Private Equity Funds Relationship Manager

WHO WE ARE:

The Teacher Retirement System of Texas is the largest public retirement system in Texas, serving more than 1.5 million people. Innovation, technology, and collaboration make the difference as we strive to continue earning your trust every day. TRS improves the retirement security of Texas public education employees through our 'best in class' investment management and delivery of pension and health care benefits.

Our Mission: Improving the retirement security of TRS members by prudently investing and managing the Trust assets and delivering benefits that make a positive difference in their lives.

The Teacher Retirement System of Texas is seeking a motivated investor to join its Private Equity (PE) team inAustin, TX. PE oversees the Trust's allocation to the private equity asset class.This portfolio represents approximately $26 billion of TRS's $170 billion Trust.The individual selected for this position will work with the PE team in sourcing, underwriting, investing and managing new and existing fund investments across the private equity portfolio. While this role is primarily focused on fund investments, the professional will also spend a portion of their time working with and alongside the principal investment team on co-investment transactions. You will have a unique opportunity to work with leading global investors across a wide variety of private equity strategies, industries and regions.

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.In addition, the ideal candidate will be able to (or near able to) serve as primary underwriter and point of contact for TRS relationships with PE general partners.

This professional will perform advanced to complex investments research and analysis work. Work involves performing due diligence analysis of potential private equity 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 Managing Director of Private Equity.

This position will be filled at one of three levels (Associate, Senior Associate or Investment Manager) 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 classificationinformation and annual salary ranges:
Associate: 1132/Investment Analyst III/B26

Senior Associate: 1133/Investment Analyst IV/B28

Investment Manager: 1151/Portfolio Manager II/B29

WHAT YOU WILL DO:

Due Diligence and Analysis

• Performs investment analysis for potential private equity investment opportunities, including principal investments and fund commitments, using any reliable printed or electronic media, partnership offering memoranda, and one-on-one contact with general and limited partners.
• Conducts (or assists in the conducting of) due diligence processes for fund investment opportunities, including a thorough review of Private Placement Memorandum (PPM), financial modeling of various portfolio company analytics, analysis of track records via various benchmarking tools, conducting detailed onsite due diligence sessions and evaluating the overall merits and risks of a potential fund investment 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.
• Conducts reference checks and evaluates the organization’s leadership team, strategy, market opportunity, historical and pro-forma financials, operations, and competitive environment.
• Negotiates (or assists in the negotiation of) the investment management partnerships.
• Documents and organizes the record of the manager due diligence process.
• Performs related work as assigned.

Portfolio Monitoring

• Consults or coordinates with investment managers, analysts, investment accounting, legal counsel, custodian, and third-party advisors and consultants.
• Assists in evaluating portfolio diversification by geography and sub-strategy.
• Assists with the development, monitoring, and reporting of diverse portfolio investments.
• Prepares performance, risk and ad-hoc reports related to the Private Equity portfolio.
• Develops and maintains professional relationships and contacts within the investments 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 QUALIFICATION REQUIREMENTS/LICENSES AND CERTIFICATIONS:

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 private equity investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation, such as private equity, investment banking, consulting, corporate development, or similar background.

Senior Associate Minimum Experience:

• Five (5) years of full-time professional private equity investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation, such as private equity, investment banking, consulting, corporate development, or similar background.

Investment Manager Minimum Experience:

• Seven (7) years of full-time professional private equity investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation, such as private equity, investment banking, consulting, corporate development, or similar background.

Preferred Qualifications:

• Four (4) to 9 (nine) years of full-time professional private equity investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation, such as private equity, investment banking, consulting, corporate development, or similar background.

• Master of Business Administration (MBA) or Master's degree related to finance.

• Experience in investment banking and/or underwriting private equity direct investments / fund offerings, or
• Certification as a Chartered Financial Analyst (CFA) or working towards CFA.
• Certification as a Chartered Alternative Investment Analyst (CAIA) or working towards CAIA.

KNOWLEDGE SKILLS AND ABILITIES/PHYSICAL REQUIREMENTS:

Knowledge of:

• Private equity valuation metrics and markets.
• Investment concepts, terminology, styles, models, strategies, and fundamental investment factors.
• Institutional private equity portfolio management.
• Corporate valuation metrics and techniques

Skill in:

• Financial modeling and valuation analysis
• Using a computer in a Windows environment with word processing, spreadsheet, presentation, database, and other business software to prepare correspondence, spreadsheets, charts, and reports.
• 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.

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.

Physical Requirements and/or Working Conditions

Work is performed in a standard office environment and requires:

• normal cognitive abilities including the ability to learn, recall, and apply certain practices and policies;
• marginal or corrected visual and auditory requirements;
• constant use of personal computers, copiers, printers, and telephones;
• the ability to move about the office to access file cabinets and office machinery;
• frequent sitting and/or remaining in a stationary position; and
• the ability to work under deadlines, as a team member, and in direct contact with others.

Workforce Expectations

Must be able to:

• regularly, reliably, and punctually attend work;
• work extended hours as necessary;
• travel routinely for work assignments and trainings;
• show flexibility and adaptability toward changes in assignments and work schedules;
• adhere to the agency's internal management policies and procedures; and
• exhibit work behaviors consistent with agency and division core values.

Military Occupational Specialty (MOS) Codes:
Veterans, Reservists or Guardsmen with experience in the Military Occupational Specialty ( http://www.hr.sao.texas.gov/Compensation/MilitaryCrosswalk/MOSC_AdministrativeSupport.pdf ) along with the minimum qualifications listed above may meet the minimum requirements and are highly encouraged to apply. Please contact Talent Acquisition at careers@trs.texas.gov with questions or for additional information.

To view all job vacancies, visit www.trs.texas.gov/careers or www.trs.csod.com/careersite.

For more information, visit www.trs.texas.gov.