Careers

Careers

Associate – Private Markets / Alternatives

Company:Alaska Permanent Fund Corporation
Location:AK
Date:10/15/2018

OVERVIEW

The Alaska Permanent Fund Corporation (“APFC”) manages the $64 billion Alaska Permanent Fund, a sovereign endowment established in 1976 to provide for all current and future generations of Alaskans. We are growing and are looking to add several high caliber associates to our Private Markets and Alternatives teams. Below you will find the basic Responsibilities and Qualifications for all associates at APFC as well as overviews of the two primary Private Markets asset classes.

KEY RESPONSIBILITIES

- Prepare summaries and analyses of investment opportunities for use by the investment team and investment committee.
- Assist in the evaluation of prospective investment opportunities, including assessment of valuation, market trends, competition, and key investment risks and merits.
- Support the execution of primary fund commitments, co-investments, and direct investment transactions across strategies and industries.
- Monitor current investments and fund commitments; maintain internal fund and direct deal pipeline reports. Prepare quarterly board meeting material and assist with accounting/ finance functions when needed.
- Conduct research on investment themes and perform special projects as needed.
- Develop quantitative models to assess potential investments, investment themes, portfolio construction, and investment pacing.
- Participate in internal meetings and external due diligence analysis.
- Partner with private markets colleagues to assist in managing and monitoring fund commitments.
- Support sourcing, executing and monitoring of direct investments
- Monitor and evaluate investments in order to assess the quality, characteristics, diversification and risks of the portfolio
- Develop and maintain relationships with industry participants including other limited partners, general partners, and industry experts
- Screen new opportunities and recommend funds for which full due diligence should be conducted with the assistance, if needed, of external advisors.
- Perform quantitative and qualitative analyses of fund benchmarking.

The successful candidate will have the following qualities:

- 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, informal team environment
- Strong commitment to APFC’s vision and its shared values of integrity, stewardship and passion

REQUIRED QUALIFICATIONS

APFC seeks to hire individuals who are highly motivated, have demonstrated excellence in prior endeavors and:
- A bachelor’s degree and 2-3 years of directly relevant work experience
- Sound working knowledge of portfolio management, business strategy, transaction execution (M&A), capital markets, accounting, and private investments or hedge fund investments
- Ability to manage multiple tasks simultaneously and meet tight deadlines
- Excellent verbal and written communication skills
- High level proficiency in mathematics, Microsoft Excel, and financial modeling
- Ability to perform cash flow, valuation, and capital structure analysis
- Effective presentation skills
- Exceptional critical thinking skills

PREFERRED QUALIFICATIONS

- Direct / co-investment and manager selection experience in private markets or hedge funds
- Fluency in another language
- Interest in a post-graduate degree or advanced professional designation (e.g., CFA)

ASSET CLASSES

Private Equity & Special Opportunities
APFC makes fund investments, co-investments and direct investments in private equity, venture capital and other illiquid, alternative investment opportunities. The team oversees the investment process from opportunity identification through evaluation, structuring, negotiation, execution, management and exit. We aim to establish and develop robust and lasting relationships with exceptionally talented fund managers and help them create value in their partnerships and in their portfolios. For co-investments, we focus on non-control positions well-diversified across company stage, industry and geography in growing, innovative companies.
In Special Opportunities, we leverage our scale and stable, long-term capital to source, evaluate and execute high conviction, higher concentration, theme-driven investments. The team operates with a flexible mandate centering primarily around situations stemming from unusual supply and demand imbalances, capital flight, structural complexities, or unique opportunities with asymmetric payoffs. Investments cover a wide spectrum, including directly-sourced venture capital, real estate and private equity transactions, strategic co-investments alongside GPs, and ownership stakes in differentiated investment management firms.

Real Assets (Private Credit, Infrastructure, Income Opportunities, & Real Estate) and Absolute Return
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.
At the 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. The objective of our Real Assets portfolio is to generate privately-generated sources of income, to achieve inflation protection, and to provide downside protection and an overall attractive risk/return proposition for the Fund.

The same team at APFC that manages Real Assets also manages the Absolute Return / Hedge Fund portfolio. The APFC’s hedge fund portfolio is a 5% target allocation of the fund (slated to grow to 6% by FY 2022). The APFC backs hedge fund managers that provide an uncorrelated return stream across a variety of sub-strategies including macro, equity market neutral, event driven, relative value and arbitrage. In 2016, the APFC shifted its strategy in this area away from fund-of-fund investments to directly backing leading hedge funds.

Apply at: https://apfc.org/careers/