The Alaska Permanent Fund Corporation (“APFC”) manages the $65 billion Alaska Permanent Fund, a sovereign endowment established in 1976 to provide for all current and future generations of Alaskans. We strive to be a leader in the real assets and infrastructure industry and currently manage more than 2.4B in Private Infrastructure assets.
This position reports to the Director of Real Assets and is responsible for identifying, analyzing, selecting, monitoring and managing investments in the Real Assets area of APFC’s portfolio with an emphasis on Private Infrastructure. As a key member of the Investments Department, the Portfolio Manager will contribute knowledge and perspectives and will assist with portfolio investment decisions. The APFC is specifically seeking a Portfolio Manager with a background with Infrastructure investments, but will consider candidates with broader experience or specific experience in other real assets market segments.
- Strong commitment to APFC’s vision and its shared values of integrity, stewardship and passion
- Self-motivation and very strong sense of personal and professional integrity
- Intellectual curiosity and excellent attention to detail
- Humility, tenacity, and professional flexibility
- A belief that great outcomes come from great teams; a demonstrated ability to collaborate well in a small collaborative team environment
- A background and track record as a private investor in the Infrastructure, Real Estate, and/or Other Real Assets asset classes
The Portfolio Manager – Real Assets/Infrastructure will (i) track pipeline of new Private Infrastructure opportunities in the market; (ii) perform comprehensive due diligence on new investment opportunities across funds, co-investments and direct investments; (iii) negotiate legal documentation related to new investments; (iv) monitor existing investments including by serving on LPAC’s of private funds and potentially Boards of private entities, and (v) evaluate exit opportunities for existing portfolio investments.
Other specific responsibilities will include:
- Cultivate and track prospective managers, partners and opportunities
- Compare existing or prospective investments and managers with similar mandates and market indices
- Develop and recommend funding schedules for investments and managers
- Support investment proposals with written and graphic analysis, cash flow models and stress tests
- Screen and assess new managers and investment ideas; generate recommendations to CIO and Director of Real Assets
- Recommend strategic and tactical portfolio decisions including rebalancing and restructuring plans for the Real Assets portfolio and the overall portfolio
- Collaborate with the APFC Finance team and Fund custodian to effect transactions
With the General Counsel, monitor manager adherence to contracts, investment policies, and all relevant legal matters
- Examine contract terms and fees; recommend changes to CIO, General Counsel and Director of Real Assets
- Communicate program information to the CIO, Director of Real Assets, Board, staff, investment managers, lawyers and consultants
- Collect, verify and analyze all investment and manager data and benchmarks to provide quarterly updates to the Board; provide ad hoc reports upon request
- Prepare Real Assets portfolio agenda items and make presentations at Board meetings when called upon; also recommend meeting education topics for the Board of Trustees
- Represent APFC in day-to-day investment and oversight matters and may serve as the backup for the Director of Real Assets
- Minimum of a Bachelor’s Degree in a business or related quantitative field
- Advanced degrees or designations (e.g., CFA, CAIA) are preferred
- Minimum of 5 years relevant professional experience. - A working knowledge of portfolio management, transaction execution (M&A), investment banking and private equity investments in Real Assets (experience related to Private Infrastructure investing preferred)
- High level proficiency in mathematics, Microsoft excel, and financial modeling
- Proven ability to generate financial cash flow and valuation models and to perform capital structure analysis
- Strong technical writing and effective presentation skills
- Exceptional critical thinking skills
- Some exposure to both direct investments in Real Assets as well as working with external managers
REAL ASSETS OVERVIEW
The APFC has been a successful investor in Real Assets both through funds and on a direct basis for many years. The Real Assets portion of the portfolio currently represents an 18% target allocation of the overall $65 billion fund and is slated to grow to 22% of the fund by fiscal year 2022. For the fiscal year ending June 30, 2019, the Real Assets team is targeting $2.5 billion of capital deployment to achieve these growth targets.
APFC, Real Assets includes Infrastructure, Real Estate, Private Credit and Income Opportunities. Across these areas, the team has significant flexibility to deploy capital through fund investments, co-investments, separate account arrangements and direct investments. Notable historical direct investments include APFC’s Series A investment in American Homes 4 Rent, Series B investment in Generate Capital Inc., and the acquisitions and long-term holds of equity interests in Tyson’s Corner retail, hotel, office and multi-family property in Northern Virginia as well as 299 Park Avenue office property in New York City. The objective of our Real Assets portfolio is to generate privately-generated source of income, to achieve inflation protection, and to provide downside protection and an overall attractive risk/return proposition for the Fund.
Apply online at www.apfc.org/careers