Credit & Hedge Fund Managing Director

What we need

TCDRS seeks an experienced investment professional to lead our Credit & Hedge Funds team in Austin, Texas. Reporting to the Chief Investment Officer, the managing director is responsible for executive oversight and strategic direction of the established portfolios that cover hedge funds and credit strategies, including direct lending, distressed debt and special situations, structured credit, and high-yield bonds. TCDRS allocation targets are 29% and 6% for credit strategies and hedge funds, respectively. 

What you’ll do

Lead all investment activities and portfolio monitoring/management of the Credit & Hedge Fund portfolio, including but not limited to the following: 

• Direct, train and develop your team 

• Construct portfolio in compliance with TCDRS investment policies and procedures in support of CIO’s overall plan 

• Work in concert with TCDRS’ investment consultant to source new external investment managers and make manager retention recommendations to CIO 

• Manage due diligence process in evaluation of prospective investment opportunities 

• Work with outside legal counsel to negotiate fund documents and related matters 

• Travel to meet with managers to conduct onsite due diligence, attend annual meetings and serve on advisory committees 

• Perform on-going due diligence on existing managers by preparing quarterly reports: analyze exposure and attribution by sector, region, market cap, style and capital structure; analyze investment strategy for style drift; review documents for major shifts in fund exposures, AUM, liquidity issues, etc. 

• Assess portfolio management issues, risks and returns, and make recommendations to CIO

What you should have

TCDRS seeks to hire individuals who are highly motivated, work well in a team environment, and have demonstrated professional excellence with the following qualifications:  

• Undergraduate degree with a demonstrated interest in finance/investing 

• Post-graduate degree in a relevant field and/or advanced professional designation are preferred but not required 

• At least 10 years of directly relevant professional experience, preferably on behalf of an institutional investor allocating capital through fund investments and co-investments (pension fund, endowment, foundation, family office, etc.) 

• Knowledge of the alternative investments industry, market participants, investment structures and current trends 

• Experience managing people 

• Experience working with counsel to negotiate fund-related documents  

• Analytically minded and comfortable working with data, including high proficiency in Excel, with a willingness to explore and recommend new analytical tools as appropriate 

• Excellent communication skills, both written and oral 

• Ability to work effectively with other TCDRS teams and external consultant  

• Willingness to work from TCDRS’ office in Austin and travel as needed (expected to be 20-25% of work time)  

• Commitment to represent TCDRS in the marketplace with integrity and professionalism

What you’ll get

• Competitive salary commensurate with experience 

• Excellent benefits package, including employer contribution toward health insurance and FSA/HSA Participation in the TCDRS pension plan, with vesting after 8 years of service