Managing Director, Real Estate Credit

CPP Investments | Investissements RPC•Toronto, ON

4d•Onsite

About The Position

Joining CPP Investments means joining one of the world’s most admired and respected institutional investors to drive a single mandate: to deliver strong, sustainable returns for generations of Canadians. With a long-term horizon and global reach, we deploy capital at scale across public and private markets. Our size, stability, and disciplined investment philosophy allow us to pursue complex opportunities and build enduring partnerships worldwide. For our people, this means meaningful work with tangible impact, real opportunity, and collaboration with exceptional colleagues who value partnership and performance. Here, you’ll contribute to outcomes that matter alongside team members committed to excellence and shared success. As a Managing Director, Real Estate Credit, you will be a senior investment decision-maker responsible for shaping strategy, driving portfolio performance, and leading the origination, underwriting, execution, and management of public and private commercial real estate credit investments, primarily across North America with an emphasis on the United States. You will apply deep real estate credit expertise and investment judgment to complex opportunities, develop senior relationships across the market, and lead and develop colleagues while contributing to the long-term success of the Real Estate Credit strategy.

Requirements

An undergraduate degree or college diploma in a relevant field; an advanced degree or professional designation such as the CFA is an asset.
10+ years of relevant experience, ideally within an established real estate credit investment manager, opportunity fund, mortgage REIT, insurance company, bank, or investment bank.
Significant commercial real estate investment or credit experience, preferably focused on North America and the United States, with a track record of originating, underwriting, structuring, and executing large-scale, complex investments.
Deep experience with structured or subordinated real estate credit, with exposure to first mortgages or whole loans, B-notes, mezzanine debt, preferred equity, and CMBS highly valued.
Advanced property-level underwriting, financial modelling, valuation, debt-sizing, scenario and recovery analysis capabilities, combined with strong knowledge of real estate debt and equity capital markets.
Significant relationship management and negotiation experience, including working with senior external stakeholders, sponsors, partners, advisors, and other market participants through complex investment processes.
Demonstrated investment judgment and strategic thinking, with strong communication, collaboration, and leadership skills and experience developing investment professionals.
You are motivated to contribute to something larger than yourself, approach complex challenges with rigor, and hold yourself to high standards in a collaborative, performance-driven environment.

Nice To Haves

an advanced degree or professional designation such as the CFA is an asset.

Responsibilities

Shape the strategic direction of Real Estate Credit and drive portfolio performance, applying sound investment judgment to portfolio construction, market opportunities, emerging risks, and capital prioritization.
Originate investment opportunities and develop senior relationships with sponsors, borrowers, financial institutions, mortgage bankers and brokers, advisors, and other real estate capital market participants.
Lead the evaluation, underwriting, structuring, investment committee process, negotiation, and execution of complex real estate credit investments, with accountability for investment decisions and outcomes.
Direct due diligence and investment analysis, including property-level underwriting, financial modelling, valuation, scenario and recovery analysis, and the oversight of external legal, appraisal, engineering, environmental, tax, accounting, insurance, and market advisors.
Lead investment recommendations and negotiations, applying judgment to pricing, leverage, structure, covenants, downside protections, intercreditor rights, position sizing, and complex transaction documentation.
Oversee portfolio performance and credit management, including amendments, extensions, refinancings, restructurings, workouts, enforcement actions, and exits, responding proactively to changing risks and opportunities.
Build and develop a high-performing investment team, fostering accountability, inclusion, collaboration, and talent development while building strong relationships across Real Assets Credit and CPP Investments.