Associate Director, Investments

POSITION SUMMARY

The Associate Director of Investments plays a critical role in the stewardship and long‑term growth of the Foundation’s multi‑asset investment portfolio. Working in close partnership with the Managing Director of Investments, this position contributes across all facets of investment oversight, including manager sourcing, due diligence, portfolio monitoring, research, implementation and governance.

Reports To: Managing Director, Investments

Key Relationships: Chief Investment Officer;
Investment Team (6);
External Asset Managers;
Finance and Philanthropic Services Team;
Custodian, auditors and other investment service providers

Position Location: Saint Paul, Minnesota. Hybrid model – Tuesday, Wednesday and Thursday in office; live within commutable driving distance to downtown Saint Paul office.

Compensation: Base pay range $250,000 - $300,000 annually, exempt, no variable component. Benefits include generous retirement contributions, professional development, PTO/holidays.

Travel: Approximately 5‑10 annual meetings requiring out‑of‑state travel for investment manager selection and monitoring and conferences.

Investment Manager Sourcing and Due Diligence

• Source, identify and maintain a robust pipeline of high‑quality prospective investment managers across asset classes, leveraging professional networks and industry relationships.
• Conduct comprehensive quantitative and qualitative due diligence, with particular emphasis on private equity, private credit and venture capital managers.
• Evaluate investment strategies, performance track records, team dynamics, competitive positioning, risk management practices and operational infrastructure.
• Prepare and present clear, well‑supported investment recommendations for internal review and Investment Committee consideration.
• Coordinate reference checks, operational due diligence and review of legal and subscription documentation.

Portfolio Management and Monitoring

• Lead and participate in meetings with existing investment managers; prepare internal summaries and analysis of key developments.
• Monitor portfolio performance, exposures, liquidity and risk characteristics across asset classes and strategies.
• Identify and communicate emerging risks and opportunities within the portfolio.
• Support portfolio construction discussions, strategic and tactical asset allocation decisions, rebalancing activity and private investment pacing models.
• Assist with annual responsible investing analysis and reporting.

Investment Research and Market Analysis

• Conduct ongoing research on macroeconomic conditions, capital markets, asset class opportunities and emerging investment strategies.
• Develop analytical tools and frameworks to support investment evaluation and portfolio risk assessment.
• Stay current on industry best practices, trends in endowment management and evolving investment governance standards.

Investment Implementation and Operations

• Partner closely with the Senior Investment Operations Specialist and Investment Analyst(s) to ensure accurate and timely execution of investment activity.
• Oversee operational workflows related to capital calls, distributions, rebalancing transactions, documentation and reconciliation processes.
• Support the preparation and maintenance of investment performance, exposure and compliance reporting.

Reporting and Governance

• Prepare materials, analysis and presentations for Investment Committee and Board meetings.
• Contribute to portfolio reporting, performance attribution and risk monitoring.
• Support the maintenance and ongoing refinement of investment policies, procedures and documentation.

Cross‑Functional and External Collaboration

• Serve as a knowledgeable investment partner to internal colleagues in Finance and Philanthropic Services.
• Support investment‑related compliance processes, including UPMIFA requirements and annual audits.
• Participate in RFP processes for investment consultants, custodians and other service providers.
• Contribute to responsible investing and mission‑aligned investment initiatives.
• Represent the investment team in internal and external education, presentations and discussions, including with OCIO clients.
• Provid…