Managing Director, Public Investments

California Endowment•Oakland, CA

1d•$368,000 - $520,000•Hybrid

About The Position

The Investment team at The California Endowment is seeking a Managing Director, Public Investor to be a part of a highly motivated and collaborative Investment team co-located in Los Angeles, Oakland, and San Diego (CA). To ensure full consideration, please submit your application by January 31, 2026. Application review will begin shortly thereafter. The California Endowment (The Endowment) is a private, statewide health foundation established in 1996 whose mission is to expand access to affordable, quality health care for underserved individuals and communities and to promote fundamental improvements in the health status of all Californians. We envision a California that leads the nation as a powerful and conscientious voice for wellness, inclusion, and shared prosperity. Headquartered in downtown Los Angeles, the Endowment has regional offices in Sacramento, Oakland, Fresno and San Diego, with staff working throughout the state. We challenge the conventional wisdom that medical settings and individual choices are solely responsible for people’s health. We believe that health happens in neighborhoods, schools, and with prevention. The California Endowment (TCE) resolved to begin a transition to align 100% of its ~$4.0 billion in assets with its mission, also known as going “All In,” while seeking to earn a market rate of return. Given the structure of the existing portfolio, responsibly shifting all the Foundation’s assets toward mission/impact and TCE’s vision will be an ongoing and evolving process across a long-time horizon. Implementation will require flexibility and practicality, balancing the Foundation’s payout requirement and financial obligations along with the supply of mission/impact investing opportunities, market factors, evolving best practices in the field and status of the Foundation’s assets. The Investment Team is responsible for investing and managing the Endowments portfolio and bringing about the desired alignment with mission. To support these efforts, all members of the Investment Team are responsible for a set of activities and actions that seek best in class managers that can support the dual objectives of generating market rate returns and mission/impact alignment as defined in TCE’s Investment Policy Statement. Position Summary: Reporting to the Chief Investment Officer (“CIO”), the Managing Director, Public Investments works closely with the CIO and the Investment Leadership Team in managing TCE’s invested assets. The Managing Director (MD) will provide oversight of portfolio strategy and construction, investment selection and monitoring of 3rd party investment managers in public markets, across a range of asset classes, including, but not limited to, public equity, hedge funds, and fixed income. The MD will assist the CIO with risk management as well as leadership of the Investment Team in support of the overall mission of The Endowment.

Requirements

Prior responsibility for oversight of the selection of 3rd party investment managers.
At least 10 years of institutional investing experience with an emphasis on investing across public asset classes.
Demonstrated track record of success in manager selection and asset class strategy/management/implementation.
Demonstrated experience with building and managing a team.
Demonstrated experience presenting to stakeholders.
12 years of experience managing investments, preferably for an endowment, foundation, or family office.
Undergraduate degree in business or a related field; CFA, CAIA and/or a master’s degree in a relevant field including but not limited to Business, Finance, Asset Management, Data/Analytics, Environmental Studies, etc. preferred.
Minimum of 7 years of people management experience.
Proficiency in leading an investment due diligence process from start to finish.
Proficiency with investment policy/legal documentation and negotiations.
Experience collaborating in a multi-disciplinary, diverse and dynamic team environment
Excellent quantitative aptitude and the ability to think abstractly.
Accuracy: Identifies and corrects mistakes; does not repeat past mistakes; demonstrates strong attention to detail.
Problem Solving: Strong analytical skills with the ability to make recommendations and problem solve with sound judgment.
Adaptability: Self-starter with the ability to nimbly manage competing priorities; effectively and positively embraces and manages change.
Relationship Management: Ability to establish strong rapport across all levels and manage enterprise-level relationships.
Leadership: Demonstrates behaviors that align the team in a collective direction, enables them to work together and accomplish shared goals, as well as helping them to adjust to changing environments.
Process Management: Driven by results but focused on improving processes and efficiency.
Team Orientation: Comfortable taking direction and often taking the lead; receptive to feedback.
Communication: Demonstrates clear, thoughtful, and thorough verbal and written skills; professional and diplomatic demeanor.

Nice To Haves

Prior experience at an endowment or foundation, preferred.

Responsibilities

Work with the CIO in setting investment team strategic priorities
Lead investment strategy for the public asset classes as well as lead/manage the Public Investments Team
Develop/guide research projects to define investment opportunities
Lead the Public Investment Team during all phases of due diligence of existing and potential investment managers
Lead the Public Team in presenting investment recommendations to the CIO and Investment Department
Ensure the Public Investment Team keeps abreast of the investment manager landscape by actively networking with investment managers, peers, and consultants as well as through attendance at industry conferences
Maintain strong relationships with investment managers as part of the investment monitoring process.
Manage the process of analyzing investment manager progress in meeting the endowment’s objectives.
Maintain conviction ratings of investment managers and provide well-reasoned and strategic recommendations to the Investment Department and CIO on portfolio changes
Assist the CIO with portfolio level decisions on risk exposures at the asset class, investment manager and/or underlying security level.
Maintain oversight of public portfolio liquidity, as well as working with the MD of Private Investments, Director of Operations and the CIO in managing liquidity for TCE’s granting and operational needs.
Assist with the annual asset allocation and governance process.
Assist team members in managing other parts of the endowment portfolio as needed.
Other projects/duties as assigned
Supporting a collaborative environment that allows for team development and input on portfolio decisions
Managing, developing, and coaching of direct reports as well as co-leadership and mentoring responsibilities across the department with peers
Work with the Operations Team as part of day-to-day operations and assist with the annual audit process as it pertains to investments.
Participate in the preparation and presentation of material for Investment & Finance Committee as well as Board of Directors meetings.
Provide leadership in alignment with TCE’s mission, values as well as tce+ principles
Modeling support of training initiatives such as Advancing Racial Equity (A.R.E).

Benefits

Shared medical and dental premiums for employees and eligible dependents
100% employer-paid benefits: vision, life and AD&D, STD, LTD and employee assistance program
Health Care and Dependent Care Flexible Spending Accounts
Reimbursement towards gym fees and/or wellness program and mental health care
9-80 schedule with synchronized off days
Hybrid work schedule available for most positions
11 paid holidays + paid winter holiday closure
Generous paid time off (PTO)
401k plan with generous employer match and contributions
Matching gifts program
Paid parking or public transportation subsidy
Professional development and training opportunities
Tuition Reimbursement Program
Monthly BYOD stipend