Head of Private Markets

U.S. Bank • Boston, MA

3d

About The Position

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One. Job Description GENERAL SUMMARY: The Head of Private Markets is a senior leadership role within the Alternative Investment Services business. The role is responsible for strategic oversight, operational excellence, growth agenda and client delivery of fund administration services supporting private markets (equity, credit, infrastructure and real estate), which includes accounting, investor allocation, reporting and waterfall calculations. This role leads multi‑layered teams, partners closely with investment managers and institutional clients, and ensures regulatory compliance, scalability, and best‑in‑class service delivery across complex fund structures. The Head of Private Markets has P&L responsibilities and acts as a trusted advisor to clients and senior stakeholders, driving operational strategy while balancing risk management, talent development, and business growth. ESSENTIAL FUNCTIONS: Executive Leadership & Strategy Set and execute the growth strategy for private markets, aligned to overall business and U.S. Bank objectives. Serve as a senior leader for the private markets fund services platform, contributing to enterprise‑wide operational and growth initiatives. Partner with Sales, Relationship Management, Product, and other enabling functions to enhance service offerings and scalability. Private Markets Oversight Provide oversight of end‑to‑end fund administration activities, including: NAV calculation and reporting Capital calls, distributions, and investor allocations Portfolio accounting for private markets instruments Management fee and carried interest calculations Financial statements and audit coordination Ensure accurate, timely, and compliant reporting, disclosures and regulatory oversight across multiple private credit and equity, infrastructure, and real estate strategies/verticals Oversee onboarding of new mandates, complex fund launches, restructures, and lifecycle events. Client Relationship Partnership Act as a trusted advisor and develop relationships with clients and centers of influence in the industry. Execute on growth agenda by deepening relationships with existing clients and offer executive guidance on prospecting Act as the primary executive sponsor for key private markets in partnership with aligned Relationship Managers, as well as other business leaders (e.g., CLO, custody). Ensure consistent service level across clients, and geographies (e.g., US and Europe) and proactively manage client satisfaction, issue resolution, and service model evolution. Organizational Leadership & Transformation Lead, develop, and inspire senior leaders and global/fund teams supporting private markets operations. Build a strong bench of talent through succession planning, coaching, and performance management. Foster a culture of accountability, collaboration, and continuous improvement. Sponsor and execute on transformation programs, operational efficiency initiatives, and technology enablement. Implement enhancements to fund accounting platforms and reporting tools, and ensure appropriate technology solutions are implemented through partnership with technology and business resources Risk, Governance & Regulatory Compliance Ensure strong governance, internal controls, and adherence to regulatory requirements. Partner with Risk, Compliance, and Audit teams to address findings and strengthen control environments. Anticipate regulatory and market changes impacting private fund administration. It is the individual responsibility of every employee to maintain a current awareness and understanding of and to fully comply with U.S. Bancorp’s “Code of Ethics”. Each employee is expected to maintain an awareness of the laws, regulations, internal policies and procedures that are appropriate for his/her position. SPECIFICATIONS: This is a general description which covers all levels/grades of the job. Level/grade assignments are determined by the attached leveling guidelines. Minimum qualifications are outlined below: Demonstrated expertise in private market with a strong understanding of accounting, finance, and investment principles, including fund structures, portfolio management, and credit risk. Highly proficient in leveraging data, analytics, and technology tools, including Microsoft Office and financial systems to drive informed decision‑making and operational oversight. The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified. If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.

Requirements

• Demonstrated expertise in private market with a strong understanding of accounting, finance, and investment principles, including fund structures, portfolio management, and credit risk.
• Highly proficient in leveraging data, analytics, and technology tools, including Microsoft Office and financial systems to drive informed decision‑making and operational oversight.

Responsibilities

• Executive Leadership & Strategy Set and execute the growth strategy for private markets, aligned to overall business and U.S. Bank objectives.
• Serve as a senior leader for the private markets fund services platform, contributing to enterprise‑wide operational and growth initiatives.
• Partner with Sales, Relationship Management, Product, and other enabling functions to enhance service offerings and scalability.
• Provide oversight of end‑to‑end fund administration activities, including: NAV calculation and reporting Capital calls, distributions, and investor allocations Portfolio accounting for private markets instruments Management fee and carried interest calculations Financial statements and audit coordination
• Ensure accurate, timely, and compliant reporting, disclosures and regulatory oversight across multiple private credit and equity, infrastructure, and real estate strategies/verticals
• Oversee onboarding of new mandates, complex fund launches, restructures, and lifecycle events.
• Act as a trusted advisor and develop relationships with clients and centers of influence in the industry.
• Execute on growth agenda by deepening relationships with existing clients and offer executive guidance on prospecting
• Act as the primary executive sponsor for key private markets in partnership with aligned Relationship Managers, as well as other business leaders (e.g., CLO, custody).
• Ensure consistent service level across clients, and geographies (e.g., US and Europe) and proactively manage client satisfaction, issue resolution, and service model evolution.
• Lead, develop, and inspire senior leaders and global/fund teams supporting private markets operations.
• Build a strong bench of talent through succession planning, coaching, and performance management.
• Foster a culture of accountability, collaboration, and continuous improvement.
• Sponsor and execute on transformation programs, operational efficiency initiatives, and technology enablement.
• Implement enhancements to fund accounting platforms and reporting tools, and ensure appropriate technology solutions are implemented through partnership with technology and business resources
• Ensure strong governance, internal controls, and adherence to regulatory requirements.
• Partner with Risk, Compliance, and Audit teams to address findings and strengthen control environments.
• Anticipate regulatory and market changes impacting private fund administration.

Benefits

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short-term and long-term disability
• Pregnancy disability and parental leave
• 401(k) and employer-funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

What This Job Offers

• Job Type: Full-time
• Career Level: Executive
• Education Level: No Education Listed
• Number of Employees: 5,001-10,000 employees