Portfolio Manager - Real Estate

About the job

We are seeking a seasoned Real Estate Portfolio Manager to take full ownership of monitoring, managing, and reporting on an approximately $1 billion portfolio of real estate investments. The portfolio spans third-party managed funds, co-investment Special Purpose Vehicles (SPVs), and a selective number of directly held assets, with a pronounced focus on commercial real estate—principally hospitality—complemented by selective residential exposure. This is not a transaction origination role.

The focus is portfolio oversight, manager accountability, asset performance monitoring, and investment committee support.

This is a high‑ownership, high‑visibility role. The successful candidate will serve as the primary analytical and operational interface between the Investment Committee and the external ecosystem of fund managers, asset operators, development partners, and advisors. They will be expected to challenge assumptions with rigor, add value through independent judgment, and hold third parties to a standard of performance, transparency, and accountability commensurate with the capital  successful candidate must be comfortable independently challenging fund managers, operators, consultants, and valuation assumptions—including when views differ from consensus.

• Fund oversight, performance and benchmarking:
  Act as the primary point of accountability for all third‑party managed fund relationships. Review monthly reporting packages and fund’s information with a critical eye—tracking key metrics, benchmarking performance, identifying emerging risks, and escalating material deviations from plan.
• Assumption challenging & pipeline review:
  Actively challenge underwriting assumptions presented by fund managers and operating partners—cap rates, exit yields, rent growth, occupancy assumptions, development timelines and construction budgets. Leverage market data and comparable evidence to validate or challenge key projections and investment decisions.

• Financial oversight and liquidity monitoring:
  Review and challenge budgets, liquidity forecasts, cash flow projections and capital requirements prepared by local operating partners and SPV management teams. Monitor cash positions, funding requirements and drawdown schedules, escalating potential liquidity constraints, cost overruns or capital call requirements to the Investment Committee and Treasury as appropriate.
• Performance monitoring and variance analysis:
  Perform rigorous monthly and quarterly variance analysis of actual performance vs. budget, producing clear and actionable IC commentary.

• Project monitoring and site visits:
  Conduct structured site visits to active development projects to assess physical progress against approved business plans and timelines. Review and challenge project schedules, milestone achievement, cost‑to‑complete estimates and delivery risks, producing site visit reports with clear findings, photographic evidence and recommended actions.
• Cost control & risk management:
  Review project cost reports, construction drawdown requests and change order logs—challenging unjustified cost escalations and ensuring contingency utilisation is properly documented. Maintain and update a project‑level risk register covering planning, construction, market and operational risks, with clearly assigned mitigants.

• Stakeholder management & governance:
  Serve as the main day‑to‑day interface with fund managers, asset managers, property managers, development companies, hotel operators and advisors. Participate actively in advisory boards, investor committees, representing Tether’s interests and ensuring key outcomes are documented and tracked.
• Reporting standards & manager accountability:
  Establish and enforce reporting standards, timelines and information requirements across third‑party managers and operators. Hold counter parties accountable against agreed budgets, KPIs, timelines and business plans, escalating material concerns where appropriate.
• Board representation:
  As required, act as a director,…