Managing Director, Private Equity

Carnegie Corporation • New York, NY

5d • $425,000 - $475,000

About The Position

The Andrew Carnegie Foundation is seeking a Managing Director of Private Equity, a new senior investment role reporting to the Chief Investment Officer. The role is responsible for stewarding a meaningful share of the Foundation’s portfolio, primarily across private markets—including buyout, growth, and venture—with selective work in other strategies and public markets where appropriate. The Managing Director will operate as a peer to senior investment team members, own underwriting and recommendations in assigned areas, build independent conviction, and present recommendations to the CIO and Investment Committee as needed.

The position combines manager sourcing and selection with portfolio-level capital allocation. The Managing Director will build lasting relationships with exceptional managers; evaluate investment skill, organizational quality, and alignment; and assess how decisions affect return, liquidity, diversification, concentration, pacing, vintage-year exposure, fees, risk, and opportunity cost. Travel is expected to support manager relationships.

The successful candidate will contribute to a collaborative, high-performing investment culture, communicate complex strategies clearly, negotiate effectively, represent the Foundation externally, and develop investment talent. In the first 12–18 months, the person is expected to earn credibility across the Foundation and its partners, assess the assigned portfolio, identify priority additions, holds, and divestitures, improve private-market underwriting and Investment Committee communication, expand access to managers in priority areas, and build the private portfolio strategy.

Requirements

• Approximately 15–20 years of investment industry experience.
• 10–15 years of private-market direct or institutional investing experience, with demonstrated decision ownership at an endowment, foundation, family office, or OCIO.
• Meaningful private-markets decision ownership as an institutional allocator.
• Meaningful breadth of private-markets experience to evaluate buyout, growth, venture, and adjacent diversifying strategies.
• Track record of sourcing, underwriting, and maintaining high-quality manager relationships, with a strong existing network.
• Sound judgment on portfolio sizing, pacing, liquidity, concentration, and opportunity cost.
• Strong written and verbal communication with CIO, board, or equivalent audiences.
• Credibility with external managers and peer investors.
• Ability to mentor and develop direct reports and other investment professionals.
• Long-term orientation consistent with a foundation’s mission and time horizon.
• Ability to use qualitative and quantitative approaches while understanding the strengths and weaknesses of each.
• Humility, collaboration, an ownership mentality, and commitment to the Foundation’s mission and absolute performance.
• Ability to adapt as circumstances change and to build conviction in areas adjacent to deep expertise.
• Interest in continuous improvement of the investing program rather than relying on conventional institutional norms.

Nice To Haves

• Deep expertise in one or more private-markets categories that fit the strategic direction of the portfolio.
• Experience managing within a mature, carefully constructed portfolio.
• Experience covering other strategies or asset classes.

Responsibilities

• Source, underwrite, and build lasting partnerships with exceptional investment managers; travel as needed to support this work.
• Evaluate managers based on investment skill, including investment edge, portfolio construction, and risk management; organizational quality, including team stability and discipline; and alignment, including incentives and terms.
• Lead underwriting and recommendations in assigned portfolio areas, building conviction independently and presenting well-formed recommendations to the CIO and Investment Committee as needed.
• Allocate capital with consideration for total-portfolio expected return, liquidity, diversification, concentration, pacing, vintage-year exposure, fees, risk, and opportunity cost.
• Re-underwrite existing relationships, make selective decisions about manager additions and holds, and reduce legacy relationships when warranted.
• Communicate complex strategies and recommendations clearly, in writing and in person, to the CIO, Investment Committee, and investment team.
• Engage team members constructively, contribute to rigorous debate, and negotiate effectively with managers while maintaining positive relationships.
• Represent the Foundation externally with credibility and discretion.
• Develop investment talent by setting high analytical standards, giving clear feedback, and helping colleagues build judgment.
• Assess the assigned portfolio and identify priority additions, holds, and divestitures; improve underwriting and Investment Committee communication; expand manager access in priority areas; and build the private portfolio strategy.

Benefits

• Employer-paid health insurance, including medical, dental, life, and short-term disability coverage.
• Substantial contribution to a retirement plan account.
• Wellness program.
• Generous paid time off program.
• Corporate discounts.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: No Education Listed