Head of Underwriting – Credit Fund

ABOUT US 

Xsolla is a global commerce company with robust tools and services to help developers solve the inherent challenges of the video game industry. From indie to AAA, companies partner with Xsolla to help them fund, distribute, market, and monetize their games. Grounded in the belief in the future of video games, Xsolla is resolute in the mission to bring opportunities together, and continually make new resources available to creators. Headquartered and incorporated in Los Angeles, California, Xsolla operates as the merchant of record and has helped over 1,500+ game developers to reach more players and grow their businesses around the world. With more paths to profits and ways to win, developers have all the things needed to enjoy the game.

Beyond its core commerce platform, Xsolla is building a private credit fund that lends to video game studios, underwritten with a data advantage no traditional lender has: Xsolla's own payments telemetry across thousands of games. The fund is in its capital formation phase and is led by Stan Rudoi, Chief Credit Officer. This is a ground-floor opportunity to help raise a first-time fund inside a profitable, global gaming-commerce company, alongside the broader Xsolla capital markets ecosystem (Xsolla Funding Club, Xsolla SPAC 1 — Nasdaq: XSLLU, and other strategic vehicles).

For more information, visit xsolla.com.

Responsibilities

Underwriting Framework and Credit Policy

Design the fund's underwriting framework from scratch: credit policy, underwriting standards, rating and scoring methodology, credit memo templates, and approval workflows — built for LP diligence from day one.

Build the data edge into the process: integrate Xsolla's payments telemetry and game-revenue data into underwriting as a durable information advantage.

Deal Underwriting and Structuring

Lead the underwriting of lending facilities to game studios and gaming businesses: financial analysis, revenue durability, downside cases, and recovery analysis.

Structure facilities: term loans, revolvers, royalty- and revenue-based structures — including covenants, collateral packages, borrowing bases, and pricing.

Draft and negotiate term sheets and credit documentation with borrowers alongside external counsel.

Credit Committee and Governance

Stand up and run the credit committee process: present transactions, document decisions, and maintain an audit trail that stands up to LP and auditor scrutiny.

Establish portfolio monitoring: watchlist discipline, covenant tracking, and a workout playbook as the portfolio builds.

LP Diligence and Fundraising Support

Be the credit face of the fund: appear in fund materials and LP meetings as the fund's credit authority; own underwriting answers in LP due diligence.

Support capital formation: help shape the fund's risk-return narrative, portfolio construction guidelines, and track-record presentation.

Credit Playbook and Team Building

Codify the credit playbook: standards, templates, and documentation that make the fund's underwriting repeatable and audit-ready.

Build the bench: as the fund scales, hire and mentor the junior credit team — analysts, associates, and in time a portfolio/risk officer.

Qualifications and Skills

Experience

7+ years in private credit, direct lending, specialty finance, or leveraged finance, with personal responsibility for underwriting and closing institutional credit transactions.

Experience at an early-stage or first-time credit fund — credit policy written from scratch, LPA input, first LP diligence — is strongly preferred. You have seen what a fund needs before it has infrastructure.

Lending against media, IP, royalties, recurring digital revenue, or gaming businesses is a strong plus.

A track record you can walk LPs through: deals underwritten, structures used, and how they performed — including the ones that went wrong and what you did about it.

Skills and Competencies

Deep fluency in credit analysis, financial modeling, covenant design, collateral structures, and credit documentation.

The gravitas to sit across from LPs, investment committees, and founders — and the judgment to say no to a deal.

Enjoys mentoring junior team members and building a strong credit culture as the team grows.

Comfort operating in a lean, fast-moving team where you build the machine you then operate.

Education and Credentials

A bachelor's degree in finance, economics, business, or a related field; an MBA and/or a CFA charter is preferred.