Job Posting: Associate Portfolio Manager, Direct Investments

State Teachers' Retirement System

JC-431715

-

Associate Portfolio Manager, Direct Investments

ASSOCIATE PORTFOLIO MANAGER

$10,000.00 - $15,000.00 per Month

Final Filing Date: Until Filled

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.

To be considered for this position, submit your resume directly to Francois.Auzerais@kornferry.com

You will find additional information about the job in the Duty Statement (https://www.CalCareers.ca.gov/CalHrPublic/FileDownload.aspx?aid=23438217&name=DutyStatement.pdf) .

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.

Minimum Requirements

You will find the Minimum Requirements in the Class Specification.

• ASSOCIATE PORTFOLIO MANAGER (https://hrnet.calhr.ca.gov/CalHRNet/SpecCrossReference.aspx?ClassID=4698)

Additional Documents

• Job Application Package Checklist (http://calcareers.ca.gov/CalHrPublic/Jobs/JobApplicationPackageChecklist.aspx?JobControlId=431715)

• Duty Statement

Position Details

Job Code #:

JC-431715

Position #(s):

815-310-4698-030

Working Title:

Associate Portfolio Manager, Direct Investments

Classification:

ASSOCIATE PORTFOLIO MANAGER

$10,000.00 - $15,000.00

# of Positions:

1

Work Location:

San Francisco County

Telework:

Hybrid

Job Type:

Permanent, Full Time

Department Information

CalSTRS: Securing the financial future and sustaining the trust of California’s educators

CalSTRS is the largest educator-only pension fund in the world, providing retirement, disability and survivor benefits to California's more than 1 million public school educators and their families. The Investments Branch manages a portfolio that is broadly diversified into seven asset categories with assets totaling approximately $336.2 billion as of March 31, 2024. In 2023, the CalSTRS Investments Branch was named one of the Best Places to Work in Money Management by the Pensions & Investments magazine for the ninth time since 2013.

CalSTRS is committed to setting best practice precedents, implementing innovative diversity and inclusion principles, motivating positive change, and advancing the worlds investment markets. We do this by establishing collaborative relationships across a vast network of investment managers, portfolio companies and industry associations in order to maximize returns and leverage opportunities for positive change.

Our two U.S. Green Building LEED Platinum-certified headquarters buildings in West Sacramento, California, feature sustainable construction, abundant natural lighting, an organic garden, sustainable beekeeping and ergonomic functionally designed workspaces. We offer a variety of on-site amenities to our team members, including two full-service cafés, two free fitness centers, a bicycle rental library and a child care center with a covered playground. Team members enjoy walks along the Sacramento River and nearby seasonal farmers markets.

In addition to our state-of-the-art amenities, we offer thriving wellness and sustainability programs, an award-winning employee recognition program, and ongoing training, learning and development opportunities. We offer competitive benefits, flexible work hours and hybrid work options. We are committed to creating a workplace where our team members thrive.

If you’re looking for a rewarding career and are interested in becoming part of a diverse and inclusive workforce where talent, expertise and wellness are valued, we encourage you to find out more about our many career options at CalSTRS.com/about-CalSTRS .

Special Requirements

Exam

This position requires a current Associate Portfolio Manager, CalSTRS examination. If you need to take the examination or if your score has expired,click here (https://www.calcareers.ca.gov/JOBSGEN/0ST01.PDF) 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 Conflict of Interest Code (https://www.calstrs.com/files/7e818a3e7/ConflictofInterestCode.pdf) that applies to CalSTRS team members and the Political Reform Act (https://www.fppc.ca.gov/the-law/the-political-reform-act.html) , which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700) (http://www.fppc.ca.gov/Form700.html) .

Application Instructions

Dates printed on Mobile Bar Codes, such as the Quick Response (QR) Codes available at the USPS, are not considered Postmark dates for the purpose of determining timely filing of an application.

Final Filing Date:Until Filled

Who May Apply

Individuals who are currently in the classification, eligible for lateral transfer, eligible for reinstatement, have list eligibility, are in the process of obtaining list eligibility, or have SROA and/or Surplus eligibility (please attach your letter, if available). SROA and Surplus candidates are given priority; therefore, individuals with other eligibility may be considered in the event no SROA or Surplus candidates apply.

Applications will be screened and only the most qualified applicants will be selected to move forward in the selection process.Applicants must meet the Minimum Qualifications stated in the Classification Specification(s).

How To Apply

Complete Application Packages (including your Examination/Employment Application (STD 678) and applicable or required documents) must be submitted to apply for this Job Posting. Application Packages may be submitted electronically through your CalCareer Account at www.CalCareers.ca.gov. When submitting your application in hard copy, a completed copy of the Application Package listing must be included. If you choose to not apply electronically, a hard copy application package may be submitted through an alternative method listed below:

Address for Mailing Application Packages

You may submit your application and any applicable or required documents to:

State Teachers' Retirement System

Attn:Recruitment

P.O. Box 15275, MS 31

Sacramento,CA95851-0275

Address for Drop-Off Application Packages

You may drop off your application and any applicable or required documents at:

State Teachers' Retirement System

CalSTRS, Attn: Recruitment

100 Waterfront Place

West Sacramento,CA95605

08:00 AM-05:00 PM

Required Application Package Documents

The following items are required to be submitted with your application. Applicants who do not submit the required items timely may not be considered for this job:

• Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at www.CalCareers.ca.gov. All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.

• Resume is required and must be included.

Applicants requiring reasonable accommodations for the hiring interview process must request the necessary accommodations if scheduled for a hiring interview. The request should be made at the time of contact to schedule the interview. Questions regarding reasonable accommodations may be directed to the EEO contact listed on this job posting.

Desirable Qualifications

In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:

• 6+ years relevant professional experience within private markets, including all aspects of portfolio management, direct investment, investment manager selection, and diligence processes within an institutional environment

• Demonstrated investment track record as a direct/co-investment manager and fund investor from a fund-of-funds, endowment, foundation, pension plan or related investment organization

• Success investing significant pools of capital across private market asset classes and in-depth knowledge of asset allocation theory and practice, portfolio risk management and investment structuring

• Must have in-depth knowledge of private market-based investment strategies (private equity, private credit, venture, secondaries, mezzanine, and distressed)

• Ability to work with little or no supervision, in line with the intentions of the team’s shared objectives

• Excellent interpersonal skills; commitment to teamwork; and ability to work with and develop effective relationships across the organization

• Strong oral and written communication skills

Benefits

CalSTRS offers a competitive pay schedule and a work-life-balance for all itsemployees. 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 Public Service Loan Forgiveness Program (https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service)

For the latest information on the benefits offered by the state of California, explore theHealth Benefits Summary provided by CalHR (https://www.calhr.ca.gov/Pages/California-State-Civil-Service-Employee-Benefits-Summary.aspx) .

Contact Information

The Human Resources Contact is available to answer questions regarding the position or application process.

Human Resources Contact:

Recruitment

(916) 414-4990

Recruitment@calstrs.com

Please direct requests for Reasonable Accommodations to the interview scheduler at the time the interview is being scheduled. You may direct any additional questions regarding Reasonable Accommodations or Equal Employment Opportunity for this position(s) to the Department's EEO Office.

EEO Contact:

EEO Officer

(916) 414-4933

EEOMailbox@calstrs.com

California Relay Service: 1-800-735-2929 (TTY), 1-800-735-2922 (Voice) TTY is a Telecommunications Device for the Deaf, and is reachable only from phones equipped with a TTY Device.

ADDITIONAL APPLICATION INSTRUCTIONS

• Electronic applications through your CalCareer account are highly recommended. If you are unable to apply electronically through your CalCareer account, please mail or drop off a hard copy of your application packet. Please provide the following information on your application: RPA: 7478, JC-431715, Position: 815-310-4698-030

• If education is being used to meet the minimum qualifications, please submit a copy of your transcripts/degree.

• Training and Development (T&D) assignments may be considered for this position. If you are applying as a T&D, please indicate this in the eligibility section of your application.

• Candidate may be selected by application packet review only.

• Multiple positions may be filled from this recruitment.

• Submission of an incomplete STD 678 may result in disqualification.

Equal Opportunity Employer

The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.

It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.