Associate, Investments – Alternative Investments

About you and the role:

The Investment Associate partners with the VP - Alternative Investments, and the Non-Core Investments team to support manager selection, monitoring, reporting, forecasting, and operational activities across the Alternatives and Non-Core portfolios.

Key areas of focus include:
Monitoring external managers and underlying investments
Delivering monthly, quarterly, and annual reporting
Building and maintaining asset models and financial projections
Supporting portfolio management, performance analysis, and stakeholder reporting
Conducting manager due diligence and preparing evaluation and recommendation materials
Delivering ad hoc analysis and project support to inform investment decision-making

What you will be doing:

Ongoing Monitoring of Existing Managers and Investments

Quarterly Monitoring: Support initial and ongoing relationships with assigned managers; take meeting notes; summarize presentations; draft and circulate monitoring notes and quarterly investment updates; and ensure the accuracy of existing ratings.
Performance Measurement and Attribution: Analyze and explain absolute and relative performance; assess results against budget, assigned benchmarks, and peer groups.
Manager Scorecards: Maintain scorecards for funds, strategies, and managers using both qualitative and quantitative analysis.
Peer Group Analysis: Develop and maintain peer group comparisons for existing and prospective managers and strategies.
Investment Data Management: Maintain accurate and up-to-date mandate, manager, and investment data across internal databases and third-party systems.

Manager Due Diligence

Manager Due Diligence: Support RFP development and end-to-end due diligence for current and prospective managers and funds.
Investment Recommendations: Contribute to investment memoranda and supporting analysis for Investment Committee review.
Portfolio Management and Reporting

Onboarding and Setup: Onboard new managers and investments in coordination with regional investment teams, Legal, Investment Accounting, Investment Operations, IT, external managers, and vendors; ensure internal systems and databases are updated with complete and accurate manager and investment data.
Asset Modeling: Develop, maintain, and update NAV, cash flow, gain/loss, and return projection models for assigned investments and managers.
Data Reconciliation: Reconcile portfolio holdings to Investment Accounting reports and perform data integrity checks across multiple systems, including Clearwater, BNY’s NEXEN, StepStone Omni, Canoe, and Power BI.
Executive Reporting: Prepare quarterly materials for the Group Investment Committee, Board of Directors, and CIO.
Investment Reporting: Update and enhance reports built in Power BI and Excel.
Fund Setup and Transfers: Coordinate with custodians and vendors on fund setup; ensure all funds are reflected in upstream systems in a timely manner; and work with vendors and counterparties to transfer holdings between accounts and legal entities.
Ad Hoc Projects

Deliver additional analysis and special projects on an ad hoc basis as business needs dictate.

What you will bring:

A minimum of 2–4 years of experience in an institutional investment role focused on the due diligence, monitoring, and reporting of external managers, with an emphasis on the alternative strategies noted above.
Experience within an insurance company environment—such as an investment general account, CIO office, or insurance asset manager—is strongly preferred.
Experience screening, conducting due diligence on, and monitoring external alternative funds and managers is required.
Bachelor’s degree required; master’s degree preferred.
Progress toward the CFA and/or CAIA designation is preferred.
Understanding of non-core and alternative asset classes, including private credit, private equity, real estate, infrastructure, hedge funds, public equity, CLO equity, and high yield.
Solid understanding of statistical concepts, methods, and models and their application to investment analysis.
Knowledge of performance measurement, attribution, and benchmark construction.
Knowledge of alternative investment performance measures and metrics, including TVPI, DPI, IRR, TWR, unfunded commitments, and exposure.
General understanding of investment management, strategic and tactical asset allocation, and capital markets.
Proficiency in Excel modeling and the quantitative skills required for asset modeling, performance attribution, and reporting.
Strong skills in PowerPoint, Word, and Bloomberg, with familiarity with StepStone Omni, MSCI Private I, or similar alternative investment platforms.
Ability to manipulate large data sets and translate them into actionable insights using Excel (including pivot tables) and/or Power BI.
Ability to develop new portfolio and investment results exhibits that are clear, concise, and easily digestible for senior management and other decision-makers.
Strong written and verbal communication skills.
Strong ability to collaborate effectively across functional areas.