Vice President, Portfolio Manager - Separately Managed Accounts

Core Spaces•Chicago, IL

About The Position

The Vice President, Portfolio Manager – Separately Managed Accounts (SMA) is a senior investment leader responsible for the strategy, oversight, and performance of Core’s SMA portfolio. This role owns the connection between investor objectives, portfolio construction, capital deployment, governance, and long-term investment outcomes. Working across Acquisitions, Asset Management, Capital Markets, Investor Relations, Finance, Legal, and executive leadership, this role provides portfolio-level direction, evaluates investment and performance trends, supports capital allocation decisions, and translates complex asset- and account-level data into clear insights for internal leaders and institutional investors. The Portfolio Manager ensures each SMA is managed with disciplined execution, strong fiduciary oversight, proactive risk management, and reporting that supports investor confidence and strategic decision-making.

Requirements

Bachelor’s degree in Finance, Real Estate, Accounting, Economics, Business, or related field.
6+ years of institutional real estate investment management or private equity real estate experience.
Direct experience managing or supporting non-discretionary Separately Managed Accounts.
Expertise in portfolio construction, capital deployment pacing, fund-level performance management, SMA structures, investment guidelines, client agreements, and performance attribution.
Advanced asset- and fund-level financial analysis and modeling capabilities.
Experience delivering institutional-quality investor reporting and portfolio analytics.
Strong executive presence, communication skills, presentation ability, independent judgment, and senior stakeholder influence.

Nice To Haves

Direct experience with institutional non-discretionary Separately Managed Accounts.
Experience at a top-tier private equity real estate firm with strong knowledge of institutional investor expectations.
Ability to translate complex portfolio performance into clear, actionable insights.
Balanced strategic and operational approach, with the ability to connect portfolio-level decisions to execution.
Strong cross-functional influence across Acquisitions, Asset Management, and Investor Relations.

Responsibilities

Lead SMA portfolio construction strategy, including asset allocation, diversification targets, concentration limits, investment pacing, and deployment priorities aligned with client mandates.
Develop and execute portfolio-level investment strategies across deployment, stabilization, harvest, and disposition, ensuring alignment with return targets, risk profiles, and account objectives.
Guide pipeline prioritization, capital allocation, acquisitions, dispositions, recapitalizations, and financing decisions based on portfolio impact.
Identify emerging risks, market shifts, and portfolio imbalances; recommend adjustments to strategy and deployment approach.
Own SMA performance evaluation against underwriting assumptions, business plans, client objectives, benchmarks, and investor expectations.
Monitor key metrics, including IRR, equity multiple, cash yield, realized and unrealized returns, and portfolio-level risk exposure.
Synthesize asset-level data into portfolio insights, identifying performance drivers, trends, risks, and opportunities.
Partner with Asset Management to evaluate operating performance and ensure business plans support fund-level priorities.
Present portfolio insights and recommendations to senior leadership, Investor Relations, and client stakeholders.
Oversee capital deployment pacing and planning to ensure disciplined execution aligned with SMA strategy, client objectives, and account constraints.
Coordinate with Acquisitions to align deal flow with available capital, portfolio goals, client objectives, and timing.
Evaluate new investments for strategic fit, diversification impact, capital structure, financing strategy, liquidity implications, and account-level performance contribution.
Forecast SMA capital needs related to investments, operations, debt obligations, and distributions.
Own SMA reporting, including quarterly reports, investor presentations, portfolio reviews, and ad hoc analyses.
Translate portfolio and asset-level data into clear, accurate, institutional-quality investor communications.
Partner with Investor Relations on client engagement, due diligence, investor meetings, advisory boards, and leadership discussions.
Oversee SMA cash flow planning, including capital calls, distributions, liquidity forecasting, and account-level capital needs.
Ensure adherence to client agreements, investment guidelines, SMA structural requirements, allocation frameworks, and regulatory requirements.
Partner with Legal, Finance, and Operations to maintain governance, compliance, and documentation standards.
Support Investment Committee processes with SMA portfolio-level insights and recommendations.
Serve as a senior leader within the investment platform, providing SMA portfolio-level perspective and strategic guidance.
Influence decisions across Acquisitions, Asset Management, Capital Markets, and Investor Relations to support SMA performance and investor objectives.
Advance institutional best practices across portfolio management, reporting, and governance.
Travel as needed.
Perform other duties as assigned.
Complete all physical requirements of the role with or without reasonable accommodation.

Benefits

A culture that provides you with a sense of belonging
Competitive pay that values your contributions
Incentives designed to reward your achievements
Paid flexible PTO to disconnect or celebrate life milestones
Paid 14+ holidays, including your birthday, to disconnect and celebrate
Paid Parental Leave that begins after 90 days
Paid volunteer time off to give back to your community
Monthly workshop weeks; fewer meetings & more collaboration
Robust health plan options that begin within at least 30 days of your employment
Monthly phone reimbursement
Wellness allowance and perks, including a yearly subscription to a meditation app
An environment that provides you a voice to share your perspectives
Employee Assistance Program (EAP) for access to confidential support services
Company retirement options including 401(k) + matching & Roth account options
Additional incentive compensation, including bonus and carried interest participation