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Private Equity Investment Officer

Company:Oregon State Treasury
Location:OR
Date:04/04/2017

ANNOUNCEMENT NUMBER: OST17-0007
CLASSIFICATION NUMBER: X1242
OPEN: March 31, 2017
CLOSE: Open Until Filled (but no later than May 12, 2017 at 11:59 PM)
LOCATION: Tigard, Oregon

Private Equity Investment Officer
Salary Range of $129,936 - $191,880 Annually Depending on Experience
Additional Potential of up to 30% of Base Compensation


GENERAL INFORMATION

The Oregon State Treasury (OST) is led by the State Treasurer, a constitutional officer and statewide elected official. The Treasurer serves as the chief financial officer for the state and is responsible for the prudent financial management of state money. The Treasurer serves a four-year term, and, if reelected, may hold the position for two terms. The current State Treasurer is Tobias Read.

OST has developed into a highly sophisticated organization with a wide range of financial responsibilities, including managing the state’s pension fund, issuing all state debt, and serving as the central bank for state agencies. OST manages the daily investment of approximately $87 billion in assets, held in a diversified investment portfolio of domestic and international equities, fixed income securities, alternative and opportunistic investments, real estate and cash. OST operates like a business, striving to save taxpayers money by earning the highest risk-adjusted return on funds’ investments. The 120+ member OST staff takes great pride in their statewide and national reputation for progressive approaches to service delivery.

The Investment Division, currently comprised of 30+ individuals, is one of the five OST divisions and is responsible for managing the investment of the Oregon Public Employees Retirement Fund (OPERF), the State Accident Insurance Fund, the Oregon Short-Term Fund, the Common School Fund and numerous other state and state agency accounts. The division also manages the investment program for the state’s deferred compensation plan, advises the Oregon 529 College Savings Board on its investment activities, and serves as staff to the Oregon Investment Council (OIC). The division oversees the actual investments, which are made by a select group of outside investment managers, as well as provides internal management capabilities for select mandates comprised of common stock, fixed income and money market securities.

The purpose of this position is to support the day-to-day activities of the Private Equity Program and support the ongoing oversight of the various limited partnership investments with the Senior Private Equity Investment Officer. The incumbent meets and screens prospective investments, independently determining whether or not these investments should be further pursued and performs due diligence on partnerships for which funding will likely be recommended. The incumbent will travel frequently to attend annual partnerships meetings and conferences, and acts as the Oregon Investment Council (OIC) representative on many partnership Advisory Boards.

OST offers an attractive benefit package which provides contributions toward Public Employee Benefit Board (PEBB) sponsored individual and family health and dental insurance and term life insurance. Other benefits include participation in the Oregon Public Service Retirement Plan (OPSRP), paid holidays and paid vacation, and both sick and personal leave time. Optional benefits include long- and short-term disability and participation in the Oregon Savings Growth Plan (a deferred compensation plan).

TO QUALIFY

You must have the following:

• A minimum of seven years’ experience reviewing, analyzing or managing portfolios; and
• A solid understanding of capital markets with some exposure to private equity strategies; and
• A Bachelor's Degree in Finance, Economics, Business or a related field or a Bachelor's Degree demonstrating the capacity for the knowledge and skills.

The Chartered Financial Analyst (CFA) designation or working toward the CFA designation is preferred.

DUTIES AND RESPONSIBILITIES

Alternative Investment Program
Conducts independent evaluation of proposals submitted by private equity general partners for possible inclusion in the Program. Receives and reviews investment proposals in the form of offering memorandums and takes frequent meetings with prospective general partners and placement agents. Determines whether further review of proposed investment opportunities is appropriate. Analysis encompasses the identification of each partnership's unique investment characteristics, and a comparison to other, similar proposals or fund offerings based on knowledge of alternative structures and opportunities, general partner track record and fund terms and conditions.

Screens prospective investment proposals and works with the Senior Private Equity Investment Officer on favorable recommendations for further evaluation. Performs due diligence and works with the consultant on its due diligence efforts prior to seeking OIC commitment approval. Due diligence may require on-site visits to the general partners to make independent, qualitative assessments of the general partners. Works with the Senior Private Equity Investment Officer to make final determination on whether or not to recommend an investment proposal to the Director of Alternative Investments and Chief Investment Officer. Prepares material for presentation to the OIC and Private Equity Committee.

May work with outside managers on evaluation of potential co-investment opportunities associated with existing, active general partners.


Managing Partnerships
Manages existing, active general partnership relationships. Acts as the OIC representative on various general partnership Advisory Boards where applicable. Participates on Advisory Board conference calls and attends annual general partnership and Advisory Board meetings. Meets frequently with existing general partners to discuss individual portfolio company and fund-level performance. Works with other limited partners when common issues arise and recommends one or more courses of action with regard to the underlying partnership(s).

Monitors compliance, fees and performance of private equity partnerships through reports and discussions with the consultant and the partnership in question. Findings are evaluated on an absolute and relative basis. Uses designated systems to perform monitoring and various analyses of the Private Equity portfolio, individual partnerships and portfolio companies.


Consulting Relationships
Works in conjunction with the Senior Private Equity Investment Officer in coordinating the activities of the consulting organization retained to monitor and report on the Alternative Investment Program. With the Senior Private Equity Investment Officer, may make presentations to the OIC regarding investment recommendations and program review.

Belongs to the International Limited Partners Association (ILPA) and may attend semi-annual meetings. Responds to ILPA proposals and facilitates and presents as requested at ILPA meetings.



Physical and Mental Demands of the Job

• Must be able to travel regularly in state, regionally, nationally and, occasionally, internationally.
• Assist with the management and administration of a multi-billion dollar investment program.
• Give presentations to the OIC and other external audiences as appropriate.
• Must work independently to perform industry and portfolio analysis and conduct research projects in support of the Alternatives Investment Program.

HOW TO APPLY

Apply using the State of Oregon on-line recruitment system (link below):


Private Equity Investment Officer Application.


The on-line recruitment program will require you to:

1) Fill out the application
2) Upload your resume
3) Upload a cover letter that describes your experience, education and training related to the desired attributes listed below (no more than three pages in length):

• A broad demonstrated knowledge of private equity investment strategies and markets, as well as a familiarity with institutional managers in private equity investment management. Describe how you obtained this knowledge and your plan to continue advancing your knowledge in your field.
• Experience selecting, monitoring, and managing financial relationships. Describe your investment analysis skills.
• Describe your ability and experience with communicating complex elements of private equity management (include how you articulate key issues to multiple constituencies).
• Educational background with a firm grounding in economics and investments.
• A demonstrated commitment to integrity, ethics, and independence. Familiarity with CFA Institute Standards of Practices Handbook.
• Ability and willingness to travel out of state and out of country.

This recruitment will be used to fill one current vacancy. This is a management service position.

Prospective employees are subject to an extensive background check that may include, but not be limited to, validation of all application materials, prior employment and personal references, credit history, driving records, and fingerprint-based state and federal criminal and civil records. Adverse background data may be grounds for immediate disqualification.

Your application materials will be reviewed to determine that you have the education and/or experience required for this position. Notice of results will be sent by e-mail. The timeframe for the notice of results may vary depending on the volume of applications received for this recruitment.

Note: OST does not offer visa sponsorships. Within three days of hire, all applicants will be required to complete the US Department of Justice form I-9, confirming authorization to work in the United States.

OST is an equal opportunity, affirmative action employer committed to a diverse workforce.