PSF Attorney

Company:Texas Education Agency

Human Resources Division
1701 North Congress Avenue
Austin, TX 78701

Human Resources Division
1701 North Congress Avenue
Austin, TX 78701

PSF Attorney -cc110-3181-B25-3504

An Equal Opportunity Employer

$5,155.58 - $8,248.91 Monthly

OPENING DATE: 06/27/14
CLOSING DATE: 07/25/14 05:00 PM

This position reports to the Director of Legal and Compliance of the Permanent School Fund (PSF),a $30 billion public fund endowment. The person in this position will be expected to provide legalservices in support of all PSF activities and functions including investments, operations, and technology. Assigned work will include legal services for PSF investment transactions, including reviewing, drafting, and negotiating contracts and related documents for investments in public and private markets, both domestic and international. A significant portion of the work will focus on alternative asset investments, such as private equity, real estate, hedge funds, and commodities, among others, and may include secondary transactions and co-investments in private markets. Duties will include reviewing, preparing, and/or negotiating investment management agreements, private placement memoranda, subscription agreements, limited partnership agreements, operating agreements for limited liability corporations, and side letters.

Duties may also include developing and preparing written policies and procedures for the PSF compliance program; providing legal services for other PSF investment-related procurement and contracting (e.g., broker-dealers, futures commission merchants, custodian, securities lending agent, financial services providers, and financial technology providers, among others); advising PSF management on applicable federal and state securities laws and regulations, public information requests for investment information, fiduciary duty issues, and applicable state and federal ethics laws and rules; and performing other work as assigned.

Works under limited supervision, with considerable latitude for the use of initiative and independent judgment.

Essential Job Functions:

• Review, prepare, and negotiate complex investment agreements in both public and private
markets, including investment management agreements, limited partnership agreements, operating agreements for limited liability corporations, subscription agreements, and related documentation (e.g., side letters and private placement memoranda), and advise staff on issues arising under such agreements.
• Review offering memoranda, subscription documents, and proposed contracts for private investments and provide legal advice and services, including preparing and negotiating transaction documents and coordinating execution in compliance with agency requirements.
• Assist with and advise on due diligence on investments, investment managers, broker-dealers, and consultants.
• Research and analyze federal and state laws and regulations relevant to investment transactions of institutional investors.
• Oversee, coordinate, and counsel PSF staff through procurement, drafting, and negotiation of complex contracts for investment management services, investment infrastructure services, and goods and services contracts, and collaborate with outside counsel when necessary.
• Provide legal services for other PSF contracting, including preparing and reviewing requests for proposals and requests for qualifications; advising staff on legal issues through all phases of the procurement and vendor selection process; drafting and negotiating vendor contracts that comply with all applicable laws; and advising staff on contract management and oversight.
• Participate in review and evaluation of agency contract management procedures and practices that pertain to PSF contracting.
• Participate in selection of outside counsel; work with and monitor such counsel on assigned matters; and review and approve invoices for payment.
• Collaborate with agency legal staff, the Attorney General's office, and external counsel on issues arising from existing or potential litigation related to the PSF and/or PSF investments.
• Assist and advise PSF Management and senior staff concerning conflict of interest, audit, compliance, and confidentiality issues related to PSF staff, the SBOE, and/or PSF Service
• Advise PSF management on immunities, indemnities, confidentiality obligations, fiduciary duties, ethical requirements, public information requests, and other legal matters pertinent to the operation of a Texas public institutional investor.
• Work with and provide other legal advice to PSF investments, operations, and technology staff as needed.
• Assist with development, maintenance, and revision of written policies, procedures, and work plans for the PSF compliance program, and advise the PSF Compliance Officer on compliance issues.
• Help with development of and presentation of training materials to PSF staff on legal and compliance subjects as needed.
• Develop and maintain expertise in areas of responsibility.
• Other duties as assigned.
• No reimbursement for moving costs.


Education: Graduation from an accredited four year college or university. Juris Doctor (J.D.) degree or equivalent from an accredited law school. Prefer Degree(s) in Finance or Business Administration.

Experience: Minimum of four (4) years full-time experience in the successful practice of law to include at least two (2) years of full-time legal practice in one or more of the following subject matters: investment contracts, alternative asset investment transactions, public institutional investing and/or investors, federal and state laws and regulations governing financial markets, complex procurements and contracts, and fiduciary duties and ethical obligations of institutional investors, investment managers, and investment advisers.

PREFERRED QUALIFICATIONS: Chartered Financial Analyst (CFA) or Chartered Alternative Investment Analyst (CAIA). Substantial experience providing transactional legal services for investments. Experience providing transactional legal services for investments in alternative assets, especially private equity, real estate, and hedge funds/absolute return, and preferably on behalf of institutional investors. Experience providing legal services to participants in the financial services industry. Experience with federal and/or state laws governing institutional investors and fiduciaries, such as pension plans, endowments, and foundations. Experience with financial markets regulations governing securities, commodities, broker-dealers, and/or investment advisors. Knowledge of and experience with the formation and operation of investment vehicles, such as limited partnerships and limited liability corporations, and documents related to their formation and operation. Knowledge of and experience with public institutional investing principles and practices. Knowledge of and experience with Texas state agency procurement and purchasing laws and regulations, open government laws, statutory and rule interpretation, and relevant fiduciary principles and laws.

License/Certification: Licensed to practice law in the State of Texas and a member in good standing of the State Bar of Texas, or licensed by another state to practice law and eligible for Texas licensure under applicable rules of the Board of Law Examiners.

Travel: 5% required.

Knowledge, Skills and Abilities (KSA's):

Knowledge of: Legal principles and practices related to contracts, especially investment contracts and transactions such as investment management agreements, LPAs, LLCs, operating agreements, side letters, subscription agreements, and private placement documentation; federal and state laws and regulations governing financial markets and the investments industry generally.

Skill in: Legal research, writing, and analysis; using a computer and applicable software; in using reasoning and logic; identifying and solving complex problems; prioritizing workloads; negotiation skills; and using judgment to identify courses of action. Must have strong oral/written communication skills. Must have clear focus on excellent customer service. Must have keen interpersonal skills, be results oriented and able to exhibit strong work habits.

Ability to: Assist in the building of a strong, technical, functional, and strategic investment legal and compliance team; analyze systems and procedures, to write and revise policies and procedures, to communicate effectively, and to plan and organize work projects to meet deadlines; prioritize work, to remain flexible in response to changing deadlines and work demands, to show initiative, and to manage multiple projects with attention to detail and with minimum supervision. Must demonstrate a high degree of integrity and the ability to recognize the requirements of confidentiality; work in environment that often is fast-paced and changing; to be a "team" player, a self-starter, an effective problem-solver, and an independent thinker.

Desired character traits: Honest, ethical, curious, flexible, respectful, proactive and effective
working with individuals from diverse professional backgrounds.

NOTE: An in-box exercise may be administered at time of interview.

This job description is not an employment agreement or contract. Management has the exclusive right to alter this job description at any time without notice.

Salary is dependent on qualifications.

Positions exempt from the Fair Labor Standards Act (FLSA) will earn compensatory time off rather than overtime for hours in excess of 40 per week. May be required to work hours other than 8 to 5. May be required to work weekends and holidays.

In accordance with applicable federal and state equal opportunity laws, it is TEA's policy that no person shall be excluded from consideration for recruitment, selection, appointment, training, promotion, retention or any other personnel action, or be denied any benefits or participation in any educational programs or activities which it operates on the grounds of race, religion, color, national origin, sex, disability, age or veteran status (except where age, sex, or disability constitutes a bona fide occupational qualification necessary to proper and efficient administration).

The Immigration Reform and Control Act requires all new employees to present proof of identity and eligibility to work in the United States. TEA does not sponsor H1-B work visas. Males, 18 to 25 years of age, are required to present proof of selective service registration (or exemption) prior to being employed by any state agency.

There is a 60-day waiting period for health insurance coverage and retirement contributions for new hires and re-hires.

This position requires the applicant to meet Agency standards and criteria which may include passing a pre-employment criminal background check, prior to being offered employment by the Agency.

Job #FY14238 -cc110
PSF ATTORNEY -CC110-3181-B25-3504