Associate Director of Investments

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Reporting to the Chief Investment Officer, with exposure to the Investment Committee of the Board of Trustees, the Associate Director of Investments ("Associate Director") is a key role in the Investment Office, involved in all aspects of the investment process. The core objective of the Associate Director is to support the Chief Investment Officer in the definition, implementation and management of investment strategies by playing an active role in manager selection, portfolio construction, and risk management. Responsible for investment research including the assessment of portfolio needs, the sourcing and underwriting of new investment opportunities to fulfill those needs, and the post-investment management of relationships with external investment organizations. The Associate Director contributes to asset allocation and portfolio management; conducts thematic research; communicates the nuances of their assigned areas of investment research to the team; and oversees ad hoc projects including investment risk management and preparation for internal and external investment committee meetings. Associate Directors are eligible to serve on the Internal Investment Committee ("IIC") of the Investment Office.

Investment Research (70%)

• Work alongside the Chief Investment Officer to assess portfolio needs and develop investment strategies to meet those needs. Strategy definition includes the development of return and risk expectations, benchmarking approaches, and the creation of comprehensive market maps highlighting key differences between market participants that drive manager selection decisions.
• Maintain a pipeline of investment opportunities that can meet the portfolio's defined needs. Lead primary research efforts to advance ideas through the investment process. Manage the process of collecting feedback from other members of the team and addressing their concerns. Drive the due diligence process forward by developing and adhering to project timelines, organizing materials, and systematically completing necessary research and other action items.
• Lead external meetings with existing and prospective investment managers. Develop quantitative and qualitative evaluation methods, including company-level fundamental research, financial modeling, valuation, and other quantitative analyses.
• Form an independent opinion about the attractiveness of each investment opportunity and effectively communicate that position both verbally and in written form. Support and defend investment views; engage in healthy debate and challenge asset allocation and investment manager decisions to help the team reach high-conviction decisions.
• Prepare investment recommendations for consideration by the IIC. Participate in and coordinate internal meetings and workflow processes. Negotiate investment terms and document investment decisions.
• Monitor the progress of portfolio companies, as well as existing strategies and fund managers. Research relevant strategies, sectors, geographies, and individual companies. Identify and monitor key risks, including investment manager behavior and emergent organizational dynamics.
• Develop and maintain strong relationships with fund managers to maximize information flow, deal flow, and Caltech's internal influence as a value-added investor. Provide strategic feedback to outside parties that increases Caltech's external influence in the investment community.
• Develop a personal network of peers, intermediaries, and other market participants to source new investments, perform investment diligence, and develop a deeper understanding of existing holdings.

Portfolio Management & Asset Allocation (15%)

• Analyze and synthesize data relating to general investment concepts, as well as performance and risk exposures of individual managers, asset classes, and the overall portfolio. Offer insights into market opportunities and risks. Articulate key findings to the broader team.
• Create models of returns, liquidity, cash flows, and portfolio management scenarios as needed to recommend specific actions related to portfolio management, risk management, and asset allocation.

Special Projects Supporting Process and Relationship Management (15%)

• Prepare materials for staff meetings, IIC meetings, and meetings of the external Investment Committee of the Board of Trustees.
• Complete special research projects as required, including thematic research, risk management and portfolio reviews for the Investment Committee of the Board of Trustees. Other special projects and duties as assigned.
• Suggest process improvements and new vendors to enhance the organizational effectiveness of the Investment Office.
• Train and mentor other team members to build new skills in them while reinforcing the culture and values of the team. Work collaboratively with other members of the Investment Office to advance shared goals.

• At least six years of relevant work experience, likely gained in an endowment, foundation, family office, or direct investment management environment.
• Familiarity with fundamental investment concepts, and the ability to assess both quantitative and qualitative inputs to long-term economic value creation.
• Progress toward independent investment judgment and perspective on how to manage a dynamic investment portfolio.
• Critical thinking and healthy skepticism that engages with large amounts of complex, often-conflicting information in search of strategic clarity.
• Interpersonal skills and the ability to work closely with a small team. Willingness to be challenged as part of a collegial inter-disciplinary search for superior investment knowledge and outcomes.
• Impeccable honesty, integrity, and an appreciation for high standards of conduct, work product, and ultimate outcomes.
• Some travel (approximately 25%).
• Ownership mentality, bringing a sense of personal responsibility for the sustained success of the Investment Office. Ability to act independently to achieve a high-quality product. Ability to handle multiple assignments, often with competing priorities and tight deadlines.
• Enthusiasm for Caltech's dual institutional missions of conducting groundbreaking scientific research and providing a rigorous education to promising STEM students.

• Advanced university degree (Master's or equivalent) in business administration, finance, economics, or other relevant discipline.
• Direct investing experience in public or private equity, potentially including fundamental investing in public markets, private equity secondaries, private equity co-investments, or related skills.

• Resume.