Investment Officer III – Private Equity Direct Investments
The CalSTRS Investments Branch is seeking an experienced individual to work as an Investment Officer III on the Private Equity team.
The California State Teachers’ Retirement System was established in 1913 to provide retirement benefits to California’s public school educators from prekindergarten through community college. Today, CalSTRS is the largest educator-only pension fund in the world, and the second-largest pension fund in the U.S. CalSTRS serves California's 976,000 public school educators and their families from the state’s 1,600 school districts, county offices of education, and community college districts.
Established in 1988, the CalSTRS Private Equity program invests globally in partnerships, separate accounts, general partner interests, secondary interests, and co-investments. Investments include buyouts, growth equity, debt-related, and venture capital. External advisors support the program by providing investment selection advice, research and gate-keeping services. There are 36 staff positions dedicated to the Private Equity team including five Investment Officer III positions. CalSTRS maintains a long-term policy target for Private Equity of 13 percent, translating to a portfolio in excess of $40 billion.
Private Equity operates within a fast-paced, team-oriented environment with opportunities for training and advancement. While collaborating with world class general partners, advisors, consultants and attorneys, you will contribute to the success of one of the largest private equity programs in the world. You will collaborate both with other members of the Private Equity team and the broader CalSTRS Investment Office to engage in projects ranging from evaluation of co-investments, secondary transactions, and other private equity-related investment strategies (e.g. primary funds, private credit, venture capital, etc.).
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 Investment Officer III include:
- Performing due diligence and underwriting on all co-investments (primary and secondary) and other transaction types (partnerships, strategic relationships, special situations, etc.).
- Reviewing and analyzing the co-investment portfolio risk and total return to determine the optimal portfolio structure consistent with the current strategy and investment policy.
- Implementing the co-investment strategy to support the optimal portfolio structure that meets or exceeds the total return objectives of the Private Equity Program and the overall CalSTRS Investment Portfolio.
- Monitoring the co-investment portfolio with careful scrutiny of fiduciary standards, performance measurement and policy compliance for co-investments and provide support to the CalSTRS investment group and other related activities.
This position is eligible for incentive compensation and has a maximum incentive opportunity of 20% of base salary.
An Investment Officer III who possesses a professional certification as a Chartered Financial Analyst (CFA) may receive a 5% monthly base pay differential.
The ideal candidate will be results oriented with proven knowledge and experience with co-investments or direct deal making in private equity or a related field.
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:
- Bachelor’s degree in Business, Finance, Economics, or related field
- CFA, CAIA, or other industry certification
- 5+ years relevant professional experience within private equity, including all aspects of the underwriting / due diligence and execution processes for co-investments or direct investments within an institutional environment as well as in-depth knowledge of the private equity GP / funds landscape
- Strong knowledge of other private market-based investment strategies (private credit, venture, secondaries, mezzanine, and distressed)
- Strong financial modeling, portfolio analytics and presentation skills
- Excellent written and verbal communication skills
- Ability to communicate complex ideas and information into cohesive written documents
- Ability to work effectively as an individual and as part of a team to support team, unit, and Investments Branch goals
- Experience in interacting with external management consultants, advisors, and/or legal experts
- Experience performing private market attribution analysis
- Experience with benchmarks and performance criteria
- Ability to manage competing priorities and effectively prioritize workload to ensure all deadlines are met
- Strong work ethic, high integrity, and desire to learn
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.