REAL ESTATE DIRECTOR - DIRECT INVESTMENTS

Location: OaklandFull Time
Job ID: 46687
Job Posting

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UC OFFICE OF THE PRESIDENT

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POSITION SUMMARY

The Office of the Chief Investment Officer (UC Investments) is responsible for managing the University of California's retirement, endowment, working capital, and cash assets under the policies, guidelines, and performance benchmarks established by the Regents. Our mission is to implement those policies and guidelines by selecting, executing, and monitoring investment strategies designed to add value over the benchmarks within a risk-controlled framework. The Office adheres to high ethical as well as professional standards in serving the investment management needs of its constituency and the Chief Investment Officer has full investment discretion while the Regents retain responsibility for Asset Allocation and Investment Guidelines.

The Director of Real Estate will report to the Co-Heads of Real Estate and will work collaboratively with the Office and the Private Investments team to implement the Real Estate strategy. UC Investments seeks a Director that is able to focus on the $2 billion of commitments for the Direct Investment portfolio. The role will be responsible for monitoring investments with managers as well as directly with companies. The Director will perform related research and work with the Co-Heads of Real Estate to achieve the best risk adjusted returns.

RESPONSIBILITIES

65%

PORTFOLIO MANAGEMENT

• Maintain active involvement with assigned investments. This includes attending annual or board meetings, reviewing quarterly financial statements and understanding any significant valuation changes or policy changes. Attend additional meetings on behalf of the Real Estate team as needed. Be able to speak in depth about each assigned investment.
• Review and evaluate potential investments. This includes leading 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. This position is expected to deliver high quality finished work product in a timely fashion. The Director is expected to be able to provide fundamental analysis and research as part of the due diligence and will clearly articulate findings and recommendation with the Co-Heads of Real Estate and Chief Investment Officer in a collaborative fashion.
• Write clear and concise independent investment recommendations based on due diligence.
• Take lead role in legal negotiations and investment closings to ensure the Regent's policies are adhered to in the process of negotiating legal documents. Be able to provide comprehensive industry feedback and sound guidance to the management teams or General Partners as necessary. Lead restructuring of a Fund if necessary by collaborating with fellow Advisory Board members and the General Partner.
• Prepare and maintain standardized reports on investments in the portfolios, as well as those under consideration, and make recommendations for decision-making purposes.

25%

RESEARCH

• Conduct independent fundamental research and analysis in the due diligence process to identify and monitor the performance of investments.
• Monitor fundamental research and identify industry trends and market intelligence and communicate the findings of such insights to the Investment groups. Lead due diligence within the research process on investments under consideration and provide guidance to Analysts on their due diligence efforts.

• Lead due diligence within the research process on investments under consideration and provide guidance to Analysts on their due diligence efforts.
• Conduct research and analysis within the due diligence process to identify, evaluate, negotiate, and monitor the performance of the asset class.
• Lead the legal review and ensure all aspects of closing an investment are being met from a relationship and business point of view.

10%

OTHER

• Provide research and analytical support as needed.
• 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.

REQUIRED QUALIFICATIONS

• Demonstrated proficiency at relationship management and the ability to build and utilize extensive personal network of industry contacts to source new investment opportunities and share industry best practices. Excellent interpersonal skills as demonstrated by the ability to interact with others in a consistently positive manner, exercise discretion and tact, and gain consensus in an environment where others may have strongly conflicting ideas and goals.
• Demonstrated sensitivity to and ability to identify critical information; the ability to quickly research and collect pertinent information, to integrate essential information, and use that information to define and test options and alternatives; as well as the demonstrated ability to develop recommendations and justification for the most productive course of action. This requires insightful and creative skill in reasoning and logic, and in quantitative analysis.
• Excellent verbal and written communication and presentation skills, including the demonstrated ability to articulate ideas and issues clearly concisely, and persuasively to a variety of audiences and prepare and/or edit complex reports involving logical and quantitative analysis, so that it is clearly understandable by both technical and lay readers and effectively advances and justifies a specific proposal or set of recommendations.
• Ability to generate both qualitative and quantitative independent analysis. Plan and manage projects in their entirety and ensure they are delivered on time. Having the ability to know the right questions to ask both internally and externally to seek desired information or understanding.
• Ability to clearly articulate investment decision process and results to the Co-Heads of Real Estate and Chief Investment Officer in a timely fashion. Ability to independently prioritize multiple tasks.
• Ability to use good judgment when seeking advice or help from the Co-Heads of Real Estate or Chief Investment Officer.
• Ability to demonstrate sound investment judgment.
• Ability to make investment decisions with incomplete information.
• Ability to develop investment forecasts and modify decisions based on updated forecasts and changing data points.
• Ability to independently source, review and recommend investment opportunities with a sound investment decision making process, but not accountable for full scope of activity in asset class. Demonstrate original thinking.
• Ability to demonstrate proficient portfolio construction skills on a specific geography for the Private Equity portfolio.
• Ability to provide guidance and supervision to other team members. Work in a collaborative and consultative environment despite skills that would allow for independent decision making.
• Ability to know when to act independently on decisions and when to share and seek feedback as a team. Work collaboratively across the Private Investment Team.

EDUCATION AND EXPERIENCE:

• Bachelor's degree and at least 10 years of relevant experience or equivalent combination of education and experience.
• MBA/CFA degree in related area and/or equivalent experience/training preferred.

SPECIAL CONDITIONS

This position is currently eligible for a hybrid work arrangement within California. The selected candidate may be required to report to work onsite in Oakland, as business needs dictate.

SALARY AND BENEFITS

Salary: $271,000 - $305,000, commensurate with experience. (MSP Grade 49)

Benefits: For information on the comprehensive benefits package offered by the University visit: Benefits of Belonging

ADDITIONAL INFORMATION

HOW TO APPLY

Please be prepared to attach a cover letter and resume with your application.

APPLICATION REVIEW DATE

The first review date for this job is 01/24/23. The position will be open until filled.

CONDITIONS OF EMPLOYMENT

Background Check Process: Successful completion of a background check is required for this critical position. Background check process at UCOP

Smoke Free Work Environment: The University of California, Office of the President, is smoke & tobacco-free as of January 1, 2014. UC Smoke & Tobacco Free Policy

August 2021 Update: The University of California has issued a policy requiring employees to be fully vaccinated against COVID -19 before physically accessing the University location or programs. Upon hire into a UCOP position, you will be provided detailed instructions on how to comply with this policy including access to the COVID vaccination at no cost. New hires to UCOP who work onsite or will come onsite for any activities at a UCOP or other UC location must comply with this policy within 8 weeks after their start date. The policy allows for employees to request approval for an exception or deferral. UC COVID-19 Vaccine Policy

EEO STATEMENT

The University of California, Office of the President, is an Equal Opportunity/Affirmative Action Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, age or protected veteran status. EEO/AA Employer UC Nondiscrimination Policy

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To apply, visit https://careerspub.universityofcalifornia.edu/psp/ucop/EMPLOYEE/HRMS/c/HRS_HRAM.HRS_APP_SCHJOB.GBL?Page=HRS_APP_JBPST&Action=U&FOCUS=Applicant&SiteId=19&JobOpeningId=46687&PostingSeq=1

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