Investment Officer III, Private Equity Direct Investments
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.
You will find the Minimum Requirements in the Class Specification.
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
- Experience performing private market attribution analysis
- Experience with benchmarks and performance criteria
- Ability to manage competing priorities and effectively prioritize workload to ensure all deadlines are met
- Strong work ethic, high integrity, and desire to learn
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
- Health insurance in retirement
- Employee Assistance Program
- Loan forgiveness under the federal Public Service Loan Forgiveness Program
For the latest information on the benefits offered by the state of California, explore the Health Benefits Summary provided by CalHR.
Investment Officer III, Private Equity Direct Investments
||California State Teachers' Retirement System
||West Sacramento, CA
||$9,537.00 - $11,373.00 per Month
|Posting Start Date:
This position requires a current Investment Officer III, CalSTRS Exam. If you need to take the exam or if your score has expired, click here 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.
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.
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.
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
P.O. Box 15275, MS 31
Sacramento, CA 95851-0275
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, CA 95605
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.
- 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 4635, JC-272334
- 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.
||This listing expires on: 2/11/2022