Real Estate Investment Officer
Salary Range of $150,336 - $221,964 Annually Depending on Experience
Additional Potential of up to 30% of Base Compensation
Oregon State Treasury (OST) is recruiting for the position of Real Estate Investment Officer. This position will be located in our Tigard, Oregon location. This position will report to the Senior Real Estate Investment Officer and is part of the Investment Division.
This recruitment will be used to fill one current vacancy. This is a management service position.
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, who was sworn into office in January 2017.
OST is 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 $100 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 also manages a banking program that processes over $250 billion in transactions annually, a debt management program responsible for issuing and monitoring approximately $10 billion in state debt, a multi-faceted 529 savings plan, and an IRA based retirement savings program for the public. The 150+ member OST staff takes great pride in their statewide and national reputation for progressive approaches to service delivery.
The Investment Division, currently comprised of 50+ 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 primary purpose of this position is to support the day to day investment and administrative activities of the Real Estate Portfolio, and to share the ongoing oversight of various limited partnerships, separate accounts, or joint venture agreements with the Senior Real Estate Investment Officer.
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).
You must have the following:
• A minimum of ten years’ experience reviewing, analyzing or managing portfolios; and
• A solid understanding of real estate investment 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
Real Estate Portfolio:
Conducts independent evaluation of investment proposals submitted for possible portfolio inclusion. Receives and reviews offering memoranda, takes frequent meetings with prospective general partners, managers and placement agents and determines whether further review of proposed investments is appropriate. Expected analysis encompasses the identification and documentation of each investment opportunity and its unique characteristics, evaluation of those characteristics relative to other, competing alternative investment opportunities, general partner track record assessment and a thorough inventory and evaluation of all other terms and conditions.
Screens prospective investments and works with the Senior Real Estate Investment Officer on favorable recommendations for further evaluation. Performs due diligence and works with Oregon Investment Council (OIC) advisory firms on their due diligence efforts prior to OIC recommendation for commitment approval. Works with legal counsel to negotiate terms and conditions of various agreements and contracts, following approval. Due diligence efforts require on site visits to the general partners and managers to make independent, qualitative assessments thereof. Works with Senior Real Estate Investment Officer, the Director of Alternative Investments, and Alternatives Program Team Leads to determine whether or not an investment recommendation should be made and presented. Prepares presentation material in support of recommendation to either the OIC or Real Estate Portfolio Committee. Works with external managers to assess and evaluate potential co investment opportunities arising from general partnerships and managers within the OPERF Real Estate Portfolio.
Manages relationships with existing general partners with which OPERF has invested. Represents OST and the OIC on various general partnership management Advisory Boards, 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 to discuss and resolve partnership issues of mutual interest which may entail initiating action consistent with partnership’s terms and conditions. Monitors partnership compliance, fee and performance metrics using reports from, and discussions with, advisors and general partner personnel, and evaluates findings on both an absolute and relative basis. Uses various systems to analyze and evaluate the overall Real Estate Portfolio, individual partnerships and specific portfolio companies and real estate assets. Works with the distribution agent to liquidate in kind distributions from general partners, as necessary.
Works in conjunction with the Senior Real Estate Investment Officer to monitor and coordinate the activities of the advisory firm retained to monitor and report on the Real Estate Portfolio. With the Senior Real Estate Investment Officer, may make presentations to the OIC regarding investment recommendations and portfolio review.
Works independently and as guided to perform industry and portfolio analysis and conduct research projects in support of the Real Estate Portfolio. Attend industry related conferences and events.
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.
HOW TO APPLY
Apply using the State of Oregon on-line recruitment system (link below):
Real Estate 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 real estate investment strategies and markets, as well as a familiarity with institutional managers in real estate 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 real estate investment 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.
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.
OST does not offer visa sponsorships, and within three days of hire, the successful candidate will be required to complete the U.S. Department of Justice form I-9, confirming authorization to work in the United States.
Eligible veterans who meet the qualifications will be given veterans' preference. To receive preference you MUST attach appropriate documentation as outlined by the Department of Administrative Services at the following website: http://www.oregon.gov/jobs/Pages/Veterans.aspx . You may also call the Oregon Department of Veterans' Affairs at 1-800-692-9666.
PUBLIC SERVICE LOAN FORGIVENESS PROGRAM
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program (PSLF). Learn more to see whether you qualify at https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service .
OST is an equal opportunity, affirmative action employer committed to a diverse workforce.