Equity Research Analyst, Private Placements

Overview

Heights Capital Management (Heights) manages investments directly in publicly traded companies, typically through negotiated transactions: PIPEs, registered directs, confidentially marketed offerings, convertibles and warrant-linked structures.

 

As an analyst at Heights, you will have a variety of responsibilities including identifying companies likely to raise capital, building the diligence to enable investment managers to accurately outline risks related to prospective transactions, and updating investment managers on existing portfolio companies. You will work directly with the investment managers from deal inception to pricing. This is a small team so you will be trusted with substantive work quickly.

 

What You’ll Do:

 

Identify potential investments

• Screen US-listed companies for capital need using cash runway, burn rate, shelf and ATM capacity, upcoming catalysts and trading liquidity.
• Monitor SEC filings (e.g. 10-Q, 10-K, 8-K, S-3, 424B5), sell-side research, news flow and banker deal flow to keep a live pipeline of candidates.
• Develop and maintain the desk's watchlist and candidate tracker, and help refine the screening tools behind it.
• Support reverse-inquiry outreach by preparing company one-pagers

Prepare due diligence

• Build and maintain financial models covering runway, dilution, capital structure and warrant or convertible scenarios under different pricing outcomes.
• Analyze management track record, prior financings and their terms, competitive position, and, for healthcare names, the clinical and regulatory picture.
• Write concise investment memos with cited sources and exact figures, and present recommendations to the desk.
• Join management and banker calls, track open questions through to answers, and coordinate with legal and compliance on wall-cross and restricted-list status.

Support portfolio companies

• Monitor positions for catalysts, earnings, filings and cash position, and flag changes that affect our thesis or our securities.
• Maintain relationships with management and investor-relations teams as an ongoing point of contact.
• Evaluate follow-on financing requests, warrant amendments and exercise decisions, and track registration rights and covenant terms.
• Prepare periodic portfolio reviews and ad hoc analysis for the desk.

What we’re looking for

• 2 to 5 years in equity research, investment banking (ECM), a buy-side analyst seat, or transaction advisory.
• Strong accounting and modeling skills, and fluency reading SEC filings in detail.
• Working knowledge of how PIPEs, registered directs, ATMs and warrant transactions function. Direct deal experience is a plus.
• Comfort operating on deal timelines, where a decision can be needed within a day.
• High integrity and discipline around material non-public information and wall-cross restrictions.
• Excel and Bloomberg proficiency. SQL or Python is a plus, as is an interest in automating repetitive parts of the process.
• Visa Sponsorship for work authorization is not available for this position now or in the future.

Nice to have

• CFA progress or completion
• Experience valuing options, warrants or convertible SEC

 

About Susquehanna

Susquehanna is a global quantitative trading firm powered by scientific rigor, curiosity, and innovation. Our culture is intellectually driven and highly collaborative, bringing together researchers, engineers, and traders to design and deploy impactful strategies in our systematic trading environment. To meet the unique challenges of global markets, Susquehanna applies machine learning and advanced quantitative research to vast datasets in order to uncover actionable insights and build effective strategies. By uniting deep market expertise with cutting-edge technology, we excel in solving complex problems and pushing boundaries together.

 

 

If you're a recruiting agency and want to partner with us, please reach out to [email protected]. Any resume or referral submitted in the absence of a signed agreement will not be eligible for an agency fee.

 

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