Managing Director of Private Markets
The South Carolina Retirement System Investment Commission is currently seeking a knowledgeable and skilled investment professional for the Managing Director of Private Markets role.
We are the South Carolina Retirement System Investment Commission (RSIC), a professional investment management organization that serves over 630,000 defined benefit plan participants. Our goal is to help secure the promise of benefits made to our current and future retirees in exchange for a lifetime of public service. We accomplish this goal by managing a $39.2 billion Trust, of which $11 billion is invested across private markets asset classes which include Private Equity, Private Debt, and Real Assets. RSIC has the exclusive authority to invest and manage the assets of the State’s five defined benefit plans and since 2017, our governing Commission has delegated investment authority to the Chief Investment Officer (CIO).
For additional information about the RSIC, visit rsic.sc.gov.
Managing Director of Private Markets Responsibilities
Reporting to the CIO, you will be the central point of accountability for the private markets team. This team invests across private equity (9% of plan assets), private debt (7%), and real assets (12%). Your investment skill, discipline, and decision-making are important in this role, as is your ability to manage the team’s activities.
As the Managing Director of Private Markets, the key responsibilities and duties include:
• Managing the team to outperform appropriate benchmarks over rolling three-year periods.
• Leading the team’s top-down (portfolio structure) thinking and collaborating with asset class heads in creation of multi-year investment plans.
• Promote a private markets team culture that encourages engagement and collaboration to achieve the key goals and aligns with the organization’s core values of Humility, Intellectual Curiosity, and Team Player.
• Ensuring alignment between variable compensation plan design and long-term performance objectives (both for investment returns and employee development).
• Ensuring team members’ efforts align with asset class-specific objectives outlined in the variable compensation plan.
• Reinforcing a clear, organized, and disciplined investment approach for private markets portfolio investments.
• Executing strategic initiatives as directed by the CIO and CEO.
• Performing due-diligence and participating in manager meetings as appropriate.
• Participating in industry conferences to develop the knowledge, resources, and contacts necessary for quality research and analysis of available investment opportunities.
• Serving as one of four voting members of the Internal Investment Committee (IIC).
Qualifications and Experience
• 7 or more years of investment experience implementing a private markets manager-of-managers investment program. The CAIA and CFA designations can be substituted for a portion of this experience requirement.
• Demonstrable experience or potential to lead and manage a team.
• Strong verbal and written communication skills and effective presentation skills.
• Bachelor’s degree or higher in business, finance, mathematics, physics, engineering, or similar field of study.
• Strong analytical ability and comfort with complex investment concepts.
• Ability to exercise independent judgment and decision-making.
• Ability to create an engaged and empowered team.
• Proficiency in using Microsoft Office products, Bloomberg, and other investment and risk tools.
• Ability to travel up to 15% of the year.
• 10+ years of investment experience implementing a multi-asset, private markets manager-of-managers investment program to include development of investment policies and strategies for investment structure, manager research, selection, and evaluation.
• 3+ years of experience in managing a team of investment professionals.
• Master’s degree or higher in business, finance, economics, mathematics, physics, engineering, or similar field of study.
Leadership Competencies and Characteristics
The Managing Director of Private Markets should be a strategic and forward-thinking investment professional dedicated to public service. The Managing Director is expected to be a leader of the highest integrity who takes ownership of the private markets program, is committed to delivering investment results that meet or exceed benchmarks, while valuing transparency, open communication, and strong governance.
Reporting to the CIO, the Managing Director of Private Markets is a key member of the senior management team. This is a highly visible position, and this individual must understand and respect the requirements of operating in the public sector. In addition, other important skills and competencies include:
• Willingness to have candid conversations and courage to make tough decisions.
• Intellectual curiosity and critical thinking.
• An ability to identify issues proactively and develop practical solutions.
• Confidence to put forward ideas and recommendations while being open to adjusting them in the spirit of developing the best outcome.
• Social and interpersonal skills to engage and build positive relationships with colleagues across the organization, as well as with investment managers, service providers, and others.
• Ability to articulate complex financial and investment information in a clear and simple manner that is tailored to a particular audience.
• Poise and presence to professionally and positively represent the RSIC.
The Managing Director of Private Markets is exempt and an “at will” employee. The compensation and benefits package is designed to attract the best-qualified investment professional.
For additional information about the position or to apply, please visit careers.sc.gov.