Investment Analyst: Private Market

This position is hybrid 2 days a week- then working onsite in our Oak Brook IL office!

OVERVIEW
It is the mission of the Investment Department to optimize the total return of the IMRF investment portfolio through a policy of long-term diversified investment, using parameters of prudent risk management.


This position reports to the Managing Investment Officer and works closely with the Chief Investment Officer.

RESPONSIBILITIES
The Investment Analyst-Private Markets will be an integral member of the investment team on a global investment portfolio with assets in excess of $60 billion. The individual will be responsible for a comprehensive understanding of overarching investment principles, with a focus on private market asset classes, which currently include Private Equity, Private Credit, Real Estate, Infrastructure, Agriculture and Timber. The Investment Analyst-Private Markets will be responsible for analyzing, evaluating, monitoring, and reporting on the activities of the Fund's private markets investment managers in compliance with IMRF Investment Policy. This position is also responsible for special projects as assigned and will act as a back-up investment professional. This position will have contact with the IMRF Board of Trustees, Investment Consultants, Investment Managers, and other investment professionals.

GENERAL DUTIES
Under the guidance of the Managing Investment Officer, the Investment Analyst will perform the following duties:

Portfolio Management
• Build and maintain expertise across private market asset classes to support IMRF's private markets strategy.
• Analyze private market exposures and performance to help meet long term return objectives within established risk parameters.
• Develop and update portfolio level reporting using IMRF's Portfolio Management Software.
• Track and report weekly cash flow activity, including capital calls and distributions.
• Support the Diversity program through analysis, due diligence, and preparation of recommendations for diverse and emerging manager initiatives.

Investment Analysis and Due Diligence
• Proactively source new investment opportunities across private equity, private credit, real assets, and real estate strategies for recommendation to the Managing Investment Officer, Private Markets Team and Chief Investment Officer.
• Conduct prospective manager meetings and prepare meeting notes in a timely and accurate manner.
• Participate in RFP processes and manager evaluations.
• Conduct due diligence on investment opportunities, reviewing data rooms, conducting quantitative diligence utilizing data and software tools (i.e. eVestment/Top-Q. Pitchbook, and Hamilton Lane Cobalt) and participate and lead due diligence meetings.
• Prepare screening memos and full investment memos with well-supported recommendation documenting qualitative and quantitative findings.
• Participate in evaluating co-investment opportunities and participate on internal co-investment investment committee.
• Monitor global macro and microeconomic trends relevant to investment recommendations.
• Participate in the review and negotiation of legal documents and terms.
• Support team in the completion of subscription and other legal agreements.

Portfolio & Manager Monitoring
• Conduct semiannual meetings with active private market relationships and prepare meeting notes in a timely and accurate matter.
• Review financial reports and other documents to monitor the performance of the private market portfolio.
• Attend annual meetings and advisory board meetings as needed.
• Provide recommendations on LPAC items, amendments and consents.
• Ensure manager compliance with the relevant limited partner agreements, side letters and investment management agreement(s) and IMRF Investment Policies.
• Prepare semi-annual performance updates for the co-investment portfolio.

Portfolio Operations
• Ensure accurate and timely entry of capital calls, distributions, market values, and unfunded commitments into the Portfolio Management Software.
• Track management fees on a quarterly basis.
• Enhance analytical tools for performance monitoring, risk reporting, and cash-flow forecasting.
• Coordinate with advisors and the custodian bank to provide required documentation and authorizations.
• Support operational processes across private market asset classes.
• Contribute to FOIA responses to ensure compliance with legal requirements.
• Participate in improving operational best practices and fostering a high-performance team culture.

Other Duties:
• Support departmental initiatives including RFPs, MWBE efforts, asset allocation, and research projects.
• Mentor and train student interns and junior professionals.
• All other duties as assigned by the Managing Investment Officer and CIO.
• Represent the Investment Department, as needed, at internal and external meetings.
• Represent IMRF positively as a thought leader within the investment industry.
• Foster a positive culture in support of our Values and individual accountability.
• Support achievement of the organization's Journey of Excellence, Vision, and Strategic Objectives.

All analysts may also be cross trained to perform all of the tasks and must be familiar with all aspects of Investment Department Operations. These tasks include but are not limited to assignments in real estate; alternative investments; security lending; portfolio guideline compliance reviews; proxy voting; total fund and individual portfolio manager performance reviews; preparation of annual investment reports; and other projects as assigned by management.

Note: The duties are subject to change, without notice, at the discretion of management.

SUPERVISORY RESPONSIBILITIES
This job has no supervisory responsibilities.

QUALIFICATIONS
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE
• Bachelor's Degree or Master's Degree. Accounting, Finance, or Economics preferred.
AND
• A minimum of five years' institutional investment experience, including at least two years' private market investment experience.
• A Chartered Financial Analyst, CFA Level III candidate or a Chartered Alternative Investment Analyst (CAIA) designation preferred.
• Defined benefit, public pension plan experience preferred.

OTHER COMPETENCIES REQUIRED
• Ability to think critically about manager performance and portfolio decisions.
• Demonstrated thoughtful and disciplined approach to private market investing.
• Strong oral and written communication skills (including presentation skills).
• Outstanding analytical and problem-solving skills.
• Ability to employ a rigorous due diligence and manager selection process.
• Strong financial modeling skills including working knowledge of Microsoft Excel, PowerPoint, and Access.
• Ability to establish positive working relationships demonstrating integrity and respect.
• Strong work ethic and self-motivating.
• Ability to travel occasionally; holds a valid Driver's License.

LANGUAGE SKILLS
Ability to read, analyze, and interpret common business and technical journals, financial reports, and legal documents. Ability to respond to common inquiries or complaints from customers, regulatory agencies, or members of the business community. Ability to write investment memoranda and contract/guideline summaries that conform to prescribed style and format. Ability to effectively present information to top management, public groups, and/or the Board of Trustees.

MATHEMATICAL SKILLS
Ability to work with mathematical concepts such as probability and statistical inference. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.

REASONING ABILITY
Ability to apply principles of logical or scientific thinking to a wide range of intellectual and practical problems. Ability to deal with nonverbal symbolism (formulas, scientific equations, graphs, musical notes, etc.,) in its most difficult phases. Ability to deal with a variety of abstract and concrete variables.

PHYSICAL DEMANDS
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit and talk or hear. The employee is occasionally required to stand; walk; reach with hands and arms; and stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 25 pounds.

WORK ENVIRONMENT
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually quiet.

SALARY AND BENEFITS


The expected annual salary range for this role is $118,261- $130,087. Please note the salary information is a general guideline only. Salaries are based upon candidate skills, experience, and qualifications, as well as market and business considerations. The range listed is just one component of IMRF's total compensation package for employees.

Other factors include the following benefits:
• Pension, death, and disability benefits as a member of IMRF
• Generous insurance benefits, including medical and dental
• 35-hour base work week, Monday-Friday. Ability to work one day remote, per week, after 6 months of hire.
• Paid vacation, paid sick, 12-13 paid holidays and 2 personal days
• Tuition reimbursement
• Business casual attire