Private Equity Co-Investment Analyst - Associate

Teacher Retirement System of Texas - Investment Management Division
Austin, Texas (US)
Depends on Qualifications
Jun 27, 2022
Jul 27, 2022
Industry Sector
Asset Management, Government
Employment Type
Full Time



With the Investment Management Division (IMD) you will be joining a diverse group of achievers who celebrate the unique value individuals bring to support our shared cause: earning trust and contributing to the financial future of 1.9 million public education employees and retirees throughout Texas.


Navigating the current market environment takes innovation and we’re passionate about stewarding the right investments to make an impact both in the lives of our members and all Texans. We invite you to partner with the best financial minds in the business to manage a global portfolio of over $200 billion in public and private investments. Our success starts with you.



The Teacher Retirement System of Texas is seeking a motivated investor to join its Private Equity (PE) team in Austin, TX. PE oversees the Trust's allocation to the private equity asset class. This portfolio represents approximately $34 billion of TRS's $200 billion Trust. The individual selected for this position will work with the PE team in sourcing, underwriting, investing and managing new and existing co-investments across the private equity portfolio.  While this role is primarily focused on co-investments, the professional will also spend a portion of their time working with and alongside the fund investment team on fund investments, including relationship coverage.  You will have a unique opportunity to work with leading global investors across a wide variety of private equity strategies, industries and regions. 


The ideal candidate for this role is intellectually curious; able to analyze complex data to identify risks and opportunities; has the capacity to work in a fast-paced, collaborative team environment; and is driven to help improve and innovate the team's approach to investing.     Responsibilities include performing due diligence analysis of potential PE investment opportunities and assisting with day-to-day monitoring and reporting of the investment portfolio. In addition, activities may also include participating in projects across the Investment Management Division. This team member will work under limited supervision with considerable latitude for the use of initiative and independent judgment. This position reports to the Managing Director of Private Equity.       This position will be filled at one of three levels (Analyst, Senior Analyst or Associate) depending upon the qualifications of the individual selected and the discretion of the hiring manager.  Salary is commensurate with experience.       Compensation:  The TRS Investment Management Division offers an attractive compensation package consisting of base salary, annual performance incentive bonus, a defined-benefit pension plan as well as 401(k) and 457 retirement plans, and comprehensive benefits       WHAT YOU WILL DO:       Due Diligence and Analysis   Assists with or performs due diligence and investment analysis to support evaluation of co-investments and funds across multiple sectors and geographies. Evaluates overall merits, risks, valuation, return profiles and terms of partner-led transactions. Depending on experience, the candidate may lead due diligence or assist a deal lead. Due diligence includes but is not limited to: reviewing detailed company information, conducting in-depth industry analysis, completing reference checks, running complex financial (LBO) models, and performing valuation analysis (comparable and DCF) in order to evaluate the overall attractiveness of a transaction. Communicates analysis of investment opportunities, results, and recommendations with the relevant portfolio managers(s) and/or senior team via verbal and written reports and presentations, including preparing qualitative and quantitative reports, memoranda, and spreadsheets. Assists in the processing and negotiation of legal documentation required to consummate transactions. Performs related work as assigned   Portfolio Monitoring   Consults or coordinates with portfolio managers, analysts, investment accounting, legal counsel, custodian, and third-party advisors and consultants. Evaluates portfolio diversification by geography, sector type, and investment style. Assists with the development, monitoring, and reporting of diverse portfolio investments. Prepares reports related to performance, risk and other ad-hoc topics related to the PE portfolio. Develops and maintains professional relationships and contacts within the investment industry in order to conduct searches and gain knowledge of appropriate investment opportunities. Works as part of a team to implement best operational and risk management practices. Utilizes TRS portfolio management systems such as DealCloud and PowerBI. Ensures that the agency Ethics Policy is adhered to in relationships with general partners, external managers, brokers, research suppliers, and other vendors. Performs related work as assigned.





WHAT YOU WILL BRING:     MINIMUM REQUIRED QUALIFICATIONS:     Education   Bachelor's degree from an accredited four-year college or university with major coursework in business administration, finance, accounting, operations research, math, information technology, liberal arts or a related area.   A Master's degree in a related area may substitute for one (1) year of experience. Preferred Qualifications:


One (1) to Five (5) years of full-time professional PE investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation, such as private equity, investment banking, consulting, corporate development, or similar background. Master of Business Administration (MBA) or Master's degree related to finance. Certification as a Chartered Financial Analyst (CFA) and/or Chartered Alternative Investment Analyst (CAIA) or working towards CFA/CAIA KNOWLEDGE SKILLS AND ABILITIES: 


Knowledge of:


Private equity valuation metrics and markets.  Investment concepts, terminology, styles, models, strategies, and fundamental investment factors. Statistical concepts, methods, and models and their application to investments. Corporate valuation metrics and techniques Skill in:


Financial modeling and valuation analysis. Using a computer in a Windows environment with word processing, spreadsheet, presentation, database, and other business software to prepare correspondence, spreadsheets, charts, and reports. Conducting data searches and evaluations of large amounts of information, performing complex statistical analysis of the data, and preparing concise and accurate reports and written/oral recommendations. Planning, organizing, and prioritizing work assignments to manage a high-volume workload in a fast-paced and changing environment, and in completing detailed work with a high degree of accuracy. Verbal and written communication of complex information that is accurate, timely, and based on sound judgment. Ability to:


Establish and maintain harmonious working relationships with co-workers, agency staff, and external contacts.  Work effectively in a professional team environment. Travel regularly for business purposes.    


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