Associate / Senior Associate
The Alaska Permanent Fund Corporation (“APFC”) manages the $66 billion Alaska Permanent Fund, a sovereign endowment established in 1976 to provide for all current and future generations of Alaskans. We are growing and are looking to add several high caliber associates to our Private Markets team. Below you will find the basic Responsibilities and Qualifications for these positions, in addition to overviews of the two primary Private Markets asset classes we are hiring for.
The associate is responsible for assisting the Director and Portfolio Managers in the identification, evaluation, selection, and monitoring of investments in their respective portfolios. APFC expects that an associate will focus on a particular asset class (Private Equity & Special Opportunities or Private Income & Absolute Return), but due to the small, collegial nature of the team will have opportunity to work across Private Markets. The Private Markets team focuses on building diversified portfolios through fund investments, co-investments, and direct investments. By combining best-in-class manager selection with the ability to strategically deploy capital into attractive opportunities, the Private Markets team seeks to deliver accretive risk-adjusted returns over the long term.
- Support the sourcing, execution, and monitoring of fund commitments, co-investments, and direct investments across strategies and industries
- Assist in the evaluation of prospective investment opportunities, including; valuation, market trends, competition, and key investment risks and merits
- Develop quantitative models to assess potential investments, investment themes, portfolio construction, and investment pacing
- Conduct research on investment themes and perform special projects as needed
- Prepare materials for, and participate in, internal meetings and external due diligence
- Monitor current investments and maintain internal pipeline and investment reports
- Prepare quarterly board meeting material and assist with accounting, finance, or administration functions when needed
- Develop and maintain relationships with industry participants including other limited partners, general partners, and industry experts
- Screen new opportunities and recommend funds for which full due diligence should be conducted with the assistance, if needed, of external advisors
The successful candidate will have the following qualities:
- Self-motivation and very strong sense of personal and professional integrity
- Intellectual curiosity and excellent attention to detail
- Humility, tenacity, and professional flexibility
- A belief that great outcomes come from great teams; a demonstrated ability to collaborate well in a small, informal team environment
- Strong commitment to APFC’s vision and its shared values of integrity, stewardship and passion
APFC seeks to hire individuals who are highly motivated, have demonstrated excellence in prior endeavors, and have the following qualifications:
- A bachelor’s degree and 2-3 years of directly relevant work experience
- Sound working knowledge of portfolio management, business strategy, transaction execution (M&A), capital markets, accounting, and private equity or hedge fund investments
- Ability to manage multiple tasks simultaneously and meet tight deadlines
- Excellent verbal and written communication skills
- High level proficiency in mathematics, Microsoft Excel, and financial modeling
- Ability to perform cash flow, valuation, and capital structure analysis
- Effective presentation skills
- Exceptional critical thinking skills
- Interest in a post-graduate degree or advanced professional designation (e.g., CFA)
- Direct investment or manager selection experience in private markets or hedge funds
- Associate – APFC will consider candidates with the required and preferred qualifications
- Senior Associate – APFC will consider candidates that exceed the required qualifications and can be expected to demonstrate excellence in the key responsibilities.
Private Equity and Special Opportunities
In Private Equity, APFC makes fund investments, co-investments, and direct investments in private equity, venture capital, and other illiquid, alternative investment opportunities. The team oversees the investment process from opportunity identification through evaluation, structuring, negotiation, execution, management, and exit. We aim to establish and develop robust and lasting relationships with exceptionally talented fund managers and help them create value in their partnerships and in their portfolios. For co-investments, we focus on non-control positions well-diversified across company stage, industry and geography in growing, innovative companies.
In Special Opportunities, we leverage our scale and stable, long-term capital to source, evaluate and execute high conviction, higher concentration, theme-driven investments. The team operates with a flexible mandate centering primarily around situations stemming from unusual supply and demand imbalances, capital flight, structural complexities, or unique opportunities with asymmetric payoffs. Investments cover a wide spectrum, including directly-sourced venture capital, real estate and private equity transactions, strategic co-investments alongside GPs, and ownership stakes in differentiated investment management firms.
The combined Private Equity and Special Opportunities portfolio represents a 12% target allocation of the overall fund, and is slated to grow to 14% by fiscal year 2020.
Private Income and Absolute Return
Private Income aims to provide APFC with a high level of income and limited volatility, through investments in infrastructure, private credit, and other income opportunities. Across these areas, the team has significant flexibility to deploy capital through funds, co-investments, separate account arrangements, and direct investments. The portfolio currently represents a 7% target allocation of the overall fund and is slated to grow to 9% of the fund by fiscal year 2021. At the APFC, Real Assets includes Infrastructure, Real Estate, Private Credit and Income Opportunities.
In the Absolute Return portfolio, APFC has built a portfolio of hedge fund investments with the objective of delivering consistent, accretive returns to the Fund, while limiting correlation to traditional, market-driven asset classes. As of March 31, 2019, this portfolio represented $3.7 billion of the $66 billion sovereign wealth fund and consisted of 20 underlying fund investments. APFC invests with managers that employ a variety of strategies which can be broadly categorized as Relative Value, Event-Driven, or Directional. The team oversees these investments from start to finish: identifying and evaluating new opportunities, monitoring existing investments, and making investment or redemption decisions. Through a steady administration of these responsibilities, we aim to build a portfolio of top tier investment managers with the capability of delivering accretive returns while protecting capital through unpredictable market cycles and events.
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may be added, removed or changed at any time with or without notice.
APFC provides equal employment and advancement opportunities to all. APFC follows all applicable Federal and State laws and does not discriminate in employment opportunities or practices on the basis of race, color, religion, sex, national origin, age, disability, or any other class protected by law.
Additional Information can be found on our careers page at apfc.org/Careers