Associate Director, Underwriter - Direct Lending Team

What You'll Do

Principal Alternative Credit (Direct Lending) launched in 2020 and is rapidly growing, achieving a record-breaking year in 2025. Our success is driven by the unique experiences, backgrounds, and talents of our employees – individually and all of us together.

As an Associate Director, Underwriter Direct Lending, you’ll be the primary credit risk manager for a portfolio of middle-market clients, you’ll work closely with originators and underwriters to assess risk, structure deals, and manage ongoing credit relationships. Your key responsibilities include:

• Risk Assessment & Credit Structuring: Evaluate credit clients, industry trends, and transactions to identify key risks. Develop forward-looking risk assessments, negotiate loan agreements, and recommend appropriate credit structures.
• Credit Approval & Investment Analysis: Prepare and present credit approval materials, ensuring compliance with risk policies. Structure financing solutions and negotiate key terms as part of a deal team.
• Portfolio Management & Risk Monitoring: Continuously assess and manage risk across an assigned portfolio. Monitor industry shifts, financial trends, and borrower performance to proactively mitigate risks.
• Stakeholder Engagement: Collaborate with private equity sponsors, lenders, and internal teams. Support marketing, RFPs, and client presentations while serving as a key representative in meetings.
• Leadership & Development: May provide mentorship and guidance to junior team members, contributing to team growth and expertise.

This role offers the opportunity to work on complex deals, engage with top industry players, and play a critical role in managing risk within a dynamic lending platform.

Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing about $580 billion in assets and over 60 years of experience. Principal Asset Management has been recognized as a “Best Places to Work in Money Management” for 14 consecutive years! Check us out at www.principalam.com!

Who You Are

• Bachelor's degree in a technical field (i.e. finance, accounting, economics, statistics, engineering, data science, business analytics).
• 6+ years of experience in all facets of Direct Lending Underwriting, including underwriting, research and portfolio management in the middle market.
• Background in corporate credit underwriting at a major commercial bank or credit manager, or transaction experience at a middle-market investment bank or financial advisory firm.
• Strong analytical skills to assess credit, risk, and valuation with sound decision-making abilities.
• Excellent communication and writing skills to simplify complex financial concepts for internal and external stakeholders.
• Ability to work collaboratively in a fast-paced, high-stakes environment with limited information.
• Professional presence with the ability to engage and present to key stakeholders, including private equity sponsors and investment committees.
• Willingness to travel as needed.

Skills that will help you stand out:

• Experience with Leveraged Buyout (LBO) models.
• MBA, CFA designation or progress towards.
• Restructuring and/or private equity experience.

Salary Range Information

Salary ranges below reflect targeted base salaries. Non-sales positions have the opportunity to participate in a bonus program. Sales positions are eligible for sales incentives, and in some instances a bonus plan, whereby total compensation may far exceed base salary depending on individual performance. Actual compensation for all roles will be based upon geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer.

Salary Range

$157000 - $213000 / year

Salary Details

The base salary range for this role is $157,000 - $213,000 as indicated above. Final compensation will be determined based on skills, experience, and alignment with the role’s responsibilities.

In addition to base pay, this role participates in an annual profit share bonus plan.

Time Off Program

Flexible Time Off (FTO) is provided to salaried (exempt) employees and provides the opportunity to take time away from the office with pay for vacation, personal or short-term illness. Employees don’t accrue a bank of time off under FTO and there is no set number of days provided.

Pension Eligible

No

Additional Information

Work Authorization/Sponsorship

At this time, we're not considering applicants that need any type of immigration sponsorship (additional work authorization or permanent work authorization) now or in the future to work in the United States. This includes, but IS NOT LIMITED TO: F1-OPT, F1-CPT, H-1B, TN, L-1, J-1, etc. For additional information around work authorization needs please use the following links.

Nonimmigrant Workers and Green Card for Employment-Based Immigrants

Investment Code of Ethics

For Principal Asset Management positions, you’ll need to follow an Investment Code of Ethics related to personal and business conduct as well as personal trading activities for you and members of your household. These same requirements may also apply to other positions across the organization.

Experience Principal

At Principal, we value connecting on both a personal and professional level. Together, we’re imagining a more purpose-led future for financial services – and that starts with you. Our success depends on the unique experiences, backgrounds, and talents of our employees. And we support our employees the same way we support our customers: with comprehensive, competitive benefit offerings crafted to protect their physical, financial, and social well-being. Check out our careers site to learn more about our purpose, values and benefits.

Principal is an Equal Opportunity Employer

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.

Posting Window

We will accept applications for 3 full days following the Original Posting Date, after which the posting may remain open or be removed based upon applications received. If we choose to post the job again, we will accept additional applications for at least 1 full day following the Most Recently Posted Date. Please submit applications in a timely manner as there is no guarantee the posting will be available beyond the applicable deadline.

Date First Posted (TTF)

3/18/2026

Latest Post Date: Careers - US

3/19/2026