Investment Officer

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The Investment Officer plays a critical role in the Texas Permanent School Fund (PSF) Absolute Return Strategies (Hedge Funds) and Public Equity portfolios by supporting investment decision‑making, mentoring Investment Analysts, and partnering closely with Senior Investment Officers and Assistant Vice Presidents. The role is responsible for conducting rigorous manager due diligence, portfolio construction analysis, and ongoing performance monitoring across trading‑oriented hedge fund strategies.

This position requires a minimum of five (5) years of directly related investment experience within absolute return strategies. Leveraging deep experience in financial markets, hedge fund structures, and equity investing, the Investment Officer develops investment recommendations, evaluates risk‑adjusted return potential, and contributes to building diversified portfolios designed to support the long‑term financial strength of the Texas Permanent School Fund and its mission of providing permanent funding for K–12 public education across the State of Texas.

• Conduct comprehensive investment and operational due diligence on hedge fund and public equity managers, including strategy evaluation, return drivers, risk exposures, portfolio construction, liquidity, leverage, and downside protection.
• Evaluate trading‑oriented strategies across market neutral equity and credit, relative value, macro, quantitative, and multi‑strategy hedge funds, as well as long‑only and long‑biased public equity managers.
• Prepare detailed investment memos, manager profiles, and Investment Committee (IC) materials, articulating strategy rationale, risk/return characteristics, and portfolio fit.
• Build and maintain analytical models and tools to assess historical performance, factor exposures, scenario analysis, drawdowns, correlations, capacity constraints, and stress testing (manager‑ and portfolio‑level).
• Monitor existing hedge fund and public equity allocations, including performance attribution, risk metrics, style drift, exposure analysis, and peer comparisons.
• Generate portfolio‑level reporting, including manager attribution, diversification benefits, and absolute return contribution for senior management and stakeholders.
• Participate in manager meetings, on‑site and virtual due diligence, and ongoing relationship management; contribute to LPAC reviews and LPA consent evaluations as applicable.
• Conduct market and strategy research to identify emerging trends, new managers, and evolving opportunities within hedge funds and public equity markets.
• Support portfolio construction decisions, including sizing, rebalancing, and risk budgeting across absolute return and equity strategies.
• Mentor and oversee Investment Analysts, providing guidance on due diligence, modeling, research methodologies, and professional development.
• Collaborate across the investment team to ensure alignment of strategies, risk management, and reporting standards.
• Produce ad‑hoc analysis and reporting using internal investment systems; support audit and compliance requirements.

• Strong understanding of hedge fund strategies, public equity investing, and absolute return objectives.
• Expertise in performance attribution, risk analysis, factor exposures, and portfolio construction.
• Ability to evaluate complex trading strategies and assess risk‑adjusted returns across market cycles.
• Advanced financial analysis and data interpretation skills; high proficiency in Excel and presentation tools.
• Strong written communication skills with the ability to translate complex strategies into clear, actionable insights.
• Confidence presenting hedge fund and equity investment recommendations to senior stakeholders.
• Demonstrated ability to mentor junior staff and contribute to a collaborative investment culture.

• At least five (5) years of directly related investment…