Director of Underwriting

Behring Capital · Oakland / San Francisco Bay Area · On-site / Hybrid Behring Capital , a fast-growing real estate private equity and operating platform, is seeking an institutional-caliber financial athlete to lead underwriting, valuation, and investment analysis across our mixed-use real estate portfolio, development pipeline, operating businesses, and venture investments. This is a high-visibility, high-impact leadership-track role . You will set the underwriting standard, build the modeling infrastructure, produce investment committee materials, and eventually build and lead a top-tier team . If you thrive in complex capital stacks, love building models from scratch, and want a seat at the table in a company scaling aggressively, we want to meet you. What You’ll Lead Full-Stack Underwriting & Valuations Build and own detailed DCFs, NPVs, waterfalls, sensitivities, lease-up models, capital stack structures, and development pro formas. Underwrite mixed-use acquisitions, multifamily, office, operating businesses, mobility assets, and venture/tech opportunities. Develop valuation assumptions and methodologies for quarterly NAV strike within an institutional open-end fund structure. Investment Committee & Capital Markets Produce IC memos, underwriting packages, and deal decks at institutional quality. Support capital raising through scenario analysis, predictive modeling, and quarterly/annual fund reporting. Work closely with senior leadership on debt structuring, recapitalizations, and strategic financing. Portfolio, Fund, & Credit Strategy Lead quarterly valuations, performance tracking, and business plan execution for a multi-asset portfolio. Support mezzanine, preferred equity, private credit, and structured finance opportunities. Drive analysis of operating companies (STAK SITE) and cross-vertical ecosystem revenue models. Leadership & Systems Establish modeling standards, templates, valuation policies, and IC procedures. Mentor junior analysts; design and scale a best-in-class underwriting function. Leverage AI tools to elevate speed, accuracy, and reporting quality. What We’re Looking For Institutional-Level Expertise 5–10+ years at a private equity firm, REIT, institutional advisory, investment bank, or top-tier development shop. Mastery of real estate underwriting, financial modeling, and valuation across multiple asset classes. Experience with ASC 820 , fair value reporting, or open-end fund NAV models strongly preferred. Advanced Excel required; ARGUS Enterprise preferred. Communication & Judgment Strong writer and presenter with experience producing investor-grade materials. Ability to operate autonomously, solve complex problems, and anticipate needs without handholding. Highly detail-oriented with a bias toward accuracy and analytical rigor. Growth Mindset AI-native thinker who continuously learns, adapts, and innovates. Ambitious, entrepreneurial, and energized by building systems from the ground up. Excited by a high-velocity environment with direct exposure to the CEO and investment committee. Why Behring Behring is building a vertically integrated, full-stack real estate ecosystem with mixed-use urban assets, operating companies, mobility systems, and proprietary technology. We manage an open-end private equity fund, a development pipeline in the Bay Area, and an expanding platform that combines real estate, operations, and innovation. At Behring, you won’t be “one analyst among hundreds.” You will be the architect of our underwriting function , a core voice in investment decisions, and a key contributor to a platform scaling toward institutional dominance. Compensation & Benefits Competitive salary + performance bonus Long-term incentive opportunities Medical, dental, vision Optional on-site housing or membership benefits at our STAK properties Leadership track toward Head of Underwriting, CFO, or CIO How to Apply Submit your resume, a short cover note, and two sample work products (IC memo, financial model summary, or valuation review) via LinkedIn or directly to: careers@behringco.com .