1116 Managing Director of Private Markets

Recruitment #PEX-1116-090482

Introduction

Receipt of applications may close at anytime, but not before Wednesday, October 24, 2018 by 5:00 PM.

Appointment Type: This permanent exempt position is excluded by the Charter from the competitive Civil Service examination process and shall serve at the discretion of the Appointing Officer.

The San Francisco Employees’ Retirement System (SFERS), a $25 billion public defined benefit pension trust, seeks an experienced investment professional to oversee the Fund’s Private Markets investments. This individual will work closely with the Chief Investment Officer to oversee the day to day operations of the Private Equity and Real Assets portfolios. This individual will be responsible for formulating investment strategy, leading and guiding the research process, making recommendations to external managers and co-investments, the structuring of private markets portfolios, evaluating investment policies and new approaches, recruitment and retention of high quality staff, providing reports to the executive staff and the Board, and managing the Private Markets investment staff. 

SFERS offers an exceptional opportunity for the right candidate to serve this historic, well established City Department by engaging in interesting and rewarding mission critical work. Established in 1889 as a fund for families and orphans of firefighters and police officers, today the San Francisco Employees’ Retirement System serves more than 58,000 active and retired employees of the City and County of San Francisco and their survivors.

Our Mission

The San Francisco Employees’ Retirement System (SFERS) is dedicated to securing, protecting and prudently investing the pension trust assets, administering mandated benefits programs, and providing promised benefits to the active and retired member of the City and County of San Francisco.

We are seeking a highly accomplished investment manager who is strongly committed to serving our Board and our members, and to prudently managing a sophisticated investment  portfolio  allocated across a diverse range of asset classes.

Investment Portfolio

SFERS is a top performing public pension plan, posting returns thru June 30, 2018 as follows:    

  • 11.2% over the past 1 year, ranking in the top 4% compared to public plans over $1billion
  • 8.6% over the past 3 years, ranking in the top 2%
  • 9.6% over the past 5 years, ranking in the top 2%
  • 6.9% over the past 10 years, ranking in the top 14%  

SFERS policy allocation to private equity and real assets are 18% and 17%, respectively, totaling approximately $4.5 billion to private equity and 4.25 billion to real assets.  The private equity portfolio consists primarily of buyout and venture capital, while the real assets portfolio is primarily real estate and natural resources.   

SFERS is a top performer in its private markets strategies, posting returns thru June 30, 2018 as follows (all returns are annualized):

Private Equity

  • 17.3% over the past 1 years, ranking in the top 30% and outperforming peers by 2.8%
  • 12.8% over the past 3 years, ranking in the top 34% and outperforming peers by 0.8%
  • 15.8% over the past 5 years, ranking in the top 18% and outperforming peers by 2.7%
  • 10.7% over the past 10 years, ranking in the top 21% and outperforming peers by 2.0%

Real Assets

  • 15.2% over the past 1 years, ranking in the top 1% and outperforming peers by 7.8%
  • 14.3% over the past 3 years, ranking in the top 1% and outperforming peers by 9.9%
  • 14.2% over the past 5 years, ranking in the top 1% and outperforming peers by 8.1%
  • 5.9% over the past 10 years, ranking in the top 1% and outperforming peers by 3.5%  

Reporting directly to the Chief Investment Officer, the Managing Director of Private Markets assists in the development of and directs the implementation of investment policies and strategies within the Private Equity and Real Assets portfolios; researches and formulates short and long term investment policies and strategies designed to provide maximum risk adjusted return; assists the CIO in the development and implementation of goals, policies, and strategic objectives; directs financial transactions and preparation of records and reports; monitors the investment portfolio to ensure compliance with strategic asset allocation; and makes recommendations regarding tactical investment and rebalancing activities.

Essential Duties of the Managing Director:

  • Develops the investment objectives for the Private Equity and Real Assets portfolios.
  • Designs the investment strategy and research initiatives to meet SFERS investment objectives.
  • Directs, plans, and evaluates the day to day activities of investment staff, including planning, research, and reporting of performance, exposures, fees, and risk management.  
  • Assists the CIO with the preparation, implementation, and monitoring of the operational and capital budget for the Investment Division; implements and monitors budget expenditures of the operating budget; and assists in the allocation of resources as required to accomplish the mission, goals, and objectives of the Division.
  • Recommends external investment portfolio managers, co-investments, and direct investments; coordinates the research for new external managers, directs the due diligence investment process, and presents recommendations to the CIO, Executive Director, and the Board.
  • Monitors capital markets and economic forecasts and provides information to the Chief Investment Officer, Executive Director and Retirement Board on domestic and global trends; ensures  accurate and timely settlements and transaction reporting for cash calls and distributions; develops and executes reporting mechanisms to keep the CIO informed on the status of SFERS’ investment programs and the procedures used to implement these programs.
  • Manages the overall investment performance of the Private Equity and Real Assets portfolios; develops performance criteria, applicable benchmarks and performance measurement reporting; develops policy and procedural guidelines to ensure consistency with investment strategies adopted by the Executive Director and the Retirement Board.
  • Develops and maintains relationships with institutional investors and investment managers, staying abreast of and participating in the development of best practices in the industry; represents the Division to employee and retiree groups, City and County of San Francisco officials, representatives of the financial community, legislative boards and the Mayor’s office, but only at the direction of the Executive Director; and performs other duties as required.      

Minimum Qualifications

  1. Possession of a baccalaureate degree from an accredited college or university with major coursework in Finance, Economics, Business Administration, Accounting, Statistics, or related field; and
  2. Ten years of investment experience with an investment management firm, pension plan, university, endowment, foundation, corporation, family office, or consulting firm.

Substitution:

Possession of a graduate degree in Business Administration, Finance, Statistics, Investment Management, Economics, or related field, or possession of the Chartered Financial Analyst (CFA) designation, may be substituted for an undergraduate degree in a different field than described above.

Three years of investment management experience at a position equivalent to a Managing Director level or higher with an investment management firm, pension plan, university, endowment, foundation, corporation, family office, consulting firm or other investment institution with at least $1 billion in assets, or seven years at a firm of any size with a Managing Director level position or higher, may substituted for an undergraduate degree in a different field than described above.

Desirable Qualifications:

The stated desirable qualifications may be used to identify job finalists at the end of the selection process when candidates are referred for hiring.

  • An undergraduate degree in Finance, Economics, Accounting, Mathematics, Statistics, Investments, or similar field.
  • A Master’s in Business Administration, Master of Science, or similar advanced degree.
  • Chartered Financial Analyst, Chartered Alternative Investment Analyst, or similar professional certification.
  • Five (5) years of extensive investment experience in the private markets at an institutional investor with assets of $1 billion or more.
  • Prior experience at a Director level position or higher at an institutional investor with at least $1 billion in assets.
  • Direct and co-investment experience at a pension plan, endowment, foundation, family office, sovereign wealth fund, or corporation would be helpful, but is not required.
  • Ten (10) years of extensive investment experience in external manager research in the private markets. 
  • Demonstrated ability to work both independently and as part of a team, developing cooperative relationships internally and externally.

How To Apply

Applications for City and County of San Francisco jobs are being accepted through an online process. Visit www.jobaps.com/sf to register an account (if you have not already done so) and begin the application process.

  • Select announcement PEX-1116-090482
  • Select “Apply” and read and acknowledge the information
  • Select either “I am a New User” if you have not previously registered, or “I have Registered Previously”
  • Follow instructions on the screen

Computers are available for the public (from 8:00 a.m. to 5:00 p.m. Monday through Friday) to file online applications in the lobby of the Dept. of Human Resources at 1 South Van Ness Avenue, 4th Floor, San Francisco.

Applicants may be contacted by email about this announcement and, therefore, it is their responsibility to ensure that their registered email address is accurate and kept up-todate. Also, applicants must ensure that email from CCSF is not blocked on their computer by a spam filter. To prevent blocking, applicants should set up their email to accept CCSF mail from the following addresses (@sfgov.org, @sfdpw.org, @sfport.com, @flysfo.com, @sfwater.org, @sfdph.org, @asianart.org, @sfmta.com, @sfpl.org, @dcyf.org, @first5sf.org).

Applicants will receive a confirmation email that their online application has been received in response to every announcement for which they file. Applicants should retain this confirmation email for their records. Failure to receive this email means that the online application was not submitted or received.

All work experience, education, training and other information substantiating how you meet the minimum qualifications must be included on your application by the filing deadline. Information submitted after the filing deadline will not be considered in determining whether you meet the minimum qualifications.

Applications completed improperly may be cause for ineligibility, disqualification or may lead to lower scores. If you have any questions regarding this recruitment or application process, please contact the exam analyst, Grace Tam, by telephone at 415-487-7028, or by email at Grace.Tam@sfgov.org.

Verification:
Applicants may be required to submit verification of qualifying education and experience at any point during the recruitment and selection process. If education verification is required, information on how to verify education requirements, including verifying foreign education credits or degree equivalency, can be found at http://sfdhr.org/index.aspx? page=456

Note: Falsifying one’s education, training, or work experience or attempted deception on the application may result in disqualification for this and future job opportunities with the City and County of San Francisco.

 

Selection Procedures

Applications will be screened for relevant qualifying experience. Additional screening mechanisms may be implemented in order to determine candidates’ qualifications. Only those applicants who most closely meet the needs of the Agency will be invited to participate in the selection process. Applicants meeting the minimum qualifications are not guaranteed advancement to the interview.

Conviction History

As a finalist for a job, you will be fingerprinted, and your fingerprints will be sent to the California Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI). The resulting report of your conviction history (if any) will be used to determine whether the nature of your conviction (or arrest, in limited circumstances) conflicts with the specific duties and responsibilities of the job for which you are a finalist. If a conflict exists, you will be asked to present any evidence of rehabilitation that may mitigate the conflict, except when federal or state regulations bar employment in specific circumstances, such as:

  • Candidates for positions with the Unified School District and the Community College District may be disqualified from consideration should their conviction history not meet the standards established under the California Education Code.
  • Candidates for positions with the Recreation and Park Department may be disqualified from consideration should their conviction history not meet the standards established under California Public Resources Code 5164.

Having a conviction history does not automatically preclude you from a job with the City.

If you are selected as a finalist, the hiring department will contact you to schedule a fingerprinting appointment.

Disaster Service Workers

All City and County of San Francisco employees are designated Disaster Service Workers through state and local law (California Government Code Section 3100-3109). Employment with the City requires the affirmation of a loyalty oath to this effect. Employees are required to complete all Disaster Service Worker-related training as assigned, and to return to work as ordered in the event of an emergency.

Conclusion

Reasonable Accommodation Request:
http://www.sfdhr.org/index.aspx?page=20#applicantswithdisabilities


General Information concerning City and County of San Francisco Employment Policies and Procedures:
http://www.sfdhr.org/index.aspx?page=20


Copies of Application Documents:
http://www.sfdhr.org/index.aspx?page=20#copies


Right to Work:
http://www.sfdhr.org/index.aspx?page=20#identification


Issued: October 10, 2018
Recruitment No.: 090482
Micki Callahan, Director
Department of Human Resources
Team: RET/GT (415) 487-7028

Benefits

All employees hired on or after January 10, 2009 will be required (pursuant to San Francisco Charter Section A8.432) to contribute 2% of pre-tax compensation to fund retiree healthcare. In addition, most employees are required to make a member contribution towards retirement, ranging from 7.5%-13.25% of compensation. For more information on these provisions, please contact the personnel office of the hiring agency.

For more information about benefits, please click here.

 


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