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Type of Role: Investments

Experience Level: Analyst/Associate

Location: Austin, Texas

Salary: $75K - $100K

Teacher Retirement System of Texas (TRS) is a public pension plan of the State of Texas. Established in 1937, TRS provides retirement and related benefits for those employed by the public schools, colleges, and universities supported by the State of Texas and manages a $180 billion trust fund established to finance member benefits.

The Teacher Retirement System of Texas is seeking a motivated investor to join its Private Equity (PE) team in Austin, TX. PE oversees the Trust’s allocation to the private equity asset class. This portfolio represents approximately $34 billion of TRS’s $200 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 assist the underwriting process and serve as a point of contact for TRS relationships with PE general partners.

Work involves performing due diligence of potential PE investment opportunities and assisting with day-to-day monitoring and reporting of the investment portfolio.  In addition, responsibilities may also include assisting the Investment Management Division with fundamental and statistical research and analysis. This position will work under general to limited supervision, with moderate to considerable latitude for the use of initiative and independent judgment. This position reports to the Head of the Private Equity Funds Team.

This position will be filled at one of two levels (Senior Analyst or 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.  A hybrid schedule will be available to IMD employees after 6 months of service.

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 conducting) 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 (or assists in conducting) reference checks and evaluating the organization’s leadership team, strategy, market opportunity, historical and pro-forma financials, operations, and competitive environment of potential investment opportunities.

•           Negotiates (or assists in negotiating) 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, third-party advisors, and consultants.

•           Evaluates portfolio diversification by geography, sector type, and investment style.

•           Assists with the development, monitoring, and reporting of diverse portfolio investments.

•           Prepares reports related to performance, risk, and other ad hoc topics related to the PE 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.

•           Utilizes TRS portfolio management systems such as DealCloud and PowerBI.

•           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.

 

Experience:

Senior Analyst

•           One (1) year 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 investment banking, consulting, corporate development, or similar background.

Associate

•           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 investment banking, consulting, corporate development, or similar background.

 

Preferred Qualifications:

•           One (1) to five (5) years of full-time professional PE 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/economics.

•           Experience in investment banking and/or underwriting PE direct investments / fund offerings.

 

 

KNOWLEDGE SKILLS AND ABILITIES

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.