Investment Associate - Acquisition Finance

About ZEAL

ZEAL is a European acquisition finance partner providing structured, cash\-flow\-based financing to private equity firms, investment companies, search funds and entrepreneur\-led acquirers across Europe. We sit in the underserved space between the major banks – which find sub\-EUR 15m LBOs structurally uneconomical – and the larger private debt funds, which rarely look below EUR 20m. In that gap, we deliver institutional\-grade acquisition capital with the flexibility, speed and certainty of a deal partner.

Typical ticket sizes are EUR 1–10 million, with the possibility to be deployed as senior or junior debt for serial acquirers and buy\-and\-build platforms. We underwrite based on the target's pro\-forma cash flow and the strategic logic of the transaction – not just hard collateral. ZEAL is part of a licensed Nordic financial group, and joining us means being part of an ambitious team building a distinctive position in European acquisition finance from day one.

About the role

As Investment Associate at ZEAL, you will work end\-to\-end across the deal lifecycle – from credit analysis and underwriting through structuring, negotiation and closing, into portfolio monitoring. You will be a core member of our investment team, working directly with senior colleagues on cash\-flow\-based acquisition financings for PE sponsors, search funds and entrepreneur\-led acquirers. Your responsibilities will include:

• Underwriting prospective transactions – building detailed LBO models and pro\-forma analyses to assess sustainable leverage, debt service and downside scenarios


• Performing credit analysis on cash\-flow\-based acquisition financings – LBOs, buy\-and\-build platforms and bolt\-on acquisitions


• Preparing investment memos and presenting opportunities to the Investment Committee


• Supporting origination through outreach and relationship building with PE firms, family offices, corporate acquirers, search funds, M\&A advisors and banks


• Contributing to term sheets, security packages, covenants and pricing


• Working alongside external counsel on documentation and closing


• Monitoring the portfolio post\-close and identifying follow\-on opportunities with serial acquirers

About you

We are looking for someone with strong analytical foundations, commercial instincts and a genuine drive to build. You likely have:

• 2–5 years of relevant experience from leveraged finance, acquisition finance, M\&A advisory, private credit, direct lending, private equity, transaction services or a comparable credit\-focused seat


• A degree from a leading university in finance, economics, engineering or a related quantitative field


• Solid credit and accounting fundamentals and confident LBO modelling skills, with a developing understanding of cash\-flow\-based lending, pro\-forma EBITDA and credit structuring


• The ability to break down complex situations, form a clear view, and communicate it concisely


• A commercial mindset – you understand that a good investment team blends analytical rigour with the ability to win deals


• Fluent in English and Swedish


• Entrepreneurial, hands\-on, comfortable taking initiatives in a fast\-paced environment

• Be part of a fast\-growing company backed by a licensed financial group


• Entrepreneurial, high\-trust culture with significant responsibility, exposure and incentive


• Direct deal exposure and high visibility from day one


• Beautiful office in central Stockholm


• Strong opportunities for professional growth and development

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