This Case Study was managed by
Texas headquartered Credit Fund, was looking for their first ever Restructuring Managing Director, to workout the problem children in their portfolio. This fund had grown to $11bn in its 6-year history.
To establish the first ever non-investment, portfolio operations function, that would be dedicated to workout, restructuring and special situations. Eastward worked carefully with the client in diligence to establish parameters of the role. A limitation was that the role was required to be based in Austin.
Once scope was established and timelines agreed, we agreed upon a retained search campaign. We jointly developed the responsibilities of the role and function, a go-to-market narrative and search toolkit, including job descriptions, scorecards and dashboard. Eastward carefully mapped the market for individuals who fit the exact brief.
Eastward presented 2 shortlists of relevant individuals, each matching core competencies and culture, with a different strength to bring to this newly formed role. Given the opportunity to define a new function for the fund, Eastward endeavored to show the client the benefit of each candidates’ respective skills and background.
The range and success of these two shortlists resulted in a record-fast engagement. The project ran for 5 weeks and the outcome was an absolute success.
Eastward Partners successfully appointed a Managing Director of Special Situations. The project cost was managed within budget guidelines, with a retainer/engagement fee paid initially, and the remaining amount due on placement. The candidate and client were both very pleased with the process.