Director, Underwriting & Investment Analysis – Design, Build & Operate (Global) Location:
London, United Kingdom (Hybrid) Start:
ASAP Contract:
Full-Time / Permanent Travel:
International (as required)
About Submer Submer designs and delivers end-to-end AI data center infrastructure built around industry-leading liquid cooling. Through our
Design, Build & Operate (DBO)
model, we provide fully integrated infrastructure solutions—from site origination and development through to delivery and ongoing operations—enabling customers to scale AI with speed, efficiency, and sustainability.
What Impact You Will Have The Director, Underwriting & Investment Analysis – DBO is a critical commercial leadership role responsible for evaluating, structuring, and underwriting Submer’s global data center investments. You will sit at the center of capital deployment decisions, ensuring that every project—land acquisition, power strategy, design, construction, and operations—meets rigorous financial, strategic, and risk criteria. This role enables Submer to scale with discipline, balancing speed-to-market with return on capital, risk management, and long‑term platform value creation.
What You’ll Do Investment Underwriting & Deal Evaluation
Lead underwriting of DBO projects across global markets
Build and own detailed financial models for:
Greenfield developments
Build-to-suit projects
Modular deployments
Strategic partnerships / JVs
Evaluate returns (IRR, NPV), capital efficiency, and risk-adjusted performance
Assess sensitivity to key drivers (power costs, utilization, build cost, financing assumptions)
Support go/no-go investment decisions with clear, data-driven recommendations
Capital Allocation & Investment Strategy
Partner with executive leadership to define capital deployment priorities across markets and projects
Establish underwriting standards, return thresholds, and investment frameworks
Ensure alignment between investment decisions and Submer’s broader DBO growth strategy
Support portfolio construction across geographies and customer segments
Cross-Functional Commercial Leadership
Work closely with Land Acquisition & Energy (site and power inputs), Engineering & Design (cost and technical assumptions), Construction & Delivery (capex, timelines, risk), and Operations (opex, lifecycle performance)
Translate technical and operational inputs into robust financial assumptions
Ensure commercial discipline is embedded throughout the full DBO lifecycle
Financial Modeling & Analysis
Develop and maintain sophisticated financial models incorporating capex and phasing, power pricing and escalation, revenue structures (colocation, wholesale, AI infrastructure services), operating costs and lifecycle maintenance
Conduct scenario analysis, stress testing, and downside case modeling
Standardize modeling approaches across projects and regions
Investment Committee & Stakeholder Management
Prepare and present investment materials to internal leadership and investors
Support engagement with financial partners, lenders, and strategic investors
Translate complex financial concepts into clear narratives for executive decision-making
Act as a key interface with Finance, Strategy, and external advisors
Market & Competitive Intelligence
Monitor data center, AI infrastructure, and energy market dynamics
Benchmark build costs, power pricing, and return expectations across regions
Provide insights to inform market entry, pricing strategy, and investment timing
What You’ll Need
10+ years of experience in infrastructure investing, project finance, private equity, or corporate development
Strong background in financial modeling and investment underwriting for capital-intensive projects
Experience in one or more of the following: data center infrastructure, energy/power infrastructure, real assets/industrials/logistics, or digital infrastructure (cloud, fiber, edge, AI)
Deep understanding of project finance structures, capex-heavy investment cycles, and risk allocation across development, construction, and operations
Proven ability to operate in a cross-functional, technically complex environment
Strong commercial judgment and ability to influence senior stakeholders
Experience working internationally and across multiple jurisdictions a plus
What We Offer
A central role in shaping Submer’s global investment strategy and capital deployment
Direct exposure to high-value infrastructure projects at the forefront of AI growth
Opportunity to work across the full lifecycle of assets—from origination through operations
A fast-scaling, entrepreneurial environment with significant ownership
Competitive compensation, performance incentives, and long-term equity participation
Submer is committed to creating a diverse and inclusive environment and is proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, veteran status, or any other protected category under applicable law.
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