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Type of Role: Investments

Experience Level: Analyst/Associate

Location: Austin, Texas

Salary: $112K - $217K

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.

Position Summary
The Real Estate Senior Investment Analyst-Associate performs and assists with investments research and analysis work. The incumbent will assist Real Estate management and staff with fundamental and statistical research and analysis, and in performing due diligence for potential investments. This position will work proactively with the Real Estate team and IMD staff. This position reports to the Managing Director of Real Estate.

Key Accountabilities
Due Diligence (Senior Analyst)
• Assists investment managers in performing due diligence research and analysis for potential real estate investment opportunities and/or external strategies.
• Assists in evaluating portfolio diversification by geography, industry, and sub-asset class.
• Assists in the maintenance/improvement of existing and in the development of new quantitative and valuation models and techniques for investment diversification and risk management.
• Consults or coordinates with investment managers, external managers, analysts, investment accounting, legal counsel, custodian, and third-party advisors and consultants.
• Ensures that the agency Ethics Policy is adhered to in relationships with general partners, external managers, brokers, research suppliers, and other vendors.
• Works with TRS portfolio management systems such as DealCloud and PowerBI

Research and Analysis (Senior Analyst)
• Assists in performing fundamental and statistical investment analysis for potential real estate investment opportunities, including basic investment computations (i.e., return multiples, correlations, volatility analysis, attribution analysis, etc.), using any reliable printed or electronic media, partnership offering memoranda, and one on one contact with general and limited partners.
• Assists investment managers in conducting strategic research, asset allocation analysis, and/or risk management.
• Assists investment managers in analyzing performance attribution using proprietary models.
• Assists in conducting investment research on various sectors, companies or geographies using computer databases.
• Assists in researching and analyzing national, international, macro/micro economic, and/or business conditions that directly affect TRS’ real estate investments.
• Provides timely written or oral reports of analysis and recommendations to Investments staff and management.

Due Diligence and Analysis (Associate – Sr Associate)
• Coordinates and performs investment analysis for potential 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.
• Provides timely written or oral reports of analysis and recommendations to Investments staff and management.
• 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.
• Coordinates and performs due diligence research and analysis for potential real estate investment opportunities.
• Conducts reference checks and evaluating the organization’s leadership team, strategy, market opportunity, historical and proforma financials, operations, and competitive environment.

Portfolio Monitoring (Associate – Sr Associate)
• Consults or coordinates with investment managers, external managers, analysts, investment accounting, legal counsel,
custodian, and third-party advisors and consultants.
• Evaluates portfolio diversification by geography, property/sector type, and investment style.
• Performs or assists with the development, monitoring, and reporting of diverse portfolio investments.
• Works with 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.

Minimum Required Qualifications

Required 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.
• Preferred Master’s degree may substitute for one (1) year of the required experience

Required Experience

Senior Analyst
• 1+ year of full-time professional experience in private equity, real estate investments, or experience involving a high degree of skill in data analysis and evaluation, such as financial analysis, engineering, or statistics.

Associate
• 2+ years of full-time professional experience in private equity, real estate investments, or experience involving a high degree of skill in data analysis and evaluation, such as financial analysis, engineering, or statistics.

Senior Associate
• 4+ years of full-time professional experience in private equity, real estate investments, or
experience involving a high degree of skill in data analysis and evaluation, such as financial
analysis, engineering, or statistics.

Required Registration, Certification, or Licensure

Sr Analyst – Associate

• None

Senior Associate
• Master of Business Administration (MBA) or Master’s degree related to finance.
• Experience as an Analyst or Associate in the Acquisitions or Asset Management group at an institutional real estate investment firm, institutional real estate investor, investment bank, or similar.
• Certification as a Chartered Financial Analyst (CFA) and/or Chartered Alternative Investment Analyst (CAIA) or working towards CFA/CAIA.

Knowledge, Skills, and Abilities

Knowledge of:
• Investment concepts, terminology, styles, models, strategies, and fundamental investment factors.
• Statistical concepts, methods, and models, and their application to investments.
• Real Estate valuation metrics and techniques (Associate – Sr Associate)

Skills in:
• 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. (Associate – Sr Associate)

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.