State of California - San Francisco, CA
posted 5 months ago
The Associate Portfolio Manager for Direct Investments at the State Teachers' Retirement System (CalSTRS) plays a crucial role in the management of one of the largest private equity programs globally. This position is situated within a dynamic and collaborative environment, where the successful candidate will work closely with world-class general partners, advisors, consultants, and attorneys. The primary focus will be on supporting the Portfolio Managers of Direct Investments in executing various investment activities, including co-investments, secondary transactions, and other private equity-related strategies such as primary funds, private credit, and venture capital. In this role, the Associate Portfolio Manager will be responsible for transaction management and portfolio oversight. This includes conducting thorough due diligence and underwriting for all co-investments and other transaction types, assessing financial performance, management quality, investment merits, risks, expected returns, and market attractiveness. The incumbent will continuously evaluate and enhance the investment due diligence and approval processes to align with the expedited timelines of co-investment transactions. Setting objectives and performance standards will be essential to ensure that investment characteristics align with CalSTRS' portfolio requirements. Performance measurement is another critical aspect of this position. The Associate Portfolio Manager will provide insights and data on the development of the private equity co-investment portfolio over time, reviewing and analyzing performance quarterly while recommending necessary adjustments. Monitoring and analyzing portfolio risk will involve utilizing a portfolio allocation model that measures various dimensions, including vintage year, sector, stage, and investment manager allocation. Benchmarking performance against established Private Equity Policy benchmarks will also be a key responsibility. Additionally, the Associate Portfolio Manager will assist in developing a comprehensive strategy for the co-investment program, determining the optimal portfolio structure to meet or exceed total return objectives. This includes mapping the universe of co-investment opportunities to identify themes and areas for investment, as well as supporting Portfolio Managers in strategy development and policy modifications for presentation to stakeholders. The role also offers the potential for incentive compensation, with a maximum opportunity of 50% of base salary, and a 5% monthly base pay differential for candidates with relevant professional certifications.