Investment Associate

Devonshire Investors

Boston, MA, USA

Full time


Jan 19

Devonshire Investors is a private investment firm affiliated with FMR LLC, the parent company of Fidelity Investments. Headquartered in Boston, Devonshire manages investments on behalf of FMR and its shareholders in businesses outside of the financial services industry.

Devonshire invests in directly-held real estate, venture capital and later-stage private equity. Devonshire actively participates in its direct investments, while leveraging expertise across a global platform of holdings in the United States, Europe and Asia. The portfolio targets the telecommunications, technology, natural resources, and life sciences industries. Devonshire has approximately $20 billion in assets under management.

The Natural Resources platform consists of holdings in traditional and renewable energy, timber and agriculture real asset investments and comprises more than $2 billion of committed and invested capital across one directly held operating asset and two captive private equity funds. The platform continues to grow and is seeking additional resources to support the current portfolio and underwrite new investments.

About The Role

The Investment Associate will report to the Vice President of the Natural Resource platform. Your primary responsibilities will include: support for the underwriting of new investments, oversight of existing portfolio holdings, and leading industry research and analysis.

The Value You Deliver

Underwriting New Investments

  • Support all aspects of underwriting, including diligence meetings with management, participation in diligence calls/visits, review of investment materials and industry/market research
  • Lead financial modeling and returns analyses
  • Compile investment presentations and memoranda to present to Investment Committee

Portfolio Oversight

  • Support oversight of select portfolio investments including participation in monthly management meetings, monitoring company performance against investment thesis and staying apprised of industry trends
  • Serve as a supporting representative to a select number of portfolio company boards alongside Vice Presidents and Managing Director

Industry & Market research

  • Identify emerging industry trends relevant to new and existing investments
  • Analyze industry valuation trends to support valuation process (with support of Valuation Manager)

The Expertise You Have

  • 2-5 years as analyst/associate at a private equity firm, investment bank, or institutional direct investment platform
  • Prior experience in natural resources investing is a strong preference (energy & renewables, timber, agriculture, or a related industry).
  • A proven track record of delivering results and demonstrating impact
  • A strong attention to detail and solid business perspective
  • Demonstration of urgency and ownership of completing the day-to-day
  • Gravitas to interact with portfolio company management, investment partners and senior executives
  • Strong analytical and quantitative skills. Excellent oral and written communication skills
  • Thoughtful, analytical, collaborative, self-aware and comfortable with ambiguity
  • BA/BS degree with MBA or equivalent graduate degree strongly preferred

Fidelity Overview

At Fidelity, we are focused on making our financial expertise broadly accessible and effective in helping people live the lives they want. We are a privately held company that places a high degree of value in creating a work environment that attracts the best talent and reflects our commitment to our associates. We are proud of our diverse and inclusive work environment where we respect and value our associates for their unique perspectives and experiences. For information about working at Fidelity, visit

Fidelity Investments is an equal opportunity employer.

Fidelity will reasonably accommodate associates with disabilities who need adjustments to participate in the application or interview process, or to perform the essential functions of their job.

Company Overview

Fidelity Investments is a privately held company with a mission to strengthen the financial well-being of our clients. We help people invest and plan for their future. We assist companies and non-profit organizations in delivering benefits to their employees. And we provide institutions and independent advisors with investment and technology solutions to help invest their own clients’ money.

Join Us

At Fidelity, you’ll find endless opportunities to build a meaningful career that positively impacts peoples’ lives, including yours. You can take advantage of flexible benefits that support you through every stage of your career, empowering you to thrive at work and at home. Honored with a Glassdoor Employees’ Choice Award, we have been recognized by our employees as a Best Place to Work in 2022. And you don’t need a finance background to succeed at Fidelity—we offer a range of opportunities for learning so you can build the career you’ve always imagined.

At Fidelity, our goal is for most people to work flexibly in a way that balances both personal and business needs with time onsite and offsite through what we’re calling "Dynamic Working."

We invite you to Find Your Fidelity at

Fidelity Investments is an equal opportunity employer. We believe that the most effective way to attract, develop and retain a diverse workforce is to build an enduring culture of inclusion and belonging.

Fidelity will reasonably accommodate applicants with disabilities who need adjustments to participate in the application or interview process. To initiate a request for an accommodation, contact the HR Accommodation Team by sending an email to accommodations, or by calling 800-835-5099, prompt 2, option 3.

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Devonshire Investors

Devonshire Investors is a private investment firm affiliated with FMR LLC, the parent company of Fidelity Investments.