Portfolio Manager - Credit & Hedge Funds

What we need

We are looking for an experienced investment professional to join our Credit & Hedge Funds team in Austin. Reporting to the Managing Director - Credit & Hedge Funds, you will support the continued growth of an established and broad portfolio that covers both public and private credit strategies, including direct lending, distressed debt and special situations, structured credit, traded credit and hedge funds. The current allocation target for all Credit strategies is 29% with another 6% target allocation to Hedge Funds, so you will help manage a material portion of plan assets while gaining exposure to a broad array of strategies across the Credit & Hedge Fund portfolios.

What you'll do

You will be involved – and expected to take a leading role or primary responsibility - in all investment activities and portfolio monitoring/management responsibilities for a subset of the Credit & Hedge Fund portfolio (to be determined based on experience/qualifications), including but not limited to the following:

• Sourcing and selecting new external investment managers

• Leading due diligence and presenting recommendations for investment decisions, including new commitments and terminations

• Monitoring and managing a select portfolio of external fund investments, including taking a lead role in assessing portfolio management issues, risk, and returns, and making recommendations to management

• Working directly with outside legal counsel to negotiate fund documents and related matters (under the supervision of the Managing Director – Credit & Hedge Funds)

• Preparing and presenting written reports and analysis that support portfolio management and planning

• Developing additional analytic and presentation tools and frameworks to assess potential investments, strategies, portfolio construction, and investment pacing

• Training and mentoring junior team members

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

• Willingness and interest in working toward an advanced professional designation if not already obtained (e.g., CFA, CAIA)

• At least five 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 working with counsel to negotiate fund-related documents is a plus

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

• Flexible, willing and able to manage multiple competing priorities

• Excellent communication skills, both written and oral

• Ability to work effectively in a dynamic team environment

• Willingness to work from TCDRS’s 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