Founded in 1817, 20 years before the Michigan Territory became a state, the University of Michigan is the state's oldest university. Since then, alumni, parents, and friends have generously supported the University’s efforts to provide an unparalleled education for its students. The University is the second largest research school in the country and is one of four Universities with more than 100 programs ranked in the Top-10 nationally.
The University of Michigan is constitutionally autonomous from the State of Michigan and governed by the Board of Regents which consists of eight members elected at large. The Regents serve without compensation for overlapping terms of eight years and have “general supervision of the institution and the control and direction of all expenditures from the institution's funds.”
Through its $11 billion Endowment, the Investment Office, led by Erik Lundberg and supported by 20 team members, accepts responsibility for ensuring that contributions fulfill and sustain their intended purposes in perpetuity. The majority of the portfolio is invested in many of the world’s most successful outside managers. The Endowment’s model asset allocation is 28 percent public equities, 22 percent private equity and venture capital, 18 percent real assets, 18 percent absolute return, 12 percent fixed income, and 2 percent cash.
Reporting to the Managing Director for Real Assets and the Managing Director for Private Equity and Venture Capital, the successful candidate will identify, evaluate, recommend, and monitor investment opportunities for the private markets portfolios (private equity, venture capital, real estate and natural resources). The private markets portfolios are global in reach. In addition, s/he will assist the Managing Directors in a range of areas, including development of asset allocation policies and investment and risk management strategies. The Manager of Investments will be a senior member of the investment team and will be expected to take a leadership role in managing junior investment colleagues.
The successful candidate will be responsible for providing leadership in managing the private markets portfolio. Specific responsibilities will include:
Working with the Managing Directors to source and maintain a pipeline of investment opportunities and funds that will provide a strategic advantage to the University’s investment portfolio.
Provide support to the Managing Directors in leading the research agenda, strategy, and portfolio construction process for the active portfolio.
Conducting thorough due diligence on the most compelling prospective opportunities including analysis of investment strategy, process, organization, portfolio positions, and performance.
Rigorously reviewing and monitoring the performance of managers.
Generating, evaluating, and making recommendations on co-investment opportunities.
Staying current on investment trends, communicating proactively with colleagues, and building and maintaining a network within the manager community.
Negotiating management fees and investment guidelines with fund managers.
Representing the University of Michigan Endowment in a number of forums, including annual meetings of managers and fund advisory boards as well as communicating effectively with internal and external senior executives.
Developing, operating and maintaining detailed financial models for use in evaluating potential investments.
Negotiating and reviewing investment management agreements, partnership agreements, offering documents, subscription agreements and other legal documents related to private market investments.
Working with internal and external counsel in their review of documents and in negotiating any issues with outside investment managers and their counsel.
Collaborating with team members in operations and investment classes outside the private markets area.
Working with accounting personnel to verify compliance of cash transactions and valuation amounts to the controlling agreement.
Providing oversight and analysis of the tracking and modeling of cash flow activity from the private market portfolio and its impact on the total endowment and liquidity position.
Supporting the continuing refinement and enhancement of analytical tools for performance reporting, benchmarking, risk reporting and cash flow forecasting for the private markets portfolio and as it relates to the total portfolio level.
Working with Investment Operations staff to ensure proper accounting, performance measurement and compliance with procedures and policies.
Traveling for purposes of performing due diligence, manager monitoring and attending market related conferences.
Maintaining knowledge of global macro and micro economic conditions and capital markets, advocating ideas and being a key contributor to investment discussions and initiatives involving all investment classes in the endowment’s portfolio.
A minimum of seven years of investment management or related experience, with a minimum of three years working within private equity, venture capital, real estate, and/or natural resources.
Graduate degree in business, finance, economics, math, statistics or related fields.
Knowledge of portfolio management and understanding of capital markets, particularly as it relates to private market asset classes.
A demonstrated track record of outstanding long-term investment performance in private asset classes and accountability versus a benchmark with an awareness and sensitivity to risk/return tradeoffs and liquidity and spending constraints.
Ability to think critically and strategically with strong applied quantitative skills related to finance, statistics and modeling.
Proven ability to apply solid investment judgment.
Strong oral and written communications skills.
Ability to lead a team, execute strategy and achieve goals.
Ability to contribute effectively in a team environment.
This position requires a significant amount of travel, including travel outside the US.
Ability to establish positive working relationships demonstrating integrity and a high degree of ethics.
Experience as an institutional limited partner with direct investment responsibility.
Prior investment experience in an institutional setting
Job openings are posted for a minimum of seven calendar days. This job may be removed from posting boards and filled anytime after the minimum posting period has ended.
The University of Michigan is an equal opportunity/affirmative action employer.
Internal Number: 154008
About University of Michigan - Ann Arbor
A great university is made so by its faculty and staff, and Michigan is recognized as one of the best universities to work for in the country. The Michigan culture is known for engaging faculty and staff in all facets of the university to create a workplace that is vibrant and stimulating.For two consecutive years, the Chronicle of Higher Education has placed U-M in its "Great Colleges to Work For" survey. In particular, the university earns high marks for strong relations between faculty and administrators, a collaborative system of governance, strong pay and benefits, and a healthy work/life balance.