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Type of Role: Investments

Experience Level: VP/Principal/Director

Location: Sacramento , California

Salary: $172K - $258K

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. Details below.

Under the general direction of the Director of Real Estate, the Portfolio Manager provides investment recommendations and portfolio/asset management expertise as it pertains to a real estate investments. The portfolio manager is responsible for managing, developing, and implementing a subset of the real estate portfolio that focuses on monitoring the overall portfolio leverage. This position requires the highest degree of independence, confidentiality, and discretionary judgment.
ESSENTIAL FUNCTIONS
Oversee the Master Line of Credit (MLOC) lending program and the real estate credit investment program within the real estate portfolio, by selecting managers/partners & Banks, perform and coordinate due diligence with consultant/fiduciary in selecting appropriate lending relationships and investment vehicles. Supervise and coordinate the activities of the Real Estate Program Consultant and Banking & Borrowing relationships, including but not limited to the negotiation of agreements to encourage lending partners to achieve maximum performance. Review and critique of monthly reports, evaluation of the target achievements in accordance with the annual business plan. Evaluate Lending strategies designed to resolve issues brought forth in the annual and monthly reports. Monitor managers/consultants compliance with Policy.
Conduct site and physical inspections and evaluations for the real estate portfolio assets and management teams located throughout the United States and internationally, including attending meetings requiring visual on-site inspections, market analysis review and quality grading evaluation. Review individual property and business plans on an annual basis. Analyze property budget leasing guidelines and capital expenditures, requiring advance property analysis, a formal advisor interview, a final approval recommendation, and an advisor performance evaluation.
Perform special projects and other activities consistent with supporting the objectives of the Investment Committee and the Chief Investment Officer. Maintain current familiarity with the market conditions, methods and principles used in appraisals, acquisitions, dispositions, financing, leasing, and managing real property. Responsible for assignments, including but not limited to: property appraisal, property financial and operational audits, resolving proprietarily legal issues, property insurance, and maintenance of special portfolio management reports. Establish policies and procedures, including analytical analysis, property inspections, market study reviews and due diligence.
Develop new real estate leverage strategies and program implementation, which may include developing new policy or procedures for the Real Estate unit. Responsible for assignments, including but not limited to: property appraisal, property financial and operational audits, resolving proprietarily legal issues, property insurance, and maintenance of special portfolio management reports.
Supervises staff and participate in the personnel processes including recruitment, hiring, training and Performance Management, in accordance with CalSTRS practices and State Personnel Board laws, regulations and policies and procedures. This includes but is not limited to: mentoring and developing staff, evaluating the work of staff, providing consistent and ongoing feedback to staff, including the completion of Annual Performance Reviews (APR), Individual Development Plans (IDP) and probationary reports.
Represents CalSTRS at various conferences, advisory boards, and committees and before the investment community.
COMPETENCIES
Core Competencies. All employees are responsible for understanding and demonstrating CalSTRS’ core competencies:
• Adaptability/Flexibility
• Communication
• Customer/Client Focus
• Teamwork
• Work Standards/Quality Orientation
Classification Competencies.
• Adaptability and Change Leadership
• Investment Focus and Component Performance
• Communication, Negotiation and Relationship Development
• Strategic thinking and Implementation
• Investment Landscape and Organizational Awareness
• Teamwork and Team Leadership
• Quality Work Standards and Initiative
• Ethical Decision Making and Risk Management
INTERPERSONAL SKILLS
• Interact successfully in a team environment.
• Communicate effectively with individuals with varied experience, perspectives, and backgrounds.
• Deal with individuals in a tactful, congenial and personable manner.
WORKING CONDITIONS AND PHYSICAL ABILITIES REQUIRED OF THE JOB WORK ENVIRONMENT
• Work in a high-rise building, in an open space environment.
• Frequent overnight travel, including international travel.
PHYSICAL ABILITIES
• Ability to use a computer keyboard and mouse several hours a day.
• Read from computer screens several hours a day.
Responsible for promoting a safe and secure work environment free from discrimination, harassment, inappropriate conduct, or retaliation by adhering to CalSTRS’ policies and processes Responsible for participating in mandated HR or EEO training workshops (i.e. Sexual Harassment, EEO, etc.).