Allocator Jobs
Portfolio Manager, Real Estate Blog Post
Allocator Jobs, Sacramento, California, United States, 95828
The California State Teachers’ Retirement System (CalSTRS) has $309 billion in AUM and provides retirement, disability and survivor benefits for California’s 965,000 prekindergarten through community college educators and their families. Details below.
The CalSTRS Investments Branch is seeking a motivated individual to work as a Portfolio Manager on the Real Estate team.
The Real Estate unit’s primary objective is to provide stable cash flow and generate an enhanced yield while providing total fund diversification and an inflation hedge. Real Estate partners with best-in-class managers with common goals to create a portfolio of high-quality assets. The portfolio includes allocations to core, value add and opportunistic risk strategies across property types globally.
Under the general direction of the Director of Real Estate, the Portfolio Manager provides investment recommendations and portfolio/asset management expertise as it pertains to real estate investments. The Portfolio Manager is responsible for performing the following duties, requiring the highest degree of independence, confidentiality, and discretionary judgment.
The ideal candidate will possess the following skills:
Knowledge of Real Estate Investment principles and trends
Strong knowledge of real estate mortgage use and debt strategies
Education in Finance or closely related field
Experience in investment management, specifically in real estate markets
Experience managing and directing real estate manager/joint venture/operator agreements
Experience recommending and implementing strategies related to industrial, office, apartments, retail, and other real estate investments
Experience in portfolio management/risk analysis
Experience underwriting individual real estate asset analysis
Ability to research, analyze, and interpret information
Ability to prioritize workload and ensure deadlines are met
Ability to work effectively with a broad variety of external contacts, such as consultants, investment managers, and investment partners
Ability to work effectively as an individual and as part of a team
Ability to present information clearly, both orally and in writing, to a wide range of audiences
Demonstrated ability to lead a team effectively
An incumbent who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or Chartered Alternative Investment Analysts (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.
Relocation benefits may be available.
Telework Information:
CalSTRS offers a hybrid approach including in-office and remote work solutions with staff working on-site at our Headquarters in West Sacramento 2 days per week. ESSENTIAL FUNCTIONS Manage, develop and implement a subset of the real estate portfolio both core and tactical. Evaluate and select best-in-class managers/partners to implement strategies that meet investment goals. Select and negotiate the structure of investments that maximizes alignment of interests and return to CalSTRS. Perform and coordinate due diligence with consultant/fiduciary and legal in negotiation of agreements. Actively manage partners to achieve maximum performance for each property, joint venture, or fund continuously evaluating returns vs appropriate benchmarks. Review and critique of monthly property reports, evaluation of the manager’s target achievement in accordance with the annual business plan. Evaluate asset management strategies designed to resolve issues brought forth in the annual and monthly reports. Monitor managers’ compliance with Policy and address issues as required. Conduct site, market area, and physical property inspections and evaluations to portfolio properties and management teams located throughout the United States and internationally. This includes but is not limited to: attending meetings requiring visual on-site inspections, market analysis review, and quality grading evaluation. Review individual property business plans on an annual basis. Analyze property budget leasing guidelines and capital expenditures, requiring advance property analysis, a formal advisor interview, a final approval recommendation, and an advisor performance evaluation. Perform special projects and other activities consistent with supporting the objectives of the Investment Committee and the Chief Investment Officer, Deputy Chief Investment Officer, and Director of Real Estate. Maintain current familiarity with the market conditions, methods, and principles used in appraisals, acquisitions, dispositions, financing, leasing, and managing real property. Responsible for assignments, which may include among other activities: property appraisal, property financial and operational audits, resolving proprietary legal issues, property insurance, and maintenance of special portfolio management reports. Establish policies and procedures, including analytical analysis, property inspections, market study reviews, and due diligence. Develop new real estate investment strategies and program implementation, which may include developing new policy or procedures for the Real Estate unit. Supervise and coordinate the activities of the Real Estate Program Consultant and Advisor. Prepare and present recommendations on investments and strategies to internal RE Investment Committee and CalSTRS Investment Committee. MARGINAL FUNCTIONS Represent CalSTRS at various conferences, advisory boards, board of directors, and committees and before the investment community. COMPETENCIES Core Competencies. All employees are responsible for understanding and demonstrating CalSTRS’ core competencies: • Adaptability/Flexibility • Communication • Customer/Client Focus • Teamwork • Work Standards/Quality Orientation All employees are expected to understand and demonstrate their position’s CalSTRS class competencies: • Change Leadership • Decision Making • Developing Others • Empowering Others • Global Perspective • Influencing Others • Initiative • Innovation and Fund Performance Management • Managing Work • Market Knowledge • Organizational Awareness • Results Orientation • Risk Management • Strategic Thinking and Implementation • Team Leadership CONDUCT AND ATTENDANCE EXPECTATIONS • Communicate effectively with individuals from varied experiences, perspectives, and backgrounds • Deal with individuals in a tactful, congenial, personable manner • Must maintain consistent and regular attendance • Adhere to CalSTRS policies and procedures • Ability to support and model CalSTRS Core Values
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CalSTRS offers a hybrid approach including in-office and remote work solutions with staff working on-site at our Headquarters in West Sacramento 2 days per week. ESSENTIAL FUNCTIONS Manage, develop and implement a subset of the real estate portfolio both core and tactical. Evaluate and select best-in-class managers/partners to implement strategies that meet investment goals. Select and negotiate the structure of investments that maximizes alignment of interests and return to CalSTRS. Perform and coordinate due diligence with consultant/fiduciary and legal in negotiation of agreements. Actively manage partners to achieve maximum performance for each property, joint venture, or fund continuously evaluating returns vs appropriate benchmarks. Review and critique of monthly property reports, evaluation of the manager’s target achievement in accordance with the annual business plan. Evaluate asset management strategies designed to resolve issues brought forth in the annual and monthly reports. Monitor managers’ compliance with Policy and address issues as required. Conduct site, market area, and physical property inspections and evaluations to portfolio properties and management teams located throughout the United States and internationally. This includes but is not limited to: attending meetings requiring visual on-site inspections, market analysis review, and quality grading evaluation. Review individual property business plans on an annual basis. Analyze property budget leasing guidelines and capital expenditures, requiring advance property analysis, a formal advisor interview, a final approval recommendation, and an advisor performance evaluation. Perform special projects and other activities consistent with supporting the objectives of the Investment Committee and the Chief Investment Officer, Deputy Chief Investment Officer, and Director of Real Estate. Maintain current familiarity with the market conditions, methods, and principles used in appraisals, acquisitions, dispositions, financing, leasing, and managing real property. Responsible for assignments, which may include among other activities: property appraisal, property financial and operational audits, resolving proprietary legal issues, property insurance, and maintenance of special portfolio management reports. Establish policies and procedures, including analytical analysis, property inspections, market study reviews, and due diligence. Develop new real estate investment strategies and program implementation, which may include developing new policy or procedures for the Real Estate unit. Supervise and coordinate the activities of the Real Estate Program Consultant and Advisor. Prepare and present recommendations on investments and strategies to internal RE Investment Committee and CalSTRS Investment Committee. MARGINAL FUNCTIONS Represent CalSTRS at various conferences, advisory boards, board of directors, and committees and before the investment community. COMPETENCIES Core Competencies. All employees are responsible for understanding and demonstrating CalSTRS’ core competencies: • Adaptability/Flexibility • Communication • Customer/Client Focus • Teamwork • Work Standards/Quality Orientation All employees are expected to understand and demonstrate their position’s CalSTRS class competencies: • Change Leadership • Decision Making • Developing Others • Empowering Others • Global Perspective • Influencing Others • Initiative • Innovation and Fund Performance Management • Managing Work • Market Knowledge • Organizational Awareness • Results Orientation • Risk Management • Strategic Thinking and Implementation • Team Leadership CONDUCT AND ATTENDANCE EXPECTATIONS • Communicate effectively with individuals from varied experiences, perspectives, and backgrounds • Deal with individuals in a tactful, congenial, personable manner • Must maintain consistent and regular attendance • Adhere to CalSTRS policies and procedures • Ability to support and model CalSTRS Core Values
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