Managing Director, Private Equity
Mill Creek Capital Advisors, LLC (“MCCA”) was founded in 2006 with a determination to provide informed, unbiased and customized advice to help clients achieve their financial goals. Today, we serve more than 300 families and institutions as an independent, fully staffed investment office, managing approximately $7 billion of assets on their behalf. We deliver high-touch individualized advisory services from offices in Philadelphia, New York, Pittsburgh, and Naples.
MCCA manages a proprietary Private Equity program solely on behalf of its clients. It is a serial investor in the asset class, offering a new broadly diversified commingled partnership to clients every two years. The first such fund commenced operations in 2008; the firm currently has five funds at various points in their expected lifecycles. A sixth fund will begin operations in 2021.
The Managing Director, Private Equity Investments (“MDPE”) is responsible for the evaluation, selection and on-going monitoring of external investment managers within the private investment asset class (e.g., venture capital, buyout, private credit, real assets). The individual in this role has primary investment responsibility for MCCA’s Private Equity partnerships, a multi-partnership program managed on behalf of MCCA clients. They are also responsible for reviewing, analyzing, and providing one-off investment opinions on managers and strategies on behalf of a select group of MCCA clients.
Position Responsibilities and Activities
- Maintains detailed “working knowledge” of historical and recent trends within the Private Investments asset class and managers therein. Disseminates this knowledge and relevant industry information and data to other members of the Investment Strategy Team, to the Investment Committee, and to other MCCA constituencies.
- In close coordination with third-party PE industry consultant, undertakes initial Manager Identification and Due Diligence process, and On-Going Manager Review process. Meets strategic objectives and timetables established by MCCA’s Investment Committee on the commitment of capital for each new MCCA Fund.
- Produces detailed memorandums and makes presentations on recommended PE managers and strategies for periodic meetings of the firm’s Investment Committee.
- Works in cooperation with internal MCCA resources (i.e., General Counsel and Operations) as required on relevant legal, administrative, tax, and audit issues that pertain to areas of primary responsibility.
- Collects and reviews communications from external managers, including quarterly letters, annual investor meetings, portfolio reports, and regulatory filings. Creates content and meets deadlines for a Quarterly Report on each MCCA private equity fund detailing relevant market and fund-specific information.
- Manages PE Fund cash flows (assessment of cash flow needs and timing as they pertain to capital calls and capital distributions).
- Prepares timely analyses and “investment recommendations” on selected investment opportunities presented to MCCA for review on behalf of selected clients.
- Participates in routine discussions and capital market analyses undertaken by the firm’s Investment Strategy Team. Authors periodic White Papers and additional research projects, as needed, to support the Investment Strategy team. Prepares detailed analyses and communicates regularly with firm’s client-facing Investment Officers and meets with clients and prospects as needed.
Qualifications and Job Requirements
- Broad understanding of and experience (minimum 10-15 years) in private capital markets and private investment strategies and managers. Prior experience structuring fund-of-funds investment program preferable.
- Strong intellect; excellent written and oral communications skills. Comfortable with an entrepreneurial work environment
- Graduate degree (MBA or other relevant Masters) and/or CFA designation preferred.
- Position will be based at firm’s Conshohocken (suburban Philadelphia) headquarters office. Moderate travel expected (subject to health and safety concerns).