Investment Analyst-Private Markets

Illinois Municipal Retirement Fund • Elmhurst, IL

1d • $118,261 - $130,087 • Hybrid

About The Position

It is the mission of the Investment Department to optimize the total return of the IMRF investment portfolio through a policy of long-term diversified investment, using parameters of prudent risk management.
This position reports to the Managing Investment Officer and works closely with the Chief Investment Officer.
The Investment Analyst-Private Markets will be an integral member of the investment team on a global investment portfolio with assets in excess of $60 billion. The individual will be responsible for a comprehensive understanding of overarching investment principles, with a focus on private market asset classes, which currently include Private Equity, Private Credit, Real Estate, Infrastructure, Agriculture and Timber. The Investment Analyst-Private Markets will be responsible for analyzing, evaluating, monitoring, and reporting on the activities of the Fund’s private markets investment managers in compliance with IMRF Investment Policy. This position is also responsible for special projects as assigned and will act as a back-up investment professional. This position will have contact with the IMRF Board of Trustees, Investment Consultants, Investment Managers, and other investment professionals.
All analysts may also be cross trained to perform all of the tasks and must be familiar with all aspects of Investment Department Operations. These tasks include but are not limited to assignments in real estate; alternative investments; security lending; portfolio guideline compliance reviews; proxy voting; total fund and individual portfolio manager performance reviews; preparation of annual investment reports; and other projects as assigned by management.
Note: The duties are subject to change, without notice, at the discretion of management.

Requirements

• Bachelor’s Degree or Master’s Degree. Accounting, Finance, or Economics preferred.
• A minimum of five years’ institutional investment experience, including at least two years’ private market investment experience.
• Ability to think critically about manager performance and portfolio decisions.
• Demonstrated thoughtful and disciplined approach to private market investing.
• Strong oral and written communication skills (including presentation skills).
• Outstanding analytical and problem-solving skills.
• Ability to employ a rigorous due diligence and manager selection process.
• Strong financial modeling skills including working knowledge of Microsoft Excel, PowerPoint, and Access.
• Ability to establish positive working relationships demonstrating integrity and respect.
• Strong work ethic and self-motivating.
• Ability to travel occasionally; holds a valid Driver’s License.
• Ability to read, analyze, and interpret common business and technical journals, financial reports, and legal documents.
• Ability to respond to common inquiries or complaints from customers, regulatory agencies, or members of the business community.
• Ability to write investment memoranda and contract/guideline summaries that conform to prescribed style and format.
• Ability to effectively present information to top management, public groups, and/or the Board of Trustees.
• Ability to work with mathematical concepts such as probability and statistical inference.
• Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.
• Ability to apply principles of logical or scientific thinking to a wide range of intellectual and practical problems.
• Ability to deal with nonverbal symbolism (formulas, scientific equations, graphs, musical notes, etc.,) in its most difficult phases.
• Ability to deal with a variety of abstract and concrete variables.

Nice To Haves

• A Chartered Financial Analyst, CFA Level III candidate or a Chartered Alternative Investment Analyst (CAIA) designation preferred.
• Defined benefit, public pension plan experience preferred.

Responsibilities

• Build and maintain expertise across private market asset classes to support IMRF’s private markets strategy.
• Analyze private market exposures and performance to help meet long term return objectives within established risk parameters.
• Develop and update portfolio level reporting using IMRF’s Portfolio Management Software.
• Track and report weekly cash flow activity, including capital calls and distributions.
• Support the Diversity program through analysis, due diligence, and preparation of recommendations for diverse and emerging manager initiatives.
• Proactively source new investment opportunities across private equity, private credit, real assets, and real estate strategies for recommendation to the Managing Investment Officer, Private Markets Team and Chief Investment Officer.
• Conduct prospective manager meetings and prepare meeting notes in a timely and accurate manner.
• Participate in RFP processes and manager evaluations.
• Conduct due diligence on investment opportunities, reviewing data rooms, conducting quantitative diligence utilizing data and software tools (i.e. eVestment/Top-Q. Pitchbook, and Hamilton Lane Cobalt) and participate and lead due diligence meetings.
• Prepare screening memos and full investment memos with well‑supported recommendation documenting qualitative and quantitative findings.
• Participate in evaluating co-investment opportunities and participate on internal co-investment investment committee.
• Monitor global macro and microeconomic trends relevant to investment recommendations.
• Participate in the review and negotiation of legal documents and terms.
• Support team in the completion of subscription and other legal agreements.
• Conduct semiannual meetings with active private market relationships and prepare meeting notes in a timely and accurate matter.
• Review financial reports and other documents to monitor the performance of the private market portfolio.
• Attend annual meetings and advisory board meetings as needed.
• Provide recommendations on LPAC items, amendments and consents.
• Ensure manager compliance with the relevant limited partner agreements, side letters and investment management agreement(s) and IMRF Investment Policies.
• Prepare semi-annual performance updates for the co-investment portfolio.
• Ensure accurate and timely entry of capital calls, distributions, market values, and unfunded commitments into the Portfolio Management Software.
• Track management fees on a quarterly basis.
• Enhance analytical tools for performance monitoring, risk reporting, and cash‑flow forecasting.
• Coordinate with advisors and the custodian bank to provide required documentation and authorizations.
• Support operational processes across private market asset classes.
• Contribute to FOIA responses to ensure compliance with legal requirements.
• Participate in improving operational best practices and fostering a high‑performance team culture.
• Support departmental initiatives including RFPs, MWBE efforts, asset allocation, and research projects.
• Mentor and train student interns and junior professionals.
• All other duties as assigned by the Managing Investment Officer and CIO.
• Represent the Investment Department, as needed, at internal and external meetings.
• Represent IMRF positively as a thought leader within the investment industry.
• Foster a positive culture in support of our Values and individual accountability.
• Support achievement of the organization’s Journey of Excellence, Vision, and Strategic Objectives.

Benefits

• Pension, death, and disability benefits as a member of IMRF
• Generous insurance benefits, including medical and dental
• 35-hour base work week, Monday-Friday. Ability to work one day remote, per week, after 6 months of hire.
• Paid vacation, paid sick, 12-13 paid holidays and 2 personal days
• Tuition reimbursement
• Business casual attire

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 11-50 employees