Private Markets Portfolio Manager
Private Markets Portfolio Manager
NYSIF Investments - New York City
The New York State Insurance Fund (NYSIF), with over $20 billion of assets under management, is seeking a seasoned investment professional to spearhead its initial foray into alternative assets. NYSIF’s initial alternative-assets focus is expected to include private equity, real estate and private credit. This represents a unique opportunity to join a dedicated team of
investment professionals and help chart the Fund’s future direction in the asset class. This newly created position reports to the Chief Investment Officer. Salary will be commensurate with experience.
The Private Markets Portfolio Manager will assist with the design and implementation of a strategy for private-market assets, real assets and other alternative asset classes for the Fund. Responsibilities will include identifying and analyzing investment opportunities in the alternative
assets area; assisting with policy creation and implementation; preparing investment memoranda; and actively monitoring all alternative-asset holdings. The person will assist with asset allocation, especially as it relates to sub-asset classes within alternative assets; actively contribute to vetting potential fund managers; and participate in meetings with the Investment
Committee of the Board. Specific duties may include, but are not limited to:
Program Development and Implementation:
• Design and develop investment policy statement, objectives and procedures for investing in alternative assets
• Establish a process to critically assess fund managers, their processes, and their risk management approaches and capabilities
• Establish and monitor appropriate limits and constraints (e.g., industry concentrations)
• Establish processes and guidelines for portfolio valuation
• Collaborate with NYSIF colleagues and other stakeholders to ensure appropriate risk management Sourcing Managers, Due Diligence, Investment and Monitoring Investments:
• Collaborate with Investment Consultant and NYSIF colleagues on investment opportunities
• Assist in evaluating and selecting external investment managers using qualitative and quantitative due diligence, including identifying potential opportunities with emerging managers and minority-owned firms
• Model and value alternative assets and, for funds, their underlying investments, including possible liquidation events
• Prepare written proposals for investing in primary- and secondary-market offerings of alternative assets
• Analyze program strategy, and articulate strengths and weaknesses to management
• Work with Investment Consultant to develop a network for sourcing managers
• Challenge underlying investment assumptions, assess liquidity and evaluate sensitivities
• Evaluate portfolio performance, using measures such as MOIC, IRR, and PME
• Monitor and report on manager / portfolio performance relative to expectations
• Partner with legal professionals to review Limited Partner Agreements
• Lead groups of NYSIF colleagues and other stakeholders to establish best practices for operations (incl. cash management) in respect of investments in alternative assets
Bachelor’s degree with strong academic qualifications; an MBA or CFA designation is preferred. Candidate should have a minimum of 7-10 years of experience in alternative-asset investments, with knowledge of the full spectrum of investment options, including private equity, private debt
and real estate; familiarity with leading managers, investment processes, operations, and compliance protocols; an understanding of fund structures, accounting treatment and valuation; experience in calculating rates of return, fees and carried-interest allocations. Minimal travel required.
Seeking candidates with the following attributes:
• Goal-oriented individual with solid organizational skills
• Strong quantitative skills and analytical ability
• Compelling presentation skills, and outstanding verbal and written communication skills
• A foundation in manager research, selection and monitoring, and experience with alternative-asset execution through the primary and secondary markets (incl. coinvestments)
• Ability to work well independently and with potential asset managers or deal teams
Primary Location: New York City
Telecommuting: NYSIF has a telecommuting program
To Apply: Please email resume and cover letter to email@example.com.
Please note the following New York State Civil Service employment information:
• Jurisdictional classification: Exempt
• Bargaining unit: Management/Confidential
• Civil Service title: Special Investment Officer
NYSIF was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to all New York employers and to foster healthy outcomes with timely, appropriate indemnity and medical payments to injured workers,
while maintaining a solvent fund. For more than a century, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair marketplace and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.
NYSIF is the largest workers’ compensation carrier in New York State and among the 10 largest in the nation, insuring more than 145,000 policyholders with over $1.4 billion in annual premium and $20 billion in assets. A self-supporting insurance carrier, NYSIF operates without taxpayer funding.
In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 65,000 New York employers. In 2018, NYSIF added Paid Family Leave as a component of its disability benefits solution providing New Yorkers with job protected
paid time away from work to care for their families.