Director of Investments

Job Summary

Reporting to the Chief Investment Officer, with exposure to the Investment Committee of the Board of Trustees, the Director of Investments is a key leadership role in the Investment Office, involved in all aspects of the investment process. The core objective of the Director is to support the Chief Investment Officer in the management of the overall investment program, including manager selection, portfolio strategy, and management of staff in the Investment Office.

In addition to the roles and responsibilities of the Associate Director role, the Director also contributes to the development of portfolio-level strategy, and will implement investment strategies more independently. The Director is also expected to lead discussions with the Investment Committee on matters of strategy and participate in the feedback loop between stakeholders and the Investment Office. Finally, Directors are expected to serve on the Internal Investment Committee (IIC) of the Investment Office.

Investment Research (55%)

• Advise the Chief Investment Officer on portfolio needs and propose well-defined investment strategies that can 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 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.
• Build distinct but complementary areas of expertise and influence across multiple areas of the Investment Office, including but not limited to multiple disciplines, asset classes or industry sectors that are important to the success of the investment program.

Portfolio Management & Asset Allocation (25%)

• 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.

Managing Processes & Relationships (20%)

• Lead the preparation of 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.
• Suggest process improvements and new vendors to enhance the organizational effectiveness of the Investment Office.
• Provide leadership, guidance, and supervision to staff. Train, coach and mentor other team members to build new skills in them while reinforcing the culture and values of the team through timely performance feedback. Work collaboratively with other members of the Investment Office to advance shared goals.
• Develop and maintain senior relationships across the Caltech…