This position reports to the Director of Private Markets of the Texas Permanent School Fund, a $30 billion public fund endowment managed within the Texas Education Agency. Performs complex asset management work of a portfolio of private equity investments. Conducts highly advanced investment research and analysis work to implement approved policies and programs. Monitors, evaluates and reports on current and potential investments in private market strategies. Conducts investment due-diligence processes. Coordinates ongoing manager relations and communications. Oversees due diligence files and deal flow databases. Works under limited supervision with moderate latitude for the use of initiative and independent judgment.
Additional Military Crosswalk (occupational specialty code) information can be accessed at: http://www.hr.sao.state.tx.us/Compensation/JobDescriptions.aspx.
Essential Job Functions:
- Conducts initial and ongoing due diligence and oversight of fund investments, involving investment manager communications, on-site interviews, document review, investment analytics, reporting and other activities. Document and evaluate processes and conclusions.
- Monitors performance of private market investments.
- Defines and monitors investment management agreements and related schedules, and works closely with legal counsel in the contract negotiation process.
- Manages ongoing day-to-day oversight of external investment managers and general partners, including investment analysis, communications, and knowledge transfer.
- Evaluates and proposes portfolio management process improvements derived from external investment managers, data service providers, software tools and custodian communications.
- Evaluates portfolio management due diligence processes, and recommend improvements, including asset allocation and risk control.
- Evaluates and monitors asset allocation, sector and manager exposures, and compliance with applicable policies.
- Evaluates and builds models for the purpose of modeling economic costs of investing.
- Recommends potential investment strategies called for by market changes.
- Evaluates and implements investment due diligence, investment analysis, and performance measurement technology platforms and systems.
- Develops RFP/RFQ documents, as well as participates in response intake, evaluation, reporting and implementation of private market investment management service providers.
- Training others in aspects related to the private markets program, where appropriate.
- Oversees the maintenance of investment due diligence files and deal flow databases.
- Pursues continuing education and training to broaden knowledge, skills, and abilities.
- Attends industry-specialized training and forums.
- Performs related work as assigned.
Education: Graduation from an accredited four year college or university with degree in finance, accounting, economics, or related field. Prefer MBA.
Experience: Five (5) years experience in investments or related quantitative analysis work, with a preference for 7 - 10 years experience. Prefer direct experience in private equity, including sourcing, diligence, and legal negotiation. Strong PC experience with financial databases and software applications to include advanced Excel skills, Word and PowerPoint.
License/Certification: Prefer Chartered Financial Analyst (CFA) and/or Chartered Alternative Investment Analyst (CAIA) designation.
Travel: 33% required.
Knowledge, Skills and Abilities (KSAs):
Knowledge of: Financial analysis, valuation principles and due diligence concepts pertaining to private equity investments; private markets investment process, including due diligence process, investment monitoring and investment reporting; private investment accounting, procedures, and market operations; investment banking; statistical concepts and methods and their application to research analysis; various financial data systems; and of macroeconomics.
Skill in: Mathematics, statistics, and in the use of computer software programs, particularly Word, Excel and Powerpoint. Must have strong oral/written communication skills. Must have clear focus on excellent customer service. Must have keen interpersonal skills, be results oriented and able to exhibit strong work habits.
Ability to: Apply financial research techniques and to conduct exhaustive searches and evaluations of vast amounts of data utilizing the internet and other resources; analyze, evaluate and summarize financial data and prepare management reports; prioritize the work, to be flexible and manage multiple projects and assignments with attention to details and minimum supervision.
Must demonstrate a high degree of integrity and the ability to recognize the requirements of confidentiality. Must demonstrate initiative and ability to work in a fast-paced, changing environment; be a team player, a self starter and an independent thinker.
Desired Character traits: Honest, ethical, curious, flexible, respectful and effective working with individuals from diverse professional backgrounds.
NOTE: An in-box exercise may be administered at time of interview.
- This job description is not an employment agreement or contract. Management has the exclusive right to alter this job description at any time without notice.
- Salary is dependent on qualifications.
- Positions exempt from the Fair Labor Standards Act (FLSA) will earn compensatory time off rather than overtime for hours in excess of 40 per week. May be required to work hours other than 8 to 5. May be required to work weekends and holidays.
- In accordance with applicable federal and state equal opportunity laws, it is TEA's policy that no person shall be excluded from consideration for recruitment, selection, appointment, training, promotion, retention or any other personnel action, or be denied any benefits or participation in any educational programs or activities which it operates on the grounds of race, religion, color, national origin, sex, disability, age or veteran status (except where age, sex, or disability constitutes a bona fide occupational qualification necessary to proper and efficient administration).
- The Immigration Reform and Control Act requires all new employees to present proof of identity and eligibility to work in the United States. TEA does not sponsor H1-B work visas. Males, 18 to 25 years of age, are required to present proof of selective service registration (or exemption) prior to being employed by any state agency.
- There is a 60-day waiting period for health insurance coverage.
- This position requires the applicant to meet Agency standards and criteria which may include passing a pre-employment criminal background check, prior to being offered employment by the Agency.
- Please note, TEA does not accept resumes.
- An internal applicant who is selected for a position in their current salary group that has the same state title is not eligible for a salary increase. An internal applicant who is selected for a position in their current salary group with a new state title may receive an increase up to 3.4%.
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