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

This is a broad, hands-on role with real ownership from day one, and a clear path to grow into a more senior seat.

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

What we offer

• 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