The Robert Toigo Foundation

Special Opportunities Investor

TEACHER RETIREMENT SYSTEM OF TEXAS
Published
October 1, 2020
Location
Austin, Texas
Job Type

Description

TEACHER RETIREMENT SYSTEM OF TEXAS

invites applications for the position of: 

Special Opportunities Investor

The Teacher Retirement System of Texas is seeking a motivated investor to join its growing Special Opportunities (SO) team in Austin, TX. The SO team reviews investments in an opportunistic format and across multiple asset classes. The individual selected for this position will work with the SO team in sourcing, underwriting, investing and managing new and existing fund and principal investments across public equity, private equity, private credit, structured finance, and special situations. You will have a unique opportunity to work alongside leading global investors across a wide variety of strategies, industries and regions. The majority of investments will be executed alongside TRS managers.

The ideal candidate for this role is intellectually curious; able to analyze complex data to identify risks and opportunities; has the capacity to work in a fast-paced, collaborative team environment; and is driven to help improve and innovate the team's approach to investing.

This professional will perform highly advanced to complex investments research and analysis work. Work involves performing due diligence analysis of potential investment opportunities and assisting with day-to-day monitoring and reporting of the investment portfolio. Works under limited supervision with considerable latitude for the use of initiative and independent judgment. This position reports to the Head of Special Opportunities Group.

This position will be filled at one of two levels (Associate or Senior Associate) depending upon the qualifications of the individual selected and the discretion of the hiring manager.  Salary is commensurate with experience.

Compensation:  The TRS Investment Management Division offers an attractive compensation package consisting of base salary, annual performance incentive bonus, a defined-benefit pension plan as well as 401(k) and 457 retirement plans, and comprehensive benefits

State classification information:
Associate: Investment Analyst III/1132/B26

Senior Associate: Investment Analyst IV/1133/B28

 

WHAT YOU WILL DO:

Due Diligence and Analysis

  • Performs sourcing, due diligence, management, and day-to-day oversight of principal investments and fund commitments to achieve long-term performance targets of 8%+ within acceptable risk parameters, while also considering funding/liquidity sources.
  • Assists or leads deal execution for principal investments by coordinating or participating in due diligence efforts with external investment managers, managing or working with internal teams of Associates and Analysts, working with members of other TRS investment teams, and facilitating internal procedures relating to the evaluation and closing of principal transactions.
  • Performs due diligence of investment opportunities including reviewing company diligence materials, conducting reference checks, and developing an independent thesis and investment framework to evaluate merits and risks, valuation, return profiles, terms, and comparable transactions/companies across sectors and geographies.
  • Communicates analysis of investment opportunities, results, and recommendations with the relevant portfolio managers(s) and/or senior staff via verbal and written reports and presentations, including preparing qualitative and quantitative reports, memoranda, and spreadsheets.
  • Assists or leads evaluation of a manager organization’s leadership team, strategy, market opportunity, historical and pro-forma financials, investment history, operations, and competitive environment including conducting reference checks.
  • Negotiates (or assists in the negotiation of) investment management partnerships.
  • Documents and organizes the record of the due diligence process.

Portfolio Monitoring

  • Monitors and assists with the development of a diverse portfolio of special opportunities investments, which includes recurring reviews and ad-hoc analysis of both portfolio, partner, and company-level performance.
  • Monitors selected investments post-closing through observation of publicly available filings, board meetings/calls, and analysis of investment level financial and operational reports.
  • Consults with investment managers, analysts, investment accounting, legal counsel, custodian, and third-party advisors and consultants.
  • Develops and maintains professional relationships and contacts within the investment industry in order to conduct searches and gain knowledge of appropriate investment opportunities.
  • Works as part of a team to implement best operational and risk management practices.
  • Works with TRS portfolio management systems such as eFront, Tamale and DealCloud.
  • Ensures that the agency Ethics Policy is adhered to in relationships with general partners, external managers, brokers, research suppliers, and other vendors.
  • Performs related work as assigned.

WHAT YOU WILL BRING:

Minimum Qualifications:

 

Education:

 

  • Bachelor's degree from an accredited four-year college or university with major coursework in business administration, finance, accounting, operations research, math, information technology, liberal arts or a related area.
  • A Master's degree in a related area may substitute for one (1) year of required experience. 

Associate Minimum Experience:

 

  • Three (3) years of full-time professional institutional investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation with a credit, equity or multi-asset focus or other relevant transactional experience in a corporate development, investment banking, hedge fund, private equity fund, or similar background. 

Senior Associate Minimum Experience:

 

  • Five (5) years of full-time professional institutional investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation with a credit, equity or multi-asset focus or other relevant transactional experience in a corporate development, investment banking, hedge fund, private equity fund, or similar background.

Preferred Qualifications:

  • Master of Business Administration (MBA) or Master's degree related to finance, accounting, economics, or a related field.
  • Experience sourcing and underwriting direct and co-investment transactions in a risk-taking position (e.g. as a buy-side institutional investor) across multiple asset classes and sector.
  • Experience leading transaction execution and managing due diligence efforts of deal teams.
  • Experience negotiating legal agreements, either fund investments or transaction documents.
  • Experience working with external partners, boards of directors and/or senior management teams (CEO, CFO) of companies to evaluate operational, financial, and strategic decisions.
  • Certification as a Chartered Financial Analyst (CFA), Certified Public Accountant (CPA), or Chartered Alternative Investments Analyst (CAIA), or significant progress toward obtaining such certification.
  • Associate Preferred Experience - Six (6) years of full-time professional institutional investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation with a credit, equity or multi-asset focus or other relevant transactional experience in a corporate development, investment banking, hedge fund, private equity fund, or similar background.

KNOWLEDGE SKILLS AND ABILITIES/PHYSICAL REQUIREMENTS:

Knowledge of:

  • Advanced investment concepts, terminology, styles, models, strategies, and fundamental investment factors.
  • Institutional portfolio management.
  • Corporate valuation metrics and techniques including relative valuation methodologies.
  • Process for completing diligence on a variety of transaction types or deep skills in one of the following: public equity, high yield and levered loans, structured credit, buyouts, and distressed/event driven situations.

Skill in:

 

  • Financial modeling and valuation analysis.
  • Conducting data searches and evaluations of large amounts of information, performing complex statistical analysis of the data, and preparing concise and accurate reports and written/oral recommendations.
  • Planning, organizing, and prioritizing work assignments to manage a high-volume workload in a fast-paced and changing environment, and in completing detailed work with a high degree of accuracy.
  • Verbal and written communication of complex information that is accurate, timely, and based on sound judgment.
  • Making presentations to groups with varied levels of investment knowledge.
  • Using a computer in a Windows environment with word processing, spreadsheet, presentation, database, and other business software to prepare correspondence, spreadsheets, charts, and reports

Ability to:

  • Establish and maintain harmonious working relationships with co-workers, agency staff, and external contacts.
  • Work effectively in a professional team environment.
  • Travel regularly for business purposes.

 

Candidates must apply directly through our website in order to be considered

https://www.trs.texas.gov/Pages/investment_join_our_team.aspx

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