Risk Manager - Investment Risk (f/m/d) Global Private Debt Strategies

Job description

Join us. Let’s care for tomorrow.

At Allianz Capital Partners our people enjoy motivating, fulfilling careers. If you are looking for a fast-paced working environment, you are resolved to cultivate and expand your talents and relish a challenge, then join us now!

We are committed to giving our people – experienced and energetic professionals alike – the opportunities and experiences they seek to thrive and gain personal fulfilment. We will work with you to craft your own career, develop your personal growth, and align your achievements with your ambitions.

Job Purpose/Role

We are seeking a forward‑looking, results‑driven Credit and Investment Risk Manager with strong expertise in credit and rating analysis for illiquid alternative investments.

The role requires the confidence to articulate an independent risk perspective in discussions with senior investment professionals and the judgement to develop pragmatic solutions that balance risk and return. The successful candidate is grounded in rigorous credit analysis, communicates complex risk considerations clearly and persuasively, and thrives in a complex, fast‑moving environment.

You bring a hands‑on, execution‑oriented mindset and actively contribute to the ongoing development of the Private Markets risk management framework, while remaining closely involved in day‑to‑day risk oversight. Working closely with Investment and Portfolio Management teams across Private Markets debt strategies in Europe, the US, and Asia, you will succeed in a decentralized, international team setting.

Preferred locations for this position are Munich, Paris, and Luxembourg; Frankfurt is also possible. You will assume primary responsibility for the investment risk oversight of selected global illiquid debt strategies and report directly to the Head of Private Debt Risk.

What you do:

• Provide comprehensive credit and investment risk coverage across European, US, and global private debt strategies, vehicles, and investments with a focus on infrastructure and high yield strategies
• Perform internal credit assessments, including assigning and validating internal credit ratings for new private debt transactions
• Conduct regular reviews of existing internal credit ratings
• Provide an independent Risk vote in investment committees
• Perform portfolio risk monitoring and stress-testing activities on an ongoing basis
• Assess portfolio risk along various dimensions of risk, including concentration, liquidity, and sustainability risks, etc.
• Oversee liquidity risk of investment vehicles, including assessing cash flow dynamics and potential liquidity stress scenarios
• Provide analysis for risk reports for selected illiquid portfolios and develop presentations for senior management and external stakeholders
• Support the build-out of the private markets platform by providing analysis and advice to management, further enhancing the oversight framework and provide a risk management view for new private credit products on an ongoing basis
• Maintain effective, collaborative communication with investment, middle-office, and back-office teams
• Stay informed on market developments across relevant asset classes through internal and external networks
• Act as a subject matter expert for inquiries from clients, distribution, legal, and compliance teams regarding risk profiles and strategy characteristics
• Support ad-hoc projects and initiatives as required to support the evolving risk oversight framework

What you bring:

• Master's degree in Finance, Business, Economics, Mathematics, or a related quantitative discipline with a finance focus
• Strong expertise in credit and rating analysis, including cash‑flow analysis, covenant assessment, downside scenarios, and recovery analysis in leveraged finance and infrastructure debt with work experience in a rating agency, credit fund, a bank or other financial institution
• Sound understanding of portfolio risk concepts, including concentration risk, liquidity risk, stress testing, and sustainability‑related risks
• Familiarity with Private Markets fund structures, liquidity profiles, and risk oversight frameworks
• Excellent written and verbal communication skills in English, with the ability to clearly articulate complex financial concepts
• Proactive mindset with a strong client-service orientation
• Ability to work independently, think critically, and deliver well-founded recommendations with confidence
• High level of collaboration and stakeholder management skills
• Experience in applying generative AI tools like Copilot to automate processes and improve operational efficiency

What we offer:

• Flexible working from home (hybrid model/ flexible working hours)  
• Mental health and wellbeing programs (EGYM Wellpass) 
• Mobility solutions (Subvention Jobticket, Deutschlandticket etc.) 
• Canteen subsidy  
• Corporate Benefits
• … and so much more! 

About Allianz Global Investors 

Allianz Global Investors is a leading active asset manager, managing assets for individuals, families, and institutions worldwide. Our goal is to actively shape the future of investing for all our clients, wherever their location and whatever their objectives. 

Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges, is what makes us a unique employer. Together we can build an environment where everyone feels empowered and has the confidence to explore, to grow and to shape a better future for our customers and the world around us.  

At Allianz, we stand for unity: we believe that a united world is a more prosperous world, and we are dedicated to consistently advocating equal opportunities for all. And the foundation for this is our inclusive workplace, where people and performance both matter, and nurtures a culture grounded in integrity, fairness, inclusion and trust. 

We therefore welcome applications regardless of ethnicity or cultural background, age, gender, nationality, religion, social class, disability or sexual orientation, or any other characteristics protected under applicable local laws and regulations. 

If you feel inspired to promote the active asset management experience, this is the place for you. Join our international, technology-enabled, and agile environment. Simply upload your CV in English to apply for this position.  If you need support to navigate our websites or at any stage during your application, please send an email with your request to recruiting@allianzgi.com 

Join us. Let’s care for tomorrow. 

To Recruitment Agencies: 

Allianz Global Investors has an in-house recruitment team that sources great candidates directly. Therefore, Allianz Global Investors does not accept unsolicited resumes from agency or search firm recruiters. 

When we do work with recruitment agencies, that engagement is formalized by a contract. Fees will only be paid when there is a contract in place. 

Without a contract in place, we will not accept invoices on unsolicited resumes, even if the candidate was ultimately employed by Allianz Global Investors. 

Finally, please do not contact hiring managers directly.