Head of Underwriting – Credit Fund

Responsibilities Underwriting Framework and Credit Policy: — Design the fund's underwriting framework from scratch: credit policy, underwriting standards, rating and scoring methodology, credit memo templates, and approval workflows — built for LP diligence from day one. — Build the data edge into the process: integrate Xsolla's payments telemetry and game-revenue data into underwriting as a durable information advantage. Deal Underwriting and Structuring: — Lead the underwriting of lending facilities to game studios and gaming businesses: financial analysis, revenue durability, downside cases, and recovery analysis. — Structure facilities: term loans, revolvers, royalty- and revenue-based structures — including covenants, collateral packages, borrowing bases, and pricing. — Draft and negotiate term sheets and credit documentation with borrowers alongside external counsel. Credit Committee and Governance: — Stand up and run the credit committee process: present transactions, document decisions, and maintain an audit trail that stands up to LP and auditor scrutiny. — Establish portfolio monitoring: watchlist discipline, covenant tracking, and a workout playbook as the portfolio builds. LP Diligence and Fundraising Support: — Be the credit face of the fund: appear in fund materials and LP meetings as the fund's credit authority; own underwriting answers in LP due diligence. — Support capital formation: help shape the fund's risk-return narrative, portfolio construction guidelines, and track-record presentation. Credit Playbook and Team Building: — Codify the credit playbook: standards, templates, and documentation that make the fund's underwriting repeatable and audit-ready. — Build the bench: as the fund scales, hire and mentor the junior credit team — analysts, associates, and in time a portfolio/risk officer. Qualifications and Skills Experience: — 7+ years in private credit, direct lending, specialty finance, or leveraged finance, with personal responsibility for underwriting and closing institutional credit transactions. — Experience at an early-stage or first-time credit fund — credit policy written from scratch, LPA input, first LP diligence — is strongly preferred. — Lending against media, IP, royalties, recurring digital revenue, or gaming businesses is a strong plus. — A track record you can walk LPs through: deals underwritten, structures used, and how they performed — including the ones that went wrong and what you did about it. Skills and Competencies: — Deep fluency in credit analysis, financial modeling, covenant design, collateral structures, and credit documentation. — The gravitas to sit across from LPs, investment committees, and founders — and the judgment to say no to a deal. — Enjoys mentoring junior team members and building a strong credit culture as the team grows. — Comfort operating in a lean, fast-moving team where you build the machine you then operate. Education and Credentials: — A bachelor's degree in finance, economics, business, or a related field; an MBA and/or a CFA charter is preferred. Benefits: — 100% company-paid medical, dental, and vision plans. — Unlimited Flexible Time Off. — Personalized career roadmap for each employee. — Professional development through training and educational opportunities. — Supportive environment prioritizing physical, mental, and emotional well-being of employees and their families.