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Type of Role: Investments

Experience Level: VP/Principal/Director

Location: Sacramento , California

Salary: $117K - $140K

The California State Teachers’ Retirement System (CalSTRS) has $309 billion in AUM and provides retirement, disability and survivor benefits for California’s 965,000 prekindergarten through community college educators and their families.

Job Description and Duties

This position is eligible for incentive compensation and has a maximum incentive opportunity of 20% of base salary.
The CalSTRS Investments Branch is seeking an experienced individual to work as an Investment Officer III on the Private Equity team.
Established in 1988, CalSTRS Private Equity program invests globally in partnerships, separate accounts, general partner interests, secondary interests and co-investments. Investments include buyouts, growth equity, debt-related and venture capital. External advisors support the program by providing investment selection advice, research and gate-keeping services.

Private Equity is a fast-paced, team-oriented environment with opportunities for training and advancement. While collaborating with some of the best general partners, advisors, consultants and attorneys, you will contribute to the success of one of the largest Private Equity programs in the world. Team members will collaborate with the broader CalSTRS Investment Office and engage in projects ranging from evaluation of co-investments, secondary transactions, and other private equity investment strategies.

Join the Private Equity team as we work toward our goal of enhancing equity returns and ultimately ensuring retirement benefits for California’s educators!
Under the general direction of the Portfolio Manager, the Investment Officer III – Direct Investments is expected to perform with a high degree of independence and serve as a high-level specialist to provide investment expertise in co-investment underwriting and portfolio management for the private equity industry. This position will be responsible for coordinating efforts to manage and co-monitor a portfolio of private equity partnerships and co-investments (primary and secondary) in the U.S. and internationally. Additionally, this position may be asked to work on efforts (underwriting or monitoring) outside of co-investments, but within the broader Private Equity ecosystem.
The ideal candidate will possess the following skills:
  • Bachelor’s degree in Business, Finance, Economics, or related field
  • CFA, CAIA, or other industry certification
  • Private Equity investment experience
  • Co-investments or direct deal experience
  • Experience performing private market attribution analysis
  • Experience with benchmarks and performance criteria
  • Experience in interaction with external management consultants, advisor, and/or legal expert
  • Experience in underwriting, investment due diligence and investment recommendation
  • Strong financial modeling, portfolio analytics and presentation skills
  • Excellent written and verbal communication skills
  • Ability to communicate complex ideas and information into cohesive written documents
  • Ability to work effectively as an individual and as part of a team to support team, unit, and Investments Branch goals
  • Ability to manage competing priorities and effectively prioritize workload to ensure all deadlines are met
  • Strong work ethic, high integrity, and desire to learn
An incumbent who possesses a professional certification as a Chartered Financial Analyst (CFA) may receive a 5% monthly base pay differential.
Every 12 months, based on performance evaluation, employees may receive a 5% salary increase until they reach the maximum salary for the position.
Does this opportunity seem right for you? If so, see the Application Instructions section below and apply now.

You will find additional information about the job in the Duty Statement.


Working Conditions


CalSTRS offers a hybrid approach with staff working on-site at our Headquarters in West Sacramento 2-3 days per week.

All staff of CalSTRS are employees of the State of California and subject to California employment taxes and withholdings. Upon appointment, staff are required to provide a current California address to CalSTRS Human Resources to be used as a remote work location.


This position is not eligible for visa sponsorship. Applicants must be authorized to work in the US without the need for visa sponsorship by the start date of employment with CalSTRS.