A $120 billion endowment is in search of a private equity director, along with a top investment officer to assist him or her.
The University of California endowment, spearheaded by Chief Investment Officer Jagdeep Singh Bachher, is in need of a director to run the $5.1 billion private equity portfolio, which the organization says will “grow significantly in the coming years” due to “material changes” in its asset allocation.
In other words: come in with an innovative strategy that revamps this portfolio.
The team is small, so collaboration across multiple divisions is a must. Efforts are being pushed in UC’s private (absolute return, real assets, and real estate) and public markets (stocks and bonds) units. That way, the thinking goes, the endowment can get the best returns.
Other than the standard proficiencies (expert PE knowledge, risk/reward articulation for strategies, investment forecasting and recommendations), the university is looking for someone with original ideas and a collaborative spirit, the job posting says.
Lastly, the director must have a demonstrated ability to “source, screen, analyze and research, model, recommend, and manage” co-investments culled from buyout and growth equity partners.
The second position, and the private equity director’s right hand, is focused on the recommendation of fund managers, secondaries, co-investments, direct investments, and special situations for the asset class. The investment officer will independently watch and report on industry trends and work with Bachher’s risk management group to minimize risk.
“The Investment Officer will be assigned a portfolio of funds including but not limited to venture capital, buyouts, secondaries and co-investments to monitor,” the job description says. “The Investment Officer will also perform related research, work with the private equity group to achieve the best risk-adjusted returns, and prepare and oversee the preparation of reports and presentations.”
Interested candidates can apply on the endowment’s internal job board.
The University of California has not responded to CIO’s inquiries regarding the posts.