Managing Director - Venture Capital and Co-Investment Program

State of Maryland • Annapolis, MD

4d • Hybrid

About The Position

The Maryland State Retirement Agency is the administrator of the Maryland State Retirement and Pension System (“System”). The System is a defined benefit retirement system covering governmental employees within the State of Maryland. It’s composed of twelve (12) separate retirement and pension systems with over 50 different rule sets. The System has over 430,000 participants (customers), including 192,000 members who are actively employed and participating in the System, 165,000 payees who receive a monthly payment from the System, and 40,000 vested members who are no longer actively employed but have earned a benefit that will become payable at a future date. Located in Baltimore’s Central Business District, SRPS offers a purpose-driven workplace with modern amenities, including panoramic city and harbor views, renovated common areas, upgraded elevators, and an on-site café. This position serves at the pleasure of the Appointing Authority. The Managing Director - Venture Capital and Co-Investment, works directly with the Board of Trustees, Investment Committee, Executive Director, Chief Investment Officer, Deputy Chief Investment Officers, external consultants, external managers and others in the development, implementation and maintenance of broad investment policies established by the Board of Trustees.

Requirements

• Four-year degree from an accredited four-year college in Science, Economics, Finance Accounting, Business Administration, Public Administration or similar fields of study.
• Eight years of professional investment experience, portfolio construction, and investment decision-making.

Nice To Haves

• Supervisory experience of one or more individuals
• CFA, CAIA, or FRM designation
• 10 years or more of progressive responsibility in investments related to real estate, infrastructure and natural resources experience
• Experience working within a Total Portfolio Approach framework
• Knowledgeable regarding best practices to promote and maintain an equal employment opportunity work environment that is in compliance with applicable laws, rules and regulations

Responsibilities

• Lead a team of investment professionals responsible for meeting the risk and return objectives of venture capital and private equity co-investments.
• Establishes overall strategic investment program management goals, standards and controls to meet asset class and total fund objectives and the levels of resources required.
• Recommends and assists with determining appropriate benchmarks/indices/guidelines for evaluating investment performance.
• Forecasts market changes based on economic and industry analyses.
• Provides direct leadership, oversight, management and career development of professional investment staff.
• Provides oversight and management of external venture capital managers, consultants, and others with respect to the management of the investment program.
• Ensures that the integrity of the established investment framework is maintained, policies and procedures are implemented as intended, with an awareness of appropriate rules, laws, regulations and compliance controls.
• Identifies potential areas of vulnerability and risk, develops / implements corrective action plans for resolution, and provides guidance on mitigation of similar situations in the future.
• Provides guidance, input and recommendations for investment strategies and on projected strengths and weaknesses of investment approaches.
• Serves as an independent reviewer and evaluator to ensure that investment issues / concerns are being appropriately monitored, evaluated, investigated, resolved and communicated.
• Designs and develops quantitative and analytic models and tools to help identify attractive venture capital and co-investment strategies and opportunities and monitor and mitigate various types of risk associated with these investments.
• Gathers data, analyzes results, and communicates performance results.
• Manages the due diligence process for investing in venture capital managers and private market co-investments and makes investment recommendations to the Chief Investment Officer.
• Establishes program goals, standards, and controls for venture capital and private equity co-investments to meet risk and return objectives.
• Oversees investment professionals and financial resources of the investment management program.
• Ensures the integrity of the established investment framework through implementation of policies and procedures, awareness of rules, laws, and regulations by professional investment staff, external investment managers, and consultants.
• Monitors and manage relationships with external venture capital investment managers and private equity co-investments.
• Identifies investment opportunities and leads the due diligence process for venture capital and private equity co-investments by participating in meetings, reviewing portfolio holdings and strategies, and analyzing performance.
• Represents the Agency before senior managers, external investment managers, consultants and others concerning performance relative to objectives.
• Develop strategic plans for portfolio construction based on macroeconomic analysis and thematic investment views.
• Performs other duties and responsibilities as may reasonably be expected in investment strategy, risk mitigation and division management.

Benefits

• Hybrid teleworking
• Paid holidays 12-13 per year
• Generous paid leave package (annual, sick, personal and compensatory leave)
• State Pension ("defined benefit" plan)
• Tax-deferred supplemental retirement savings plans (401(k) and 457)
• Comprehensive, subsidized health, dental and prescription plans with little to no deductibles, free generic prescriptions, and free preventative health services
• Flexible Spending Account plans for Health Care and Daycare
• State Employees Credit Union

What This Job Offers

• Job Type: Full-time
• Career Level: Manager