The Robert Toigo Foundation

Director, Private Equity Investments

University of California Office of the President
Published
January 25, 2019
Location
Oakland, CA
Job Type

Description

Director, Private Equity Investments

University of California Office of the President

Requisition Number: 20180376

Appointment Type: Staff - Career

Personnel Program: MSP

Work Hours: Monday - Friday 8:00 AM - 5:00 PM

Percentage of Time: 100

Organizational Area: Office of the Chief Investment Officer

Location: Oakland, CA

Posting Salary: Commensurate with experience

Position Summary:

The Office of the Chief Investment Officer of the Regents of the University of California ("UC Investments") manages $120 billion of endowment, retirement, and working capital assets under the policies, guidelines, and performance benchmarks established by the Regents.

The UC Investments Private Equity Team manages a $5.1 billion portfolio that will grow significantly over the coming years as a result of material changes in our asset allocation. The Director, Private Equity, has meaningful responsibility across the the entire Private Equity portfolio. In consultation with the Managing Director, the Director will assist in the identification, evaluation, and execution of buyout funds, venture capital funds, secondaries, co-investments, direct investments, and special situations investments. The Director will be assigned a portfolio of investments to monitor and will also perform related research and analytical work to support the Private Equity team's active portfolio management and reporting to key stakeholders. The Director is a senior team member with responsibility to mentor Investment Officers, Senior Investment Analysts, and Investment Fellows.

UC Investments is a small team that believes strongly in collaboration. In addition to supporting the Private Equity team, the Director will also

collaborate broadly with colleagues across our Private Markets (i.e.

Absolute Return, Real Assets, and Real Estate) and Public Markets (i.e.

Fixed Income and Public Equities) teams to help achieve the best risk

adjusted returns for the entire entity.

Special Conditions of Employment:

Travel

Travel outside of normal business hours

Other Special Conditions of Employment:

Successful completion of a background check is required for this critical position.

Job Close Date:

Duties

Duty 1: Lead due diligence on prospective investments from beginning to end, including primary fund commitments, co-investments, and secondaries. This includes assessing the investment strategy, management team, investment risks, portfolio valuations, reference calls, etc. Write clear and concise independent investment recommendations based on due diligence.

Deliver high quality finished work product in a timely fashion.

Provide fundamental analysis and research as part of the due diligence and clearly articulate findings and recommendations to the Managing Director and Chief Investment Officer in a collaborative fashion.

Take lead in legal negotiations and fund closings to ensure compliance with the Regent's policies.

Recommend investment ideas and or opportunities to the Private Equity Team for discussion and review. Contribute meaningful comments on the merits and risks of investment opportunities and demonstrate sound investment decision making skills.

Represent the University of California on Advisory Boards and provide comprehensive industry feedback and sound guidance to the General Partners as necessary. May lead restructuring of a Fund by collaborating with Advisory Board members and the General Partner.

Maintain active involvement with assigned private equity funds by attending annual meetings, having at least one touch point each year with each Fund, documenting annual meetings, reviewing quarterly financial statements, and understanding significant valuation or policy changes. Attend additional meetings on behalf of the private equity team as needed. Be able to speak in depth about each assigned fund/GP relationship.

Contribute to hold/sell recommendation for public stock distributions from private equity funds as necessary. Conduct appropriate research and analysis to support recommendation.

Prepare and maintain standardized investment reports on fund managers in the portfolios, as well as those under consideration, and make recommendations for decision-making purposes.

Lead projects and assignments, as requested. These projects may include but are not limited to providing performance attribution, creating presentation materials, project management, and drafting memos and letters.

Function:INVESTMENT DECISION MAKING PROCESS, POLICY AND ANALYSIS

Percent: 55

Duty 2: Conduct independent fundamental research and analysis within the due diligence process to identify, evaluate, negotiate, and monitor the performance of investments in the asset class.

Monitor fundamental research and identify industry trends and market intelligence and communicate the findings of such insights to the Investment group.

Lead the Limited Partnership Agreement review and ensure all aspects of closing a fund are being met from a relationship and business perspective.

Provide other research and analytical support as needed.

Function:RESEARCH

Percent: 20

Duty 3: Utilize problem-solving skills to analyze investments on a risk adjusted basis.

Discuss the overall impact of an investment on the risk reward of the entire portfolio with the Managing Director or Chief Investment Officer, as needed.

Proactively assess risk factors and challenges that may impact the Private Equity portfolio and/or assigned investment opportunities and provide actionable recommendations to the Managing Director.

Function:RISK ANALYSIS

Percent: 15

Duty 4: LEADERSHIP:

Encourage and support the growth and development of junior team members by:

- Collaborating to provide and/or identify development opportunities; and

- Providing timely constructive feedback

- Providing guidance to Investment Officers and Senior Investment Analysts on their due diligence efforts

Function:LEADERSHIP

Percent: 10

Job Requirements

Expert-level understanding of the private equity market, including a nuanced understanding of various sub-strategies (e.g. middle market buyout or Asian venture capital).

Ability to articulate the relative merits and risks of various sub-strategies as well as an in-depth understanding of key players in each of the markets.

Strong network and relationships in the LP-community that can be used for reference checks and ongoing portfolio monitoring. Demonstrated proficiency in developing and managing extensive network of industry contacts.

Ability to develop investment forecasts and make and modify investment decisions based on updated forecasts, changing data points, and/or incomplete information.

Ability to independently source, review and recommend investment opportunities with a sound investment decision making process. Demonstrate original thinking.

Proficient in portfolio construction skills on a specific geography and able to integrate specific geographic Private Equity portfolio strategy into global Private Equity program strategy.

Adept at working in a collaborative and consultative environment and exercising sound judgement when identifying the need to seek information and feedback from a team, the Managing Director, or Chief Investment Officer; able to identify when to act independently on decisions, when appropriate.

Insightful and creative skill in reasoning and logic and quantitative analysis; ability to generate qualitative and quantitative independent analysis.

Demonstrated ability to identify critical information, quickly research and collect pertinent information, integrate essential information, and use that information to define and test options and alternatives; demonstrated ability to develop recommendations and justification for the most productive course of action.

Excellent interpersonal skills; ability to interact with others in a consistently positive manner, exercise discretion and tact, and gain consensus in an environment where others may have conflicting ideas and goals.

Excellent verbal and written communication and presentation skills; demonstrated ability to distill and communicate ideas, issues, and quantitative analysis clearly, concisely, and persuasively to technical and lay readers to effectively advance and justify a specific proposal or set of recommendations.

Plan and manage projects in their entirety and ensure they are delivered on time; use sound judgement to identify pertinent questions to seek desired information or understanding. Ability to independently prioritize multiple tasks.

Ability to clearly articulate investment decision process and results to the Managing Director and Chief Investment Officer in a timely fashion.

Demonstrated ability to source, screen, analyze and research, model, recommend, and manage co-investments sourced from buyout and growth equity partners.

Required

Graduate Degree and/or CFA and 10 or more years of experience or an equivalent combination of education and experience.

Required

How to Apply

For complete job description and application instructions, visit: http://apptrkr.com/1376969

About us

The University of California, one of the largest and most acclaimed institutions of higher learning in the world, is dedicated to excellence in teaching, research and public service. The University of California Office of the President is the corporate headquarters to the ten campuses, five medical centers and three Department of Energy National Labs and enrolls premier students from California, the nation and the world.

The University of California is an Equal Opportunity/Affirmative Action Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, age or protected veteran status.

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