Investment Officer – Real Estate
This recruitment will remain open until filled. The WSIB may make a hiring decision at any time. It is in the candidate’s best interest to apply early.
ABOUT THE WSIB:
The Washington State Investment Board (WSIB) is a dedicated global investment management organization with over $171.5 billion in assets under management. The WSIB's globally diversified portfolios are comprised of more than 14,000 holdings across 87 countries on 6 continents and in 45 currencies. The WSIB's central mandate is to maximize return at a prudent level of risk.
The WSIB manages investments for 17 retirement plans for public employees, teachers, school employees, law enforcement officers, firefighters, and judges. We also manage investments for several other important public funds that benefit Washington’s industrial insurance program, colleges and universities, and developmental disability programs. The WSIB’s excellent investment performance dramatically contributes to the state’s bottom line by earning the lion’s share of money needed to cover state pension benefits.
To learn more about the WSIB, please visit our website at sib.wa.gov and follow us on LinkedIn. An overview of benefits of state employment and WSIB specifically can also be found on our website (Download PDF reader).
The Washington State Investment Board (WSIB) is seeking a highly-qualified professional to join the real estate investment team as an Investment Officer (IO). This is a unique opportunity to help shape a growing and dynamic global real estate investment portfolio, with a current equity value of approximately $23 billion.
The WSIB’s real estate program differs from those of most other institutional investors, as investments are primarily made through ownership of operating companies rather than hiring traditional investment managers. These operating companies acquire, develop, and manage properties, with a focus on long-term income generation. The WSIB takes a multi-cycle strategic view of real estate, with most investments targeting hold periods of 15 years or longer. The portfolio has a true global focus, with investments in more than 24 countries currently, including emerging markets.
ABOUT THE OPPORTUNITY:
The primary role of the IO is to work together with the rest of the Real Estate team to oversee investment partnerships on behalf of the WSIB. Investment Officer participate in a variety of activities, including, but not limited to:
- Having responsibility to oversee a sub-portfolio of investment relationships.
- Completing ongoing due diligence of existing relationships through on-site assessment.
- Leading and strengthening positive relationships with senior management of portfolio companies.
- Providing strategic direction to investment partners.
- Carrying out due diligence and underwriting of potential new strategies and investments.
- Provide feedback related to the overall strategic direction and needs of the portfolio.
In all cases, team members are actively involved with the portfolio’s investments; our approach is hands-on, and it is expected that real estate team members spend a significant amount of time on the ground with our local investment partners. Availability for frequent business travel is required, including internationally, as this is an actively managed portfolio which includes a significant and growing non-U.S. component. Candidates may expect to travel as much as 50% of the time once travel restrictions due to the COVID-19 pandemic are eased and travel can once again be done safely.
Oversight of real estate partnership investments, which are primarily structured as controlling interests of operating companies. This oversight includes:
- Maintaining awareness of the performance of the holdings of each partner relationship assigned, through constant communication and regular onsite reviews.
- Building and maintaining positive communication and relationships with the management teams of the assigned partnerships.
- Working with senior management teams of assigned relationships to provide strategic direction.
- Assure partners’ adherence to agreed strategy parameters.
- Involvement in the annual business planning/budget process of investment partners.
- Maintaining a constant dialogue with investment partners regarding acquisitions, dispositions, and strategic, financial, and operational matters.
Review potential real estate partnership investments and recommend the pursuit or rejection thereof; recommend changes to existing strategies or terms of partnerships. This process may include:
- Underwriting strategies and markets.
- Completing on-site due diligence, including key meetings with potential partners’ senior management.
- Reviewing documentation
- Carrying out management team and company background research.
- Undertaking risk, financial structure, legal, and tax analyses.
- Preparing and presenting recommendations based on findings and conclusions.
- Negotiating key terms and conditions of investment agreements and oversee partners’ compliance with agreed terms.
The IO will also have responsibility to work with the broader team on forming long-term strategic direction for the portfolio, including:
- Completing market, demographic, and economic research, including how these factors impact real estate markets globally.
- Assessing and documenting environmental, social, and governance (ESG) activities within the portfolio and the industry more broadly.
- Bachelor’s degree in business, finance, real estate, or economics; AND 4 years of direct and comparable experience in institutional real estate investment management.
- While direct and comparable experience is strongly preferred, in lieu of this experience requirement, substitutions may be made as follows:
- 2 years of full-time institutional-level real estate asset management experience (not property management) may substitute for each year of direct investment experience.
- 3 years of full-time experience in major, national- or international-level commercial real estate lending to institutional real estate borrowers while employed at a national or global lending institution may be substituted for each year of direct investment experience.
- 2 years of full-time experience in institutional-level private markets investment management other than real estate—such as private equity, tangible assets, or private credit—may be substituted for each year of direct experience.
- The following may substitute for up to 1 year in total of the 5 years’ experience requirement:
- Certification as a Chartered Financial Analyst.
- An advanced degree in real estate, finance, economics, or business. Candidates with an appropriate advanced degree may have, and are even encouraged to have, an undergraduate degree in another discipline.
- Experience in underwriting and evaluating management teams involved in commercial real estate investment.
- Knowledge of global commercial real estate investment industry trends.
- A working understanding of typical investment capital structures.
- Highly-developed skills in negotiating, structuring, documenting, and overseeing complex partnership agreements.
- Knowledge of capital markets and related activities, events, and trends.
- Ability to analyze and summarize financial, economic, statistical, legal, demographic, accounting, market, and other relevant data.
- Strong risk assessment skills.
- Excellent written and oral communication skills, as written reports and oral presentations are an integral part of the responsibilities of the position.
- Very importantly, considerable familiarity with global economic and demographic trends, world geography, and geopolitics.
PLEASE NOTE: Experience in the areas of property management, leasing, brokerage/sales, local banking, residential mortgage origination or servicing, and securities sales will not be counted towards any of the above experience requirements.
In addition to a complete profile, please include:
- A cover letter specifying why this position is of interest to you and how you meet the qualifications listed above. This letter should be no more than two pages.
- A current chronological resume.
- A list of at least three professional references under the profile section. References will not be contacted without the written consent of the applicant but must be submitted at the time of application.
The initial screening will be based on the content and completeness of your application and the materials submitted. Failure to follow the application instructions may lead to disqualification. All information may be verified, and documentation may be required.
This position is anticipated to perform work remotely during the COVID-19 pandemic, although incumbents should be available for onsite work and business travel upon a phased reopening of the office.
Per Governor Inslee’s Proclamation 21-14 (Download PDF reader) (Download PDF reader), state employees must be fully vaccinated no later than October 18, 2021. Your vaccine status will be verified at New Employee Orientation. Please reach out to the HR@sib.wa.gov if you need information on medical or religious accommodation.
Prior to a new hire, a background check including education verification, credit check, and criminal record history will be conducted. Information from the background check will not necessarily preclude employment but will be considered in determining applicant’s suitability and competence to perform in the position.
AT THE WSIB...