Special Opportunities Investor
About Us
The Teacher Retirement System of Texas (TRS) is the largest public retirement system in Texas, serving more than 1.5 million people. Innovation, technology, and collaboration make the difference as we strive to continue earning your trust every day. TRS improves the retirement security of Texas public education employees through our 'best in class' investment management and delivery of pension and health care benefits. The Investment Management Division (IMD) manages a global portfolio of over $150 billion in public and private investments, spanning internally and externally managed equity portfolios, hedge funds, private equity, real assets and other investment strategies.
About the Department
The IMD of TRS is seeking a motivated investor to join its growing Special Opportunities (SO) team in Austin, TX. The SO team reviews investments in an opportunistic format and across multiple asset classes. The individual selected for this position will work with the SO team in sourcing, underwriting, investing and managing new and existing fund and principal investments across public equity, private equity, private credit, structured finance, and special situations. You will have a unique opportunity to work alongside leading global investors across a wide variety of strategies, industries and regions. The majority of investments will be executed alongside TRS managers.
About the Role
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.
This professional will perform highly advanced to complex investments research and analysis work. Work involves performing due diligence analysis of potential investment opportunities and assisting with day-to-day monitoring and reporting of the investment portfolio.
This position will be filled at one of four levels (Senior Analyst, Associate, Senior Associate or Investment Manager) depending upon the qualifications of the individual selected and the discretion of the hiring manager. Salary is commensurate with experience
Duties and Responsibilities
Due Diligence and Analysis
- Assists or performs sourcing, due diligence, management, and day-to-day oversight of principal investments and fund commitments to achieve long-term performance targets of 8%+ within acceptable risk parameters, while also considering funding/liquidity sources.
- Assists or leads deal execution for principal investments by coordinating due diligence efforts with external investment managers, managing internal teams of Associates and Analysts, working with members of other TRS investment teams, and facilitating internal procedures relating to the evaluation and closing of principal transactions.
- Performs due diligence of investment opportunities including reviewing company diligence materials, conducting reference checks, and developing an independent thesis and investment framework to evaluate merits and risks, valuation, return profiles, terms, and comparable transactions/companies 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.
- Assists or leads evaluation of a manager organization’s leadership team, strategy, market opportunity, historical and pro-forma financials, investment history, operations, and competitive environment including conducting reference checks.
- Negotiates (or assists in the negotiation of) investment management partnerships.
- Documents and organizes the record of the due diligence process.
Portfolio Monitoring
- Develops and monitors a diverse portfolio of special opportunities investments, which includes recurring reviews and ad-hoc analysis of both portfolio, partner, and company-level performance.
- Monitors selected investments post-closing through observation of publicly available filings, board meetings/calls, and analysis of investment level financial and operational reports.
- Consults or coordinates with investment managers, analysts, investment accounting, legal counsel, custodian, and third-party advisors and consultants.
- Develops and maintains professional relationships and contacts within the investment 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.
- Works with TRS portfolio management systems such as eFront, Tamale and DealCloud.
- 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
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.
Senior Analyst Minimum Experience:
- One (1) year of full-time professional institutional investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation with a credit, equity or multi-asset focus or other relevant transactional experience in a corporate development, investment banking, hedge fund, private equity fund, or similar background.
Associate Minimum Experience:
- Three (3) years of full-time professional institutional investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation with a credit, equity or multi-asset focus or other relevant transactional experience in a corporate development, investment banking, hedge fund, private equity fund, or similar background.
Senior Associate Minimum Experience:
- Five (5) years of full-time professional institutional investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation with a credit, equity or multi-asset focus or other relevant transactional experience in a corporate development, investment banking, hedge fund, private equity fund, or similar background.
Investment Manager Minimum Experience:
- Seven (7) years of full-time professional institutional investment experience or other relevant experience involving a high degree of skill in data analysis, financial modeling, and investment evaluation with a credit, equity or multi-asset focus or other relevant transactional experience in a corporate development, investment banking, hedge fund, private equity fund, or similar background.
Preferred Qualifications:
- Master of Business Administration (MBA) or Master's degree related to finance, accounting, economics, or a related field.
- Experience sourcing and underwriting direct and co-investment transactions in a risk-taking position (e.g. as a buy-side institutional investor) across multiple asset classes and sector.
- Experience leading transaction execution and managing due diligence efforts of deal teams.
- Experience negotiating legal agreements, either fund investments or transaction documents.
- Experience working with external partners, boards of directors and/or senior management teams (CEO, CFO) of companies to evaluate operational, financial, and strategic decisions