Associate Director, Investments

POSITION SUMMARY

The Associate Director of Investments plays a critical role in the stewardship and long‑term growth of the Foundation’s multi‑asset investment portfolio. Working in close partnership with the Managing Director of Investments, this position contributes across all facets of investment oversight, including manager sourcing, due diligence, portfolio monitoring, research, implementation and governance.

Reports To: Managing Director, Investments

Key Relationships: Chief Investment Officer; Investment Team (6); External Asset Managers; Finance and Philanthropic Services Team; Custodian, auditors and other investment service providers

Position Location: Saint Paul, Minnesota. Hybrid model – Tuesday, Wednesday and Thursday in office; live within commutable driving distance to downtown Saint Paul office.

Compensation: Base pay range $250,000 - $300,000 annually, exempt, no variable component. Benefits include generous retirement contributions, professional development, PTO/holidays.

Travel: Approximately 5‑10 annual meetings requiring out‑of‑state travel for investment manager selection and monitoring and conferences.

KEY RESPONSIBILITIES

Investment Manager Sourcing and Due Diligence

• Source, identify and maintain a robust pipeline of high‑quality prospective investment managers across asset classes, leveraging professional networks and industry relationships.
• Conduct comprehensive quantitative and qualitative due diligence, with particular emphasis on private equity, private credit and venture capital managers.
• Evaluate investment strategies, performance track records, team dynamics, competitive positioning, risk management practices and operational infrastructure.
• Prepare and present clear, well‑supported investment recommendations for internal review and Investment Committee consideration.
• Coordinate reference checks, operational due diligence and review of legal and subscription documentation.

Portfolio Management and Monitoring

• Lead and participate in meetings with existing investment managers; prepare internal summaries and analysis of key developments.
• Monitor portfolio performance, exposures, liquidity and risk characteristics across asset classes and strategies.
• Identify and communicate emerging risks and opportunities within the portfolio.
• Support portfolio construction discussions, strategic and tactical asset allocation decisions, rebalancing activity and private investment pacing models.
• Assist with annual responsible investing analysis and reporting.

Investment Research and Market Analysis

• Conduct ongoing research on macroeconomic conditions, capital markets, asset class opportunities and emerging investment strategies.
• Develop analytical tools and frameworks to support investment evaluation and portfolio risk assessment.
• Stay current on industry best practices, trends in endowment management and evolving investment governance standards.

Investment Implementation and Operations

• Partner closely with the Senior Investment Operations Specialist and Investment Analyst(s) to ensure accurate and timely execution of investment activity.
• Oversee operational workflows related to capital calls, distributions, rebalancing transactions, documentation and reconciliation processes.
• Support the preparation and maintenance of investment performance, exposure and compliance reporting.

Reporting and Governance

• Prepare materials, analysis and presentations for Investment Committee and Board meetings.
• Contribute to portfolio reporting, performance attribution and risk monitoring.
• Support the maintenance and ongoing refinement of investment policies, procedures and documentation.

Cross‑Functional and External Collaboration

• Serve as a knowledgeable investment partner to internal colleagues in Finance and Philanthropic Services.
• Support investment‑related compliance processes, including UPMIFA requirements and annual audits.
• Participate in RFP processes for investment consultants, custodians and other service providers.
• Contribute to responsible investing and mission‑aligned investment initiatives.
• Represent the investment team in internal and external education, presentations and discussions, including with OCIO clients.
• Provide leadership on process improvement, analytics and technology enhancements.
• Engage with colleagues throughout the Foundation on organizational initiatives.

IDEAL CANDIDATE PROFILE

Summary

The Foundation is seeking an accomplished investment professional who believes in the power of philanthropy to transform communities and is compelled by the mission and purpose of the Foundation. This person will have a track record of success in institutional investment management, with particular depth in private investments and a facility across a variety of asset classes. They will be an effective team member, with the ability to develop others, represent the Foundation’s investments to a variety of audiences and work collaboratively with colleagues across the Foundation.

Leadership Competencies

• Functional Expertise: Demonstrates highly developed subject matter knowledge and thought leadership in their domain. Stays abreast of trends in the field and disseminates knowledge throughout the organization.
• Disciplined Execution: Translates agreed‑upon strategies and objectives into plans, adapting and adjusting near‑term plans to anticipate what is next. Ensures adequate capabilities are present and effectively allocates and deploys resources, time and people.
• Sound Decision Making: Possesses strong intellectual curiosity and the ability to analytically, conceptually and critically evaluate information to determine relative strengths and weaknesses of ideas and proposals.
• Cultural Competence: Demonstrates a personal commitment to anti‑racism. Models inclusion and champions equity by engaging people of diverse cultures and backgrounds.
• Relational and Collaborative: Creates an environment that supports collaboration by building and deepening relationships and facilitating communication and coordination across all parts of the organization.
• Builds Talent: Develops and maintains high‑performing teams and coaches other leaders to develop their own leadership capabilities.

Skills, Experiences, Qualifications, Workstyle

Skills/Experiences/Qualifications

• Motivated by the mission and values of the Foundation.
• Ideally 10+ years of experience in investment management within a foundation, endowment, pension or large‑scale family office environment including 5+ years working with a complex investment portfolio of $500MM+, with a demonstrated track record of successful investments.
• Demonstrated private markets (private equity, private credit, venture capital, private real estate) manager sourcing and networks as well as experience working across multiple asset classes.
• Strong understanding of and experience in portfolio construction and management, asset allocation theory and modeling, benchmark analysis and performance measurement.
• Superior proficiency in written and verbal communication skills; experience presenting to investment committees and experienced investors strongly preferred.
• Ad adept at building external relationships, with a well‑developed network and comfort growing networks through meaningful participation in industry conferences.
• Excellent critical thinking skills, with experience conducting manager due diligence and monitoring and performing research and analysis on various investment topics.
• Advanced degree(s), certification(s) (e.g., CFA, MBA, CAIA, CPA) and/or evidence of pursuit of expertise preferred.

Workstyle

• Comfort working independently in a fast‑paced and direct work environment with an absolute commitment to excellence.
• Self‑starter with effective management, organizational and time management skills.
• Demonstrates authentic commitment to aligning mission with position responsibilities and genuine interest in participating in enterprise‑wide activities.
• High level of energy and stamina, energized by the opportunity to represent the Foundation and investment team’s work internally and externally.
• Demonstrated success as a team player and player‑coach with a high attention to detail and quality.
• High level of emotional intelligence, with the ability to build consensus, navigate different workstyles, resolve misunderstandings and facilitate productive communication.
• High level of professionalism and presence to support relationship building and communications with internal and external stakeholders.
• A strong work ethic, a clear demonstration of honesty and integrity, and the highest ethical standards are assumed.