Associate Portfolio Manager – Direct Investments
The CalSTRS Investments Branch is seeking an experienced individual to work as an Associate Portfolio Manager on the Private Equity team.
Established in 1988, CalSTRS Private Equity program invests globally in partnerships, separate accounts, general partner interests, secondary interests and co-investments. Investments include buyouts, equity expansion, debt-related and venture capital. External advisors support the program by providing investment selection advice, research and gate-keeping services.
Private Equity is a fast-paced, team-oriented environment with opportunities for training and advancement. While collaborating with some of the best general partners, advisors, consultants and attorneys, you will contribute to the success of one of the largest Private Equity programs in the world. Team members will collaborate with the broader CalSTRS Investment Office leaders and engage in projects ranging from evaluation of co-investments, secondary transactions, and other private equity investment strategies.
Come join the Private Equity team as we work toward our goal of enhancing equity returns and ultimately ensuring retirement benefits for California’s educators!
Responsibilities of the Associate Portfolio Manager include:
- Performing due diligence and underwriting on all co-investments (primary and secondary) and other transaction types (partnerships, strategic relationships, special situations, etc.) assessing past and projected financial performance, quality of management teams, investment merits and risks, expected returns, and market attractiveness.
- Providing insight and data supporting how the private equity co-investment portfolio is likely to develop over time, given the current asset mix as well as the projected future opportunity set. Analyze and review program-wide performance quarterly while recommending and implementing program adjustments.
- Assisting in the development of a comprehensive strategy for the co-investment program (primary and secondary) in order to determine the optimal portfolio structure that meets or exceeds the total return objectives of the Private Equity Program and the overall Fund.
- Acting as a lead and resource to staff in the execution of co-investment (primary and secondary) transactions and oversee the required portfolio monitoring and management process.
This position is eligible for incentive compensation and has a maximum incentive opportunity of 50% of base salary.
An Associate Portfolio Manager who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or Chartered Alternative Investment Analysts (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.
The ideal candidate will be results oriented with proven knowledge and experience with investment in private equity and portfolio analytics.
In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:
- MBA or possession of an advanced degree in business, finance, economics or a related field
- Broad and extensive experience in US and non-US private markets
- Proven and successful experience record of private market investments
- Commitment to strong governance, transparency and compliance practices
- In-depth knowledge and experience investing across various private equity investment vehicles including funds, co-investments, direct investments, and other transaction types
- Experience managing, mentoring and developing staff
- Commitment to fostering a collaborative work environment
- Ability to work effectively with a broad variety of external contacts, such as consultants, investment managers, and investment partners
- Ability to work well-independently and with Senior Management and deal teams
- Compelling presentation skills, and outstanding verbal and written communication skills
- CFA designation or other professional certification such as CAIA
CalSTRS offers a competitive pay schedule and a work-life-balance for all its employees. The State of California provides comprehensive benefits packages determined by the employee’s bargaining unit and conditions of employment. Some benefits include:
- Alternative work schedules
- Flexible work hours
- Remote work options
- Medical benefits, including health, dental and vision insurance
- Paid holidays and a defined benefit retirement program
- More than four weeks of vacation/sick leave for leaders
- More than three weeks of vacation/sick leave for staff
- Health insurance in retirement
- Employee Assistance Program
- Loan forgiveness under the federal Public Service Loan Forgiveness Program
For the latest information on the benefits offered by the state of California, explore the Health Benefits Summary provided by CalHR.