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

We are passionate about fostering a supportive environment for our team, so we prioritize the physical, mental, and emotional well-being of our employees and their families through a comprehensive Benefits Program. This includes 100% company-paid medical, dental, and vision plans, unlimited Flexible Time Off, and a personalized career roadmap for each employee. By investing in professional development through training and educational opportunities, we ensure that our team thrives both personally and professionally. Together, we’re not just building a business; we’re cultivating a community that values creativity, collaboration, and the transformative power of play.