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    associate portfolio manager - San Francisco, United States - CalSTRS

    CalSTRS
    CalSTRS San Francisco, United States

    3 weeks ago

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    Description

    Job Description and Duties

    This position is eligible for incentive compensation and has a maximum incentive opportunity of 50% of base salary.

    Private Equity operates within a fast-paced, team-oriented environment. While collaborating with world class general partners, advisors, consultants and attorneys, the candidate will contribute to the success of one of the largest private equity programs in the world. Team members will collaborate with other Private Equity Portfolio Managers and the broader CalSTRS Investment Office leaders 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.).

    To help bolster its co-investment activity, the Private Equity team seeks to recruit an Associate Portfolio Manager to support the Portfolio Managers of Direct Investments on all investment activity. Key responsibilities will include execution of transactions, portfolio monitoring and oversight, performance measurement, assisting in the development of a comprehensive strategy for the co-investment program, and supervising and mentoring staff. Additional details around these responsibilities are described below but not limited to the following:

  • Transaction Management & Portfolio Oversight: Perform due diligence and underwriting on all co-investments and other transaction types (partnerships, secondaries, strategic relationships, special situations, etc.) assessing past and projected financial performance, quality of management teams, investment merits and risks, expected returns, and market attractiveness. Continuously evaluate and improve the investment due diligence and approval process to meet the abbreviated timelines of co-investment transactions (primary and secondary). Set objectives and performance standards to weigh the overall soundness of investment theses and risks to determine if investment characteristics fit CalSTRS' portfolio requirements. Assist in co-investment sourcing (primary and secondary) from private asset investment managers (both existing and potential) to find investment opportunities with an attractive risk/reward proposition and strong potential for value creation.
  • Performance Measurement: Provide insights 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. Review and analyze program-wide performance quarterly while recommending and implementing program adjustments. Monitor and analyze co-investment portfolio risk including the utilization of a portfolio allocation model that measures vintage year, sector, stage, and investment manager allocation. Benchmark co-investment portfolio performance across various dimensions that include vintage year, sector, strategy against the Private Equity Policy benchmarks (public and GXPEI).
  • Program Strategy: Assist 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 CalSTRS Investment Portfolio. Map the universe of co-investment opportunities (primary and secondary) to identify additional themes and areas where CalSTRS can invest and leverage its strengths. Support Portfolio Managers in the development of program-wide strategies, policy modifications, and individual investments (new or existing) for presentation to a variety of stakeholders.

    • An incumbent 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.

    Relocation benefits may be available.


    Benefits

    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
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