Investment Manager

Role Overview

An expanding European Infrastructure Fund are looking for a new hire in their Milan office to support and lead on M&A activity. They would be willing to Sponsor candidates from the UK who would wish to live in Milan for at least two years.

The Investment Manager will focus almost exclusively on M&A execution for European acquisitions of operating solar PV, onshore wind, and battery storage assets. The role involves full-cycle deal execution: valuation, due diligence coordination, structuring, negotiation, and investment committee preparation.

Core Responsibilities

1. Deal Screening & Initial Assessment

• Review teasers, IMs, data rooms, and brokerage opportunities for operating renewable portfolios across Europe.
• Conduct high-level financial and commercial screening to determine strategic fit.
• Assess asset performance history, merchant/market exposure, PPA terms, and regulatory frameworks.

2. Financial Modelling & Valuation

• Build and own acquisition models for operating assets (IRR, cash flow, sensitivity analysis).
• Incorporate P50/P90 data, degradation, curtailment, capture pricing, merchant curves, and BESS revenue stacking where applicable.
• Run valuation scenarios and structure optimisation (e.g., holdco financing, leverage options, revenue hedges).
• Produce price ranges, bidding strategies, and competitive positioning recommendations.

3. Due Diligence Leadership

• Lead and coordinate technical, commercial, legal, tax, regulatory, and financial DD providers.
• Interpret reports to determine key risks and mitigation actions.
• Consolidate DD findings into a clear risk/return view for internal decision-making.
• Engage with vendors, advisors, and internal stakeholders throughout the process.

4. Transaction Execution & Structuring

• Manage end-to-end execution of bilateral and auction processes.
• Work closely with legal advisors on SPA terms, warranties, indemnities, CPs, liability caps, and closing mechanics.
• Support negotiations alongside senior management.
• Contribute to structuring decisions relating to JV agreements, holdco structures, financing, and regulatory considerations.
• Coordinate internal approvals and ensure alignment across the investment team.

5. Investment Committee Preparation

• Draft clear and concise IC papers summarising valuation, key risks, mitigants, DD outputs, and recommended investment terms.
• Present findings to senior leadership and respond to detailed IC questioning.
• Adjust models and transaction structures based on IC feedback.

6. Market Knowledge & Regulatory Insight

• Maintain up-to-date knowledge of European renewable M&A dynamics, valuation trends, merchant market movements, and PPA pricing.
• Track regulatory frameworks across Italy, Spain, Portugal, UK, France, and other core markets.
• Build intelligence on key developers, aggregators, IPPs, and investment banks active in the operating-assets market.

7. Relationship Management

• Maintain strong relationships with advisors, banks, sell-side brokers, and market participants.
• Develop a reputation as a reliable counterparty in the European renewables M&A landscape.

Candidate Profile

Experience

• 4–8+ years in M&A , Project Finance, Transaction Services, or Private Equity — ideally from:
• an infrastructure fund,
• a renewable IPP,
• a Big 4 M&A/valuation team,
• a top-tier bank or advisory firm.
• Demonstrated experience executing renewables transactions , preferably involving operating assets.