Investment Officer III, Private Equity Direct Investments
Location: West Sacramento, California
Type: Full Time
Preferred Education: 4 Year Degree
Salary: $114,444 - $136,476 annual
Internal Number: JC-272334
Job Description and Duties
The CalSTRS Investments Branch is seeking an experienced individual to work as an Investment Officer III on the Private Equity team.
The California State Teachers’ Retirement System was established in 1913 to provide retirement benefits to California’s public school educators from prekindergarten through community college. Today, CalSTRS is the largest educator-only pension fund in the world, and the second-largest pension fund in the U.S. CalSTRS serves California's 976,000 public school educators and their families from the state’s 1,600 school districts, county offices of education, and community college districts.
Established in 1988, the CalSTRS Private Equity program invests globally in partnerships, separate accounts, general partner interests, secondary interests, and co-investments. Investments include buyouts, growth equity, debt-related, and venture capital. External advisors support the program by providing investment selection advice, research and gate-keeping services. There are 36 staff positions dedicated to the Private Equity team including five Investment Officer III positions. CalSTRS maintains a long-term policy target for Private Equity of 13 percent, translating to a portfolio in excess of $40 billion.
Private Equity operates within a fast-paced, team-oriented environment with opportunities for training and advancement. While collaborating with world class general partners, advisors, consultants and attorneys, you will contribute to the success of one of the largest private equity programs in the world. You will collaborate both with other members of the Private Equity team and the broader CalSTRS Investment Office 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.).
Come join the Private Equity team as we work toward our goal of enhancing equity returns and ultimately ensuring retirement benefits for California’s educators!
Responsibilities of the Investment Officer III include:
Performing due diligence and underwriting on all co-investments (primary and secondary) and other transaction types (partnerships, strategic relationships, special situations, etc.).
Reviewing and analyzing the co-investment portfolio risk and total return to determine the optimal portfolio structure consistent with the current strategy and investment policy.
Implementing the co-investment strategy to support the optimal portfolio structure that meets or exceeds the total return objectives of the Private Equity Program and the overall CalSTRS Investment Portfolio.
Monitoring the co-investment portfolio with careful scrutiny of fiduciary standards, performance measurement and policy compliance for co-investments and provide support to the CalSTRS investment group and other related activities.
This position is eligible for incentive compensation and has a maximum incentive opportunity of 20% of base salary.
An Investment Officer III who possesses a professional certification as a Chartered Financial Analyst (CFA) may receive a 5% monthly base pay differential.
The ideal candidate will be results oriented with proven knowledge and experience with co-investments or direct deal making in private equity or a related field.
CalSTRS offers a competitive pay schedule and a work-life-balance for all its employees. 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
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:
Bachelor’s degree in Business, Finance, Economics, or related field
CFA, CAIA, or other industry certification
5+ years relevant professional experience within private equity, including all aspects of the underwriting / due diligence and execution processes for co-investments or direct investments within an institutional environment as well as in-depth knowledge of the private equity GP / funds landscape
Strong knowledge of other private market-based investment strategies (private credit, venture, secondaries, mezzanine, and distressed)
Strong financial modeling, portfolio analytics and presentation skills
Excellent written and verbal communication skills
Ability to communicate complex ideas and information into cohesive written documents
Ability to work effectively as an individual and as part of a team to support team, unit, and Investments Branch goals
Experience in interacting with external management consultants, advisors, and/or legal experts
The California State Teachers' Retirement System (CalSTRS) is the largest educator-only pension fund in the world. CalSTRS proudly provides retirement, disability and survivor benefits to California’s 964,000 public school educators and their families.
The Investments Branch manages the investment portfolio for the nation’s second largest public pension fund; providing retirement, disability and survivor benefits to California’s more than 964,000 K-12 teachers, plus community college educators and their families. The Investments Branch manages a portfolio that is broadly diversified into seven asset categories with assets totaling approximately $310.9 billion as of July 31, 2021. In 2020, the CalSTRS Investments Branch was named in Pensions & Investments magazine’s “Best Places to Work in Money Management” list for the sixth time since 2013, and our employees continue to support an inclusive environment.
We encourage you to join our world-class financial services institution and state agency. Our headquarters and member service centers located across the state feature sustainable construction, plenty of natural lighting and functionally-designed work spaces. At our LEED Plati...num headquarters in West Sacramento, enjoy the full service cafe, free onsite fitness center, bicycle library and walks along the Sacramento River. In addition to state-of-the-art amenities, we offer thriving wellness and sustainability programs, an award-winning employee recognition program, and ongoing learning and development opportunities.
CalSTRS is committed to setting best practice precedents, implementing innovative diversity and inclusion principles, motivating positive change, and advancing the world’s 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.