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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Sacramento , California

Salary: $220K - $340K

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.

The CalSTRS Investments Branch is seeking an experienced individual to work as a Senior Portfolio Manager on the Real Estate team.

The Real Estate units’ primary objective is to provide stable cash flow and generate an enhanced yield while providing total fund diversification and an inflation hedge.  Real Estate partners with best-in-class managers with common goals to create a portfolio of high quality assets. The portfolio includes allocations to core, value add and opportunistic risk strategies across property types globally.

Under the direction and conjunction of the Director, the Senior Portfolio Manager (SPM) will oversee the day-to-day activities of the Real Estate team in building, managing, and monitoring the Real Estate portfolio, work in tandem with the Director on strategic initiatives for the portfolio and as needed attend meetings for the Director. The SPM will oversee a large proportion of Real Estate team’s Portfolio Managers in their critical investment duties such as oversee the SPAR (Strategy, Portfolio, Allocation and Risk) team. Managerial duties will span across the portfolio, including direct, separate account, joint venture, co-investment and Real Estate Operating Company (REOC) investments.

The ideal candidate will possess the following skills:

  • Experience in investments, specifically in real estate markets
  • Experience overseeing a total portfolio
  • Experience leading investment professionals at all levels and managing a diverse and broad range of staff
  • Experience in effectively communicating complex information to a board or similar body, executive leadership, high-level policy makers, stakeholders, and team members
  • Ability to build and maintain relationships with internal employees and external parties
  • Ability to offer succinct, value-added recommendations, exercise sound judgment, and make effective decisions
  • Ability to solve problems, promote new ideas and develop new approaches to execute vision and strategies
  • Ability to foster diversity and inclusion and empower a team to achieve professional growth and business objectives
  • Ability to communicate effectively, both orally and in writing, with all levels of staff and management
  • Ability to work collaboratively across multiple asset classes
  • A high degree of initiative, professionalism, confidentiality, and ability to work well under pressure in a fast-paced environment

An incumbent who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA), Chartered Asset Allocator (CAA), or Chartered Alternative Investment Analysts (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.

Relocation benefits may be available.

This position is eligible for incentive compensation and has a maximum incentive opportunity of 125% of base salary.

ESSENTIAL FUNCTIONS
Oversee multiple portfolio managers, leading Real Estate teams in their endeavors to build, maintain, manage, and monitor the Real Estate portfolio. SPM supervisory duties will span across the portfolio, including direct, separate account, joint venture, co-investment and Real Estate Operating Company (REOC) investments. Monitor workflow and dispatch resources accordingly. Mentor and ensure that high quality work is produced and that sound investment decisions are made.

Contribute to program-wide strategy development and implementation efforts. Jointly, with the Director of Real Estate and the asset class Portfolio Managers, develop and refine program-wide strategies. Monitor and analyze program-wide performance. Recommend and implement program adjustments as appropriate. Review and evaluate various alternative investment market segments to determine optimal portfolio structure. Monitor and analyze portfolio-wide risk including utilization of the portfolio pacing model. Continually monitor overall performance over various time horizons, by vintage year, by sub-sector strategy, compared to public benchmark and compared to various industry and peer benchmarks. Provide informed peer review of proposed program-wide strategies, sub-sector strategies and individual investments, both formally, at the Investment Committee meetings and through less formal collaboration. Contribute to the continuous refinement, improvement and, when necessary, overhaul of program-wide procedures, practices, templates, etc.

Represent Real Estate at various internal and external meetings and events. Establish and maintain relationship networks with other SPMs at CalSTRS as well as with other asset class Directors. In conjunction with the Director of Real Estate, oversee and manage Real Estate’s network of external advisors and consultants. In conjunction with in-house counsel, manage and oversee external legal counsel. In conjunction with the Director of Real Estate, oversee various administrative functions including hiring matters, HR matters and the monitoring and approving travel and training requests.

Oversee the activities of the SPAR (Strategy, Portfolio, Allocation and Risk) team within Real Estate. Work with leaders within the group to identify, anticipate and develop critical and advanced analytical methods to provide insight into the Real Estate portfolio’s performance and thereby enhance performance. Oversee activities related to the legacy portfolio as needed.

MARGINAL FUNCTIONS
Establish and maintain professional contacts within the Real Estate industry to further develop market knowledge and expertise and promote the CalSTRS’ Real Estate program. Represent CalSTRS at investment and Real Estate meetings to communicate CalSTRS objectives for the successful development of the portfolio.

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. All employees are expected to understand and demonstrate their position’s CalSTRS class competencies:
• Adaptability and Change Leadership
• Investment Focus and Component Performance
• Communication, Negotiation and Relationship Performance
• Communication, Negotiation and Relationship Development
• Teamwork and Team Leadership
• Quality Work Standards and Initiative
• Ethical Decision Making and Risk Management
• Strategic Thinking and Implementation
• Investment Landscape and Organizational Awareness

CONDUCT AND ATTENDANCE EXPECTATIONS
• Communicate effectively with individuals from varied experiences, perspectives and backgrounds
• Deal with individuals in a tactful, congenial, personable manner
• Must maintain consistent and regular attendance
• Adhere to CalSTRS policies and procedures
• Ability to support and model CalSTRS Core Values

WORKING CONDITIONS AND PHYSICAL ABILITIES REQUIRED OF THE JOB
• Frequent travel in state/out of state and international travel for due diligence and advisory board meetings
• Periodically travel to various locations for training and/or meetings
• Work in a high-rise building, in an open space environment
• Ability to use a computer keyboard several hours a day
• Read from computer screens several hours a day