Director, Underwriting & Investment Analysis – Design, Build & Operate (Global)

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)  

• 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  

• Digital infrastructure (cloud, fiber, edge, AI)  

• Deep understanding of:  

• Project finance structures  

• Capex-heavy investment cycles  

• 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 preferred  

  

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 

 

Our job titles may span more than one job level. The actual base pay is dependent on a number of factors, such as transferable skills, work experience, business needs and market demands. 

 

Our inclusive responsibility 

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.