Portfolio Manager, Fund of Funds

Equi•New York, NY

About The Position

Equi is seeking a high-trajectory investment professional with a genuine passion for investing who wants to develop alongside a rapidly growing firm building differentiated products in the alternatives space. You will report directly to the Chief Investment Officer and serve in a leadership role on the Investment Committee. This role combines rigorous manager due diligence with portfolio construction, risk management, and team leadership, offering a clear path to expanded responsibility as the platform grows. You will work closely with the CIO to source, underwrite, and monitor hedge fund managers while contributing to portfolio construction and optimization decisions. You will also manage a junior quant researcher, directing analytical projects and developing talent as part of building out the investment team. Equi accesses managers through a mix of pooled funds, separately managed accounts (SMAs), and swap structures, requiring nuanced navigation of varying liquidity terms, transparency levels, and operational requirements. As a member of the Investment Committee, you will have a direct voice in capital allocation and strategic direction. This is an opportunity for a high-trajectory investment professional with a genuine passion for investing who wants to build something meaningful.

Requirements

5+ years of experience in hedge fund allocation, either as an allocator (fund of funds, endowment, pension, family office) or in a senior advisory/consulting role
Track record of successful manager evaluation and investment recommendations
Deep understanding of hedge fund strategies, fund structures, liquidity terms, and operational requirements across pooled vehicles, SMAs, and swap structures
Strong liquidity management experience—understanding of fund-level redemption terms, notice periods, gates, lock-ups, and how to construct portfolios that balance return optimization with liquidity needs
Experience with portfolio risk management including stress testing methodologies, scenario analysis, and managing through periods of market stress or fund-level gates
Investment operations knowledge including subscription/redemption processes, NAV reconciliation, capital call management, and coordination with fund administrators and custodians
Experience with portfolio analytics, factor analysis, and performance attribution
Prior experience managing or mentoring junior team members
Strong AI proficiency, ability to leverage AI tools to enhance research, analysis, and workflow efficiency
Strong analytical capabilities and ability to synthesize complex information into actionable recommendations
Excellent communication skills, able to articulate investment theses and risk considerations clearly to both sophisticated investors and internal stakeholders
Genuine passion for investing and markets—intellectually curious, always learning, and deeply engaged with investment ideas

Nice To Haves

Master's degree in Finance, Economics, or related quantitative field preferred
CFA or CAIA designation a plus
Trading experience a plus, particularly for management of portable alpha or overlay strategies
Strong technology aptitude; coding or data analysis experience a plus

Responsibilities

Lead comprehensive due diligence on hedge funds, hybrid strategies, and private credit managers—evaluating investment edge, team quality, risk management, and operational infrastructure
Source proprietary deal flow through industry relationships and systematic market mapping
Develop and present investment recommendations to the CIO and Investment Committee with clear thesis articulation and risk assessment
Build and refine data-driven frameworks for manager evaluation and selection
Monitor existing manager relationships through regular engagement, performance evaluation, and strategic alignment reviews
Own the portfolio risk function—developing and maintaining risk frameworks, factor exposure analysis, and concentration monitoring across the fund of funds
Design and execute stress testing scenarios including liquidity stress tests, market drawdown simulations, and correlation breakdown analysis
Manage gate risk and redemption queue scenarios—modeling portfolio liquidity under stress conditions and maintaining appropriate liquidity buffers
Build and maintain risk dashboards including performance attribution, drawdown analysis, and exposure reporting
Manage liquidity across a complex structure of pooled funds, SMAs, and swap exposures—each with distinct redemption terms, notice periods, and operational requirements
Track and forecast cash positioning across fund structures, ensuring redemption capacity aligns with investor terms and subscription/redemption cycles
Coordinate with fund administrators, custodians, and swap counterparties on operational execution
Manage and mentor a junior quant researcher—setting priorities, directing analytical projects, and developing their capabilities
Define research agenda and delegate quantitative analysis, data projects, and manager screening tasks
Build team processes and infrastructure as the investment team scales
Serve as a member of the Investment Committee, contributing to portfolio construction, manager sizing, strategy allocation, and risk budgeting decisions
Develop capital allocation recommendations and flag rebalancing considerations based on evolving conviction levels and portfolio needs
Partner with the CIO on vehicle selection decisions—evaluating trade-offs between pooled funds, SMAs, and swaps based on liquidity needs, transparency requirements, and fee structures
Collaborate with product and engineering on proprietary tools for portfolio management, risk analytics, and liquidity forecasting
Collaborate with legal and compliance on governance frameworks for manager relationships and investment vehicles
Support sales and client-facing teams with investment insights, risk reporting, and due diligence materials
Represent the firm with managers, allocators, and industry stakeholders
Contribute to new product development initiatives as the platform expands