Requisition ID: req1481
Employment Type: Unclassified Regular Full-Time (URF)
Division: Special Opportunities
Compensation: Depends on Qualification
Job Closing: 1/31/2022 at 11:59pm CST
Location: TRS Headquarters Building 2
1900 Aldrich Street
Austin, Texas, 78723
United States
With the Investment Management Division (IMD) you will be joining a diverse group of achievers who celebrate the unique value individuals bring to support our shared cause: earning trust and contributing to the financial future of 2 million public education employees and retirees throughout Texas.
Navigating the current market environment takes innovation and we’re passionate about stewarding the right investments to make an impact both in the lives of our members and all Texans. We invite you to partner with the best financial minds in the business to manage a global portfolio of over $200 billion in public and private investments. Our success starts with you.
The Special Opportunities Associate Principal is responsible for performing moderately complex investment work across co-investments, thematic opportunities, and custom discretionary funds spanning public and private markets. The incumbent will source and evaluate investment opportunities; support and, as appropriate, lead transaction and fund underwriting; contribute to negotiations and investment recommendations; and assist with oversight of portfolio investments and manager relationships. The role works closely with external investment managers and stakeholders across the Special Opportunities Group, IMD, and TRS.The Special Opportunities Investor, Principal is responsible for performing highly complex investment work across principal co-investments, thematic opportunities, and custom discretionary funds spanning public and private markets. The incumbent will source and evaluate investment opportunities, lead transaction and fund underwriting, negotiate legal agreements, develop investment recommendations, and oversee portfolio investments and manager relationships. The role works closely with external investment managers and stakeholders across the Special Opportunities Group, IMD, and TRS.Special Opportunities Associate Principal Due Diligence and Analysis • Assists with sourcing, due diligence, management, and day-to-day oversight of co-investments to support long-term performance targets within acceptable risk parameters, while considering funding and liquidity sources.• Supports and, as appropriate, leads deal execution for co-investments by coordinating or participating in due diligence with external investment managers, internal teams, and other TRS investment teams, and by facilitating internal evaluation and closing procedures.• Performs due diligence on investment opportunities, including reviewing company materials, conducting reference checks, and developing independent analyses and investment frameworks addressing merits and risks, valuation, return profiles, terms, and comparable transactions and companies across sectors and geographies.• Prepares and presents analysis, results, and recommendations to relevant portfolio managers and senior staff through written and verbal reports, investment memoranda, financial analyses, and presentations.• Supports and, as appropriate, leads evaluation of an investment manager’s leadership, strategy, market opportunity, historical and pro forma financials, investment capabilities, operations, and competitive environment.• Participates in negotiation of investment terms and partnerships in collaboration with internal TRS and external investment counsel.• Documents and organizes required records of investment diligence and decisions.Portfolio Management • Monitors a diversified portfolio of special opportunities investments through recurring portfolio-, partner-, and investment-level reviews, including analysis of financial and operational performance and participation in relevant board and investor meetings.• Consults and coordinates with investment managers, analysts, investment accounting, legal counsel, custodians, and third-party advisors and consultants.• Develops professional relationships and industry contacts to support investment sourcing and market knowledge.• Works as part of a team to implement effective operational and risk management practices.• Uses TRS portfolio management systems such as Power BI and DealCloud.• Ensures adherence to the agency Ethics Policy in relationships with general partners, external managers, brokers, research suppliers, and other vendors.Performs related work as assigned. Special Opportunities Investor, PrincipalDue Diligence and Analysis • Performs sourcing, due diligence, management, and day-to-day oversight of co-investments to achieve long-term performance targets within acceptable risk parameters, while also considering funding/liquidity sources.• Leads deal execution for co-investments by coordinating due diligence efforts with external investment managers, managing internal teams of Associates and Analysts, and facilitating internal procedures relating to the evaluation and closing of investment transactions.• Performs due diligence of investment opportunities including reviewing company diligence materials, conducting reference checks, and developing an independent thesis and investment framework to evaluate merits and risks, valuation, return profiles, terms, and comparable transactions/companies across sectors and geographies.• Leads communication of the analysis of investment opportunities, results, and recommendations with the relevant portfolio managers(s) and/or Investment Committees via verbal and written reports and presentations; including preparing qualitative and quantitative reports, memoranda, and spreadsheets.• Leads evaluation of a manager organization’s leadership team, strategy, market opportunity, historical and pro-forma financials, investment capabilities, operations, and competitive environment including conducting reference checks.• Leads negotiation of investment terms and partnerships in collaboration with internal TRS and external investment counsel.• Documents and organizes required documentation of investment diligence and decisionsPortfolio Management • Develops and monitors a diversified portfolio of special opportunities investments through recurring portfolio-, partner-, and investment-level reviews, including analysis of financial and operational performance and participation in relevant board and investor meetings.• Consults and coordinates with investment managers, analysts, investment accounting, legal counsel, custodian, and third-party advisors and consultants.• Develops and maintains professional relationships and contacts within the investments industry in order to conduct searches and gain knowledge of appropriate investment opportunities.• Works as part of a team to implement best operational and risk management practices.• Works with TRS portfolio management systems such as PowerBI and DealCloud.• Ensures that the agency Ethics Policy is adhered to in relationships with general partners, external managers, brokers, research suppliers and other vendors. Performs related work as assigned.
WHAT WILL YOU BRINGRequired Education• Bachelor’s degree from an accredited college or university in business administration, finance, accounting, operations research, engineering, math, or a closely related field.• High school diploma or equivalent and additional full-time experience in an institutional investment environment, demonstrating strong skills in data analysis, financial modeling, and investment evaluation with a credit, equity, or multi-asset focus, or relevant transactional experience in corporate development, investment banking, hedge funds, private equity, or related experience may be substituted on an equivalent year-for-year basis. Required Experience• Five (5) - Seven (7) years of full-time directly related, progressively responsible experience in an institutional investment environment, demonstrating strong skills in data analysis, financial modeling, and investment evaluation with a credit, equity, or multi-asset focus, or relevant transactional experience in corporate development, investment banking, hedge funds, private equity, or related experience.• A master's degree or doctoral degree in a closely related field may be substituted on an equivalent year-for-year basis. Required Registration, Certification, or Licensure• None. Preferred Qualifications• Master of Business Administration (MBA) or a master's degree in finance, accounting, economics, or a closely related field.• Experience leading underwriting and transaction execution across private credit, co-investment, structured or hybrid capital, distressed or special situations, or other complex investment strategies.• Experience underwriting investment managers and funds, including strategy, track record, portfolio construction, organizational capabilities, and investment processes.• Experience collaborating with external partners, boards of directors, and senior executives, including Chief Executive Officers(CEOs) and Chief Financial Officers (CFOs),to evaluate operational, financial, and strategic initiatives.• Chartered Financial Analyst(CFA), Certified Public Accountant (CPA), or Chartered Alternative Investment Analyst (CAIA) designation, or active progress toward obtaining one of these professional certifications. Knowledge, Skills, and AbilitiesKnowledge of:• Credit and equity markets, including valuation methodologies, capital structures, and analytical frameworks.• Investment concepts, strategies, structures, and fundamental drivers across public and private markets, including one or more of the following: public equities; high-yield and leveraged loans; private credit; structured or hybrid instruments; buyouts; distressed and event-driven investments; and institutional portfolio management.• Due diligence principles, processes, and best practices across a variety of transaction types.• Standard legal and economic investment terms, debt and equity agreements, and basic bankruptcy concepts.Skills in:• Financial modeling, valuation, and investment analysis.• Evaluating complex investments, structures, and terms.• Contributing to multidisciplinary deal teams and transaction execution, and occasionally leading defined workstreams(Special Opportunities Associate Principal)• Leading multidisciplinary deal teams and managing transaction execution.(For Special Opportunities Investor, Principal)• Managing multiple complex assignments with accuracy and sound judgment.• Synthesizing complex financial, operational, legal, and market information into clear investment recommendations.• Communicating investment analysis effectively through written materials and presentations.• Using relevant business applications and artificial intelligence tools to support investment analysis, reporting, and communication.• Monitoring and coaching junior team membersAbility to:• Establish and maintain harmonious working relationships with co-workers, agency staff, and external contacts.• Work effectively in a professional team environment.
Veterans, Reservists or Guardsmen with experience in the Military Occupational Specialty ( https://www.trs.texas.gov/files/trs-military-crosswalk.xlsx ) along with the minimum qualifications listed above may meet the minimum requirements and are highly encouraged to apply. Please contact Talent Acquisition at careers@trs.texas.gov with questions or for additional information.
To view all job vacancies, visit www.trs.texas.gov/careers or www.trs.csod.com/careersite.
For more information, visit www.trs.texas.gov.
The Texas Commission on Environmental Quality is the environmental agency for the state. We have approximately 2,800 employees, located in our central office in Austin and 16 regional offices around Texas.
The Texas Commission on Environmental Quality strives to protect our state's human and natural resources consistent with sustainable economic development. Our goal is clean air, clean water, and the safe management of waste.
To accomplish our mission, we will:
base decisions on the law, common sense, good science, and fiscal responsibility;
ensure that regulations are necessary, effective, and current;
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ensure meaningful public participation in the decision-making process;
promote and foster voluntary compliance with environmental laws and provide flexibility in achieving environmental goals; and
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