Principal Portfolio Manager, Credit Strategies Job #: req35522 Organization: World Bank Sector: Treasury Grade: GH Term Duration:ย 3 years 0 months Recruitment Type: International Recruitment Location: Washington, DC,United States Required Language(s): English Preferred Language(s): Closing Date: 2/15/2026 (MM/DD/YYYY) at 11:59pm UTC
Description
Do you want to build a career that is truly worthwhile? The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty and promoting shared prosperity. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges.ย The World Bankโs vision is ending extreme poverty on a livable planet.ย For more information, visitย www.worldbank.org.
The Pension and Endowments Department (PEN), which is part of the Treasury Vice Presidency, is responsible for the financial management and administration of the World Bank Group's funded benefit plans, including the retirement scheme - the Staff Retirement Plan, the retiree medical and life insurance programs - the Retired Staff Benefits Plan, and other ancillary benefits (the Plans).ย The Pension Finance Committee (PFC), appointed by the Bank Group President and chaired by the Chief Financial Officer, has oversight responsibility for the financial management of the plans.ย ย
The Pension Investments (PENIN) team is responsible for the investment management of the pension plan assets. The key responsibilities include developing the investment strategy, outlined in the policy framework and strategic asset allocation and approved by the PFC, and executing the investment strategy through external fund management, ensuring the integration of Environmental, Social, and Governance (ESG) factors. PENIN manages approximately US$45 billion across various asset classes such as fixed income, public equities, private equity, real assets, private credit, and absolute return strategies.ย
Staff in PENIN are allocated to a particular team upon entry. They may be reassigned to other PENIN teams at the discretion of the Manager of PENIN in response to business priorities. This Principal Portfolio Manager position is intended as Team Lead for PENINโs Credit Strategies team.ย
Roles & Responsibility:
The Principal Portfolio Manager/Team Lead for the Credit Strategies team will manage a team responsible for investing PENINโs Credit Strategies portfolios, which are externally managed private market strategies focused on direct lending and asset-based lending. The Principal Portfolio Manager will lead the teamโs portfolio construction, investment due diligence, identification of new managers or investment ideas, and will oversee the investment of the portfolio in addition to presenting to the Investment Committee. He/she will also be responsible for monitoring the performance, valuation, liquidity, and risk of different private credit funds in the portfolio, including pacing of commitments.
The Team Lead will work closely with the PENIN Manager and liaise with the other PENIN Team Leads and other units such as information systems (ITS), legal (LEGFI), and the pensions middle office (PENMO).
The main responsibilities of the Team Lead include but are not limited to the following:ย
1. Lead the portfolio construction process and enhancements to the portfolio:
โข Formulate ideas and approaches to portfolio construction to manage and monitor the risk and return drivers in the private credit portfolioย
โข Enhance the necessary quantitative and qualitative analysis in support of investment decisions, including cash flow modeling
โข Demonstrate full understanding of analytical and other resources and systems applicable to Credit Strategies fund investing, manager analytics, valuation, and performance reporting; and enhance the investment process as appropriate.
2. Portfolio management and strategy implementation:
โข Oversee the day-to-day operations of the private credit investment portfolio, ensuring alignment with the approved investment guidelines and risk parameters
โข Oversee the management of relationships with external private credit managers (GPs)
โข Monitor the performance and risk characteristics of current funds in the Credit Strategies portfolio and keep track of recent trends and developments in the industryย
โข Ensure all investment activities comply with internal policies, regulatory requirements, and industry best practiceย
โข Have a comprehensive understanding of the risk and return patterns across the private credit asset class and across a broad set of strategies and managersย
โข Enhance quantitative and qualitative analysis in support of investment decisions, including assessing underwriting discipline
โข Demonstrate full understanding of analytical and other resources and systems applicable to respective strategies and enhance processes and resources (including cash flow forecasting and risk and performance analytics)ย
โข Maintain a forward-looking view on risk and return across a broad set of private credit investment strategies and market cycles, including covenant trends and documentation strength
โข Manage the risk of the portfolio as appropriate, including through regular rebalancing of commitments by strategy, liquidity management, and mitigation of concentration risk
โข Effect changes to the asset class portfolio as appropriate, including engaging with the PENIN Manager and presenting it to the Investment Committee for approval
โข Propose and implement changes to investment processes.
3. Market monitoring, identification of new managers and investment due diligence:
โข Keep abreast of market developments affecting the asset class including market trends, economic developments, and regulatory changes that may impact the portfolio. Identify investment opportunities and implications for existing portfolios under management
โข Recommend updates to the investment guidelines and objectives as necessary to adapt to changing market conditions and strategic objectives, ensuring alignment with the benchmark characteristics and the Planโs private credit mandateย
โข Independently manage the due diligence process of external managers across the asset class, including assessment of sourcing/origination, underwriting discipline, documentation/covenant strength, portfolio construction, leverage usage, valuation policy, reporting, and operations (aligned with established private credit due diligence best practices)
โข Fully understand the legal, business, operational, and regulatory risks across a broad set of private credit strategies and managers (including LPA terms, side letters, and GP-LP governance)ย
โข Independently and effectively negotiate with investment managers.
4. Lead engagement with senior management and active participation in Investment Committee (IC) decision making process:
โข Prepare and present investment recommendations, risk assessments, and scenario analyses to inform IC decisions for Credit Strategies portfolio
โข Prepare and present investment recommendations, risk assessments, and scenario analysis to inform IC decisions
โข Document key IC deliberations, decision rationales, and follow-up actions
โข For other private markets asset classes, actively participate in IC meetings, contributing well-researched insights, challenging assumptions constructively and supporting robust debate to improve decision quality and resilience of investment outcomes
โข Prepare and present regular investment performance reports to senior management and relevant committees
โข Present proposed changes to investment processes to the Investment Committee for approval and lead the implementation.
5. People management, collaboration and mentorship:
โข Promote a culture of high performance, inclusion, and continuous learning; set clear expectations and link individual objectives to team and organizational strategy
โข Drive proactive performance management for staff in the Credit Strategies team, setting SMART goals, conducting regular check-ins, mid-year and year-end reviews, and maintaining career development plans
โข Mentor and guide junior-level team members
โข Contribute to additional projects as needed within the department.
Selection Criteria
โข Advanced degree in a relevant field, preferably finance, business, economics, IT, MIS, or computer scienceย
โข Professional Certification such as a CFA and/or CAIA is a plus
โข 15 years of relevant working experience, with a proven track record in private markets portfolio management and external manager selection for private credit strategies (including portfolio risk management, commitment pacing, and portfolio monitoring)
โข Experience with senior secured and asset-based lending, covenant/documentation analysis
โข An understanding of global and domestic macroeconomics and capital market issues relating to investments, with specific appreciation for private credit cycles, interest rate dynamics, underwriting standards, and recovery behavior
โข Proven ability to engage with multiple stakeholders in determining strategic positioning of a private credit investment portfolio intended to meet organizational objectivesย
โข Experience working with investment teams, understanding investment and legal review processes, and coordinating with middle-office and legal functionsย
โข Excellent quantitative, qualitative, and credit analytical skills, including stress testing borrower interest coverage under varying base-rate scenarios and assessing covenant packages
โข Demonstrated track record contributing to investment committees (IC) or equivalent governance bodies, with evidence of high-quality decision-making under uncertainty.
โข Experience with systems supporting private markets fund investing, portfolio monitoring, valuation, and reporting processes and controls surrounding the asset management businessย
โข Demonstrated people leadership experience managing junior investment professionalsย
โข Strong coaching, feedback, and talent development skills; experience building high-performing, inclusive teams
โข Creative thinker and quick learner with initiative, drive, and attention to detail
โข Proven capacity to multi-task, deliver results, and respond quickly and effectively to requests. Ability to work under pressure and resolve conflicts
โข Excellent communication and facilitation skills (both verbal and written skills), with the ability to synthesize and convey complex ideas clearly to diverse stakeholders
โข Good team player with strong interpersonal skills and commitment to work in a team-oriented, multi-cultural environment
โข Demonstrated ability to collaborate across multidisciplinary teams in order to foster strategic business partnerships
โข Proven capacity to multi-task, deliver results under stress and respond quickly and effectively to requests
โข A quick learning ability with strong initiative and drive, as well as attention to detail
โข Excellent team player with strong interpersonal skills, and commitment to work in a team-oriented, multi-cultural environment with the highest ethical standards.
Competencies:
Leading and Innovation:
Contribute new insights to understand situations and develop solutions to resolve complex problems. Adapt as circumstances require and manage the impact of own behavior on others in the context of WBG's values and mission. Identify and pursue innovative approaches to resolve issues.
Deliver Results for Stakeholders:
Add value by constantly looking for better ways to get more impactful results; set challenging stretch goals for oneself. Immerse oneself in stakeholdersโ experiences and perspectives by asking probing questions to understand unmet needs. Demonstrate accountability for achieving results. Identify and propose solutions to mitigate and manage risks.
Collaborate Within Teams and Across Boundaries:
Appropriately involve others in decision-making and communicate with key stakeholders. Approach conflicts as common problems to be solved. Actively seek and consider diverse ideas and approaches displaying a sense of mutuality and respect. Integrate WBG perspectives into work.
Create, Apply and Share Knowledge:
Leverage the department's expertise and body of knowledge across WBG to strengthen internal and/or external solutions. Seek to learn from more experienced staff to deepen or strengthen their professional knowledge and help others to learn. Build personal and professional networks inside and outside the department and unit.
Make Smart Decisions:
Seek diversity of information and inputs, research possible solutions, and generate recommended options. Identify and understand risks and proposes recommendations. Based on risk analysis make decisions on time within own area of responsibility, considering the interests and concerns of stakeholders.
WBG Culture Attributes:
1. Sense of urgency: Anticipate and quickly respond to the needs of internal and external stakeholders.
2. Thoughtful risk-taking: Challenge the status quo and push boundaries to achieve greater impact.
3. Empowerment and accountability: Empower yourself and others to act and hold each other accountable for results.
World Bank Group Core Competencies
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at theย World Bankย andย IFC, including our values and inspiring stories.