The San Francisco Employees’ Retirement System (SFERS), a $25 billion public defined benefit pension trust, seeks an experienced investment professional to oversee the Fund’s Private Markets investments. This individual will work closely with the Chief Investment Officer to oversee the day to day operations of the Private Equity and Real Assets portfolios. This individual will be responsible for formulating investment strategy, leading and guiding the research process, making recommendations to external managers and co-investments, the structuring of private markets portfolios, evaluating investment policies and new approaches, recruitment and retention of high quality staff, providing reports to the executive staff and the Board, and managing the Private Markets investment staff.
SFERS offers an exceptional opportunity for the right candidate to serve this historic, well established City Department by engaging in interesting and rewarding mission critical work. Established in 1889 as a fund for families and orphans of firefighters and police officers, today the San Francisco Employees’ Retirement System serves more than 58,000 active and retired employees of the City and County of San Francisco and their survivors.
The San Francisco Employees’ Retirement System (SFERS) is dedicated to securing, protecting and prudently investing the pension trust assets, administering mandated benefits programs, and providing promised benefits to the active and retired member of the City and County of San Francisco.
We are seeking a highly accomplished investment manager who is strongly committed to serving our Board and our members, and to prudently managing a sophisticated investment portfolio allocated across a diverse range of asset classes.
SFERS is a top performing public pension plan, posting returns thru June 30, 2018 as follows:
11.2% over the past 1 year, ranking in the top 4% compared to public plans over $1billion
8.6% over the past 3 years, ranking in the top 2%
9.6% over the past 5 years, ranking in the top 2%
6.9% over the past 10 years, ranking in the top 14%
SFERS policy allocation to private equity and real assets are 18% and 17%, respectively, totaling approximately $4.5 billion to private equity and 4.25 billion to real assets. The private equity portfolio consists primarily of buyout and venture capital, while the real assets portfolio is primarily real estate and natural resources.
SFERS is a top performer in its private markets strategies, posting returns thru June 30, 2018 as follows (all returns are annualized):
17.3% over the past 1 years, ranking in the top 30% and outperforming peers by 2.8%
12.8% over the past 3 years, ranking in the top 34% and outperforming peers by 0.8%
15.8% over the past 5 years, ranking in the top 18% and outperforming peers by 2.7%
10.7% over the past 10 years, ranking in the top 21% and outperforming peers by 2.0%
15.2% over the past 1 years, ranking in the top 1% and outperforming peers by 7.8%
14.3% over the past 3 years, ranking in the top 1% and outperforming peers by 9.9%
14.2% over the past 5 years, ranking in the top 1% and outperforming peers by 8.1%
5.9% over the past 10 years, ranking in the top 1% and outperforming peers by 3.5%
Reporting directly to the Chief Investment Officer, the Managing Director of Private Markets assists in the development of and directs the implementation of investment policies and strategies within the Private Equity and Real Assets portfolios; researches and formulates short and long term investment policies and strategies designed to provide maximum risk adjusted return; assists the CIO in the development and implementation of goals, policies, and strategic objectives; directs financial transactions and preparation of records and reports; monitors the investment portfolio to ensure compliance with strategic asset allocation; and makes recommendations regarding tactical investment and rebalancing activities.
Essential Duties of the Managing Director:
Develops the investment objectives for the Private Equity and Real Assets portfolios.
Designs the investment strategy and research initiatives to meet SFERS investment objectives.
Directs, plans, and evaluates the day to day activities of investment staff, including planning, research, and reporting of performance, exposures, fees, and risk management.
Assists the CIO with the preparation, implementation, and monitoring of the operational and capital budget for the Investment Division; implements and monitors budget expenditures of the operating budget; and assists in the allocation of resources as required to accomplish the mission, goals, and objectives of the Division.
Recommends external investment portfolio managers, co-investments, and direct investments; coordinates the research for new external managers, directs the due diligence investment process, and presents recommendations to the CIO, Executive Director, and the Board.
Monitors capital markets and economic forecasts and provides information to the Chief Investment Officer, Executive Director and Retirement Board on domestic and global trends; ensures accurate and timely settlements and transaction reporting for cash calls and distributions; develops and executes reporting mechanisms to keep the CIO informed on the status of SFERS’ investment programs and the procedures used to implement these programs.
Manages the overall investment performance of the Private Equity and Real Assets portfolios; develops performance criteria, applicable benchmarks and performance measurement reporting; develops policy and procedural guidelines to ensure consistency with investment strategies adopted by the Executive Director and the Retirement Board.
Develops and maintains relationships with institutional investors and investment managers, staying abreast of and participating in the development of best practices in the industry; represents the Division to employee and retiree groups, City and County of San Francisco officials, representatives of the financial community, legislative boards and the Mayor’s office, but only at the direction of the Executive Director; and performs other duties as required.
Possession of a baccalaureate degree from an accredited college or university with major coursework in Finance, Economics, Business Administration, Accounting, Statistics, or related field; and
Ten years of investment experience with an investment management firm, pension plan, university, endowment, foundation, corporation, family office, or consulting firm.
Possession of a graduate degree in Business Administration, Finance, Statistics, Investment Management, Economics, or related field, or possession of the Chartered Financial Analyst (CFA) designation, may be substituted for an undergraduate degree in a different field than described above.
Three years of investment management experience at a position equivalent to a Managing Director level or higher with an investment management firm, pension plan, university, endowment, foundation, corporation, family office, consulting firm or other investment institution with at least $1 billion in assets, or seven years at a firm of any size with a Managing Director level position or higher, may substituted for an undergraduate degree in a different field than described above.
An undergraduate degree in Finance, Economics, Accounting, Mathematics, Statistics, Investments, or similar field.
A Master’s in Business Administration, Master of Science, or similar advanced degree.
Chartered Financial Analyst, Chartered Alternative Investment Analyst, or similar professional certification.
Five (5) years of extensive investment experience in the private markets at an institutional investor with assets of $1 billion or more.
Prior experience at a Director level position or higher at an institutional investor with at least $1 billion in assets.
Direct and co-investment experience at a pension plan, endowment, foundation, family office, sovereign wealth fund, or corporation would be helpful, but is not required.
Ten (10) years of extensive investment experience in external manager research in the private markets.
Demonstrated ability to work both independently and as part of a team, developing cooperative relationships internally and externally.
Internal Number: 1116_Private Markets
About San Francisco Employees' Retirement System
Established in 1922, the San Francisco Employees’ Retirement System (“SFERS”) is dedicated to securing, protecting and prudently investing pension trust (the “Trust”) assets and administering a defined benefit pension fund for eligible members of the City and County of San Francisco (the “City”), San Francisco Unified School District, City College of San Francisco, and the Superior Court for the County of San Francisco. SFERS’ Retirement Board (the “Retirement Board”) and investment team oversee the management of roughly $25 billion in Trust assets in global public equities, fixed income and alternative investments.
The San Francisco Employees’ Retirement System is dedicated to securing, protecting and prudently investing the pension trust assets, administering mandated benefits programs, and providing promised benefits to the active and retired members of the City and County of San Francisco.