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Client

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.

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Scope

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 to establish parameters of the role. A limitation was that the role was required to be based in Austin.

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Solution

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.

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Result

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.