Portfolio Manager Associate

1 week ago

San Francisco, California, United States State Teachers' Retirement System Full time
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.).

Key Responsibilities
  • 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.

To be considered for this position, submit your resume directly to [insert link].

You will find additional information about the job in the [insert link].

Working Conditions

All staff of CalSTRS are employees of the State of California and subject to California employment taxes and withholdings. Upon appointment, staff are required to provide a current California address to CalSTRS Human Resources to be used as a remote work location.

This position is not eligible for visa sponsorship. Applicants must be authorized to work in the US without the need for visa sponsorship by the start date of employment with CalSTRS.

Work Location: This is a hybrid position, which entails working in-office in San Francisco, CA two days a week and at CalSTRS Headquarters in West Sacramento, CA one day a week, with travel expenses reimbursed.

The San Francisco office, situated at 44 Montgomery Street in the heart of the San Francisco Financial District, is easily accessible from Montgomery BART and Muni stations, the San Francisco Ferry Building, and is bike-friendly.

Special Requirements

This position requires a current Associate Portfolio Manager, CalSTRS examination. If you need to take the examination or if your score has expired, to gain list eligibility.

CalSTRS Personal Trading Program: Investment Branch employees are required to participate in the CalSTRS Personal Trading Program which allows CalSTRS to monitor employees' personal trading transactions in order to reduce risks associated with insider trading, front running, and misusing material non-public information. Upon accepting a position within the Investment Branch, you will be required to disclose your personal broker account information and be required to utilize a personal broker from a designated list as provided by CalSTRS.

Background Investigation: Prior to employment with CalSTRS, a background investigation (BI) will be conducted. The BI consists of a Personal History Statement and fingerprinting through the Department of Justice. The BI will check criminal and civil records and, if applicable, verify education and check driving records.

CalSTRS Disclosure Requirements: This position may be subject to disclosure and disqualification requirements concerning economic conflict of interest in government work, including the that applies to CalSTRS team members and the, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a.

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