencies you will need are: * 3+ years' experience in structured credit, CLO/ABS structuring, or capital solutions, or Investment Banking / M&A with a focus on cash flow and fee modelling. * Demonstrated proficiency in portfolio cash flow modelling (Excel, Intex, or similar) across multiple investment scenarios. * Strong analytical skills with experience modelling layered fee structures and quantifying their impact on net investor economics. * Proficient in preparing investor presentations and writing internal risk papers * Experience drafting term sheets, fee overviews, and technical marketing materials for institutional investors. * Bachelor’s degree in Finance, Economics, Mathematics, Engineering, Physics, Chemistry or related. * Focus on learning and developing knowledge regarding securitisation / structured finance / financing / rated transactions including different investment structures across a wide range of asset classes and investor requirements. * Learn and develop knowledge relating to key regulatory regimes for banking and insurance sector. * Ability to support seniors to successfully execute complex transactions across a wide variety of asset classes across multiple jurisdictions. Key Qualities: * Curious and commercially minded, with the ability to understand investor objectives and translate them into practical structuring solutions. * Demonstrates end-to-end thinking: capable of taking an idea from concept through financial modelling, preparing clear and compelling investor presentations, and supporting the transition into legal documentation. * Strong communication skills, able to articulate complex concepts to both technical and non-technical audiences. * Highly organised with strong time management skills: able to work independently and prioritise effectively in a fast-paced environment. * Professional approach to handling confidential and sensitive information. * Collaborative and team-oriented, with a willingness to support colleagues during periods of high workload. Culture (Supporting, Growing, Thriving): At Pemberton, we foster a culture where people can support each other, grow together and thrive as a team. We are innovative and entrepreneurial, always seeking new ways to deliver value for our clients while maintaining a high-performing and client-focused mindset. Collaboration is at the heart of what we do, underpinned by a respectful and supportive environment that encourages open dialogue and shared success. Our commitment to excellence is matched by our dedication to helping every individual develop their skills and achieve their potential, ensuring that both our people and our business continue to flourish. The duties and responsibilities described here are not exhaustive; additional assignments may be required. Duties and responsibilities may be changed at any time, with or without notice, at Pemberton’s sole discretion. Pemberton is committed to providing equal employment opportunities to all employees and applicants for employment without regard to race, colour, religion or belief, sex, gender, gender identity or expression, sexual orientation, age, disability, national origin, ancestry, citizenship status, marital or civil partnership status, pregnancy or maternity, veteran or military status, genetic information, or any other characteristic protected by applicable law. We value diversity and are dedicated to creating an inclusive environment for all employees. This policy applies to all terms and conditions of employment, including recruitment, hiring, placement, promotion, transfer, termination, compensation, benefits, training, and development. Pemberton is also committed to making reasonable adjustments to accommodate the needs of disabled employees and applicants. All employees, managers, and those involved in recruitment or employment decisions are required to comply with this policy. If you need a reasonable accommodation to complete your application, please contact People and Performance at careers@pembertonam.com Depending on the position, you may be required to obtain certain regulatory licenses/certification if you are in a client facing role and/or if you are engaged in the following non exhaustive list: * Attending client meetings where you are discussing products and/or and client questions; and * Marketing funds to clients. Note: Please speak with your Pemberton Recruiting contact with any questions. To submit your application please complete the application form via 'Apply for this Job' below. Fields marked with a red asterisk * must be completed to be considered for employment (although some can be answered "prefer not to say"). Failure to provide this information may compromise the follow-up of your application. When you have finished click 'Submit Application' at the bottom of the application form.

Pantheon

Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for an innovative approach to investing in secondaries, co-investments, and primary fund investments, as well as capital formation across commingled funds, evergreen vehicles and customized solutions. Our specialist investment capabilities span multiple strategies across private equity, infrastructure and real assets, and private credit. Through our collaborative and committed culture, we find new ways to solve complex problems together and deliver innovative investment opportunities across private markets. Pantheon currently manages approximately $82.3 billion in AUM across all its strategies, serving more than 750 institutional and 638 private wealth clients worldwide For further details please visit www.pantheon.com Purpose of Position The Senior Associate sits in our Fund Finance team and helps run Treasury across Pantheon’s commingled funds, separately managed accounts, and special purpose vehicles. You will oversee cash flow forecasting, sign off on capital calls, distributions and credit facility activity, manage our external outsource provider, and execute FX and money-market trades. You will partner closely with deal teams, finance, legal, compliance, investor relations, banks, lenders and fund administrators and contribute to scaling the platform as cash and debt under management grow. Key Responsibilities Liquidity and cash management * Lead and Manage cash flow forecasting for Pantheon’s funds across all private debt and Private equity strategies, partnering with the investment, finance and investor relations teams. * Sign off on investor capital calls and distributions. * Monitor liquidity across all accounts and provide bespoke reporting to portfolio managers to make sure we can meet new investments, calls, distributions, fees and expenses. * Run treasury operations for legacy and wind-down funds, including quarterly distribution processing. Subscription and NAV credit facilities * Manage the external outsource provider responsible for tracking facility data, producing borrowing base and covenant calculations, and shadow interest calculations. * Sign off on credit facility drawdowns, repayments, rollovers and compliance reporting. * Track facility limits, key covenant dates and documentation. Escalate breaches or approaching thresholds promptly. * Coordinate with internal teams and lenders on facility renewals and notices. FX and cash investment * Review and execute FX trades to support liquidity and FX exposure decisions. * Review and execute money-market fund trades and term deposits to support liquidity decisions. * Identify opportunities to maximise yield in line with approved investment guidelines. Payments, systems and team oversight * Act as signatory for sensitive new deal wires and other urgent payments. * Assume line management responsibility to support the Treasury team’s day-to-day activities — liquidity, FX execution, deal settlement, facility management and tackling investor queries. * Support the Treasury Management System upgrade project (Hazeltree) * Lead the improvement of processes to support growth in cash and debt under management and assess further outsourcing to external providers. Controls, compliance and stakeholder partnering * Ensure compliance with relevant laws, regulations and Pantheon policy. Report compliance risks promptly and maintain high standards of conduct. * Be a primary point of contact for internal stakeholders (investment, risk, fund finance, legal, compliance, investor relations) and external partners (banks, auditors, outsource providers, fund administrators). Artificial intelligence * Identify and scope AI use cases across Treasury liquidity analytics, cash forecasting, idle cash deployment, document and legal review, and bank account / KYC onboarding workflows. * Build the business case and own the roadmap quantify the impact of each use case, prioritise against capacity, and sequence delivery. * Deliver tooling into day-to-day Treasury operations partner with Tech, Strategy & Business Management and the Data team to embed solutions through Databricks, Hazeltree and Claude. * Build team capability develop the team's prompting standards, skills framework and quality review process so outputs are dependable and consistently adopted across the function. Knowledge & Experience Required  Essential * Deep and comprehensive treasury experience in private equity, private credit is essential. * Experience designing, implementing or upgrading a Treasury Management System. * Hands-on experience of subscription credit facilities and NAV financing, including drawdown mechanics, borrowing base and covenant monitoring. * Comfortable executing FX trades and money-market fund transactions in a fund context. * Strong grasp of payment controls, wire verification protocols and segregation of duties. * High Excel proficiency (VBA required) * Track record of working accurately under deadline pressure in a high-volume environment. * ACT Certificate in Treasury (CertT) or equivalent qualification (CFA) Desirable * Experience managing small Treasury Teams. * Practical knowledge of applying AI in a treasury context * Exposure to TMS implementation or treasury transformation projects. * Familiarity with fund lifecycle management. * Familiarity with SWIFT messaging standards and custodian reporting platforms. * Working proficiency in Python/SQL/Cala or other programming languages Personal Attributes  * Driven and meticulous with strong ownership and accountability. * A proactive communicator who manages stakeholder expectations and escalates appropriately * Collaborative comfortable working across investment, finance, legal and compliance teams. * Curious about how to make things better. You spot inefficiencies and contribute ideas to fix them. * High professional standards. Aligned to our values and our risk culture. This job description is not to be construed as an exhaustive statement of duties, responsibilities, or requirements. You may be required to perform other job-related duties as reasonably requested by your manager. Pantheon is an Equal Opportunities employer, we are committed to building a diverse and inclusive workforce so if you're excited about this role but your past experience doesn't perfectly align we'd still encourage you to apply.