Address
Form of workUnder direction of the Investment Director (ID), Private Debt, the Investment Manager (IM) will assist in the management of the CalPERS Enhanced Return Portfolio and will be responsible for the day-to-day implementation and execution of investment strategies to ensure the portfolio achieves the highest strategic return while maintaining the appropriate risk objectives. The IM will maintain a positive team management approach while demonstrating CalPERS' Core Values of Quality, Respect, Integrity, Openness, Accountability, and Balance in accordance with personal work ethic and in alignment with CalPERS Investment Beliefs.
Duties include but are not limited to:
- Direct the day-to-day implementation of investment strategies and policies within the CalPERS Private Debt portfolios to ensure investments earn the highest rate of return at strategically targeted risk levels.
- Lead teams for evaluating and underwriting private debt comingled funds, separate accounts and co-investments with Investment Managers and performing analyses to determine the appropriate sector allocations for the CalPERS Private Debt (PD).
- Lead contract negotiations governing the investment including but not limited to term sheets, limited partnership agreements, and side letters.
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You will find additional information about the job in the Duty Statement .
Minimum Requirements You will find the Minimum Requirements in the Class Specification.
- INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM
- Job Application Package Checklist
- Duty Statement
Position Details Job Code #:
JC-411219
Position #(s):
275-650-4637-011
Working Title:
Investment Manager Underwriting
Classification:
INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM $15,250.00 - $25,416.67
This position is eligible for annual and long-term incentive awards. The annual incentive opportunity is 0-75% of salary and is based on the level of achievement against several quantitative and qualitative measures. The long-term incentive program provides an additional opportunity of 50% of base salary beginning after five years and when absolute total fund returns meet or exceed board-approved thresholds.
# of Positions:
1
Work Location:
Sacramento County
Telework:
Hybrid
Job Type:
Permanent, Full Time
Department Information California Public Employees' Retirement System (CalPERS) is a global institutional investor and the nation's largest public pension fund, with assets of approximately $481.31 billion as of January 8, 2024. Headquartered in downtown Sacramento, we are a destination employer with an international reputation for leadership and innovation. At CalPERS, we're committed to people - the people we serve, our team members, and the larger community around us. CalPERS is situated near the Napa Valley, San Francisco, Lake Tahoe, and other desirable destinations, and we offer competitive benefit packages, compensation, and opportunities for advancement. Our people are deeply committed to our Mission & Vision and their decisions and actions are guided by our Investment Beliefs .
If you are interested in becoming part of a diverse and inclusive workforce where talent, experience, and expertise are valued, CalPERS invites you to apply for this employment opportunity. To find out more about our Diversity, Equity, and Inclusion efforts, visit our website !
To take a look at CalPERS as a destination employer, view this YouTube video .
Special Requirements Recruitment Process
An executive search firm will be assisting in the recruitment process for this position. Your application package will be forwarded to their team for consideration.
Minimum Qualifications
All experience and education relating to the Minimum Qualifications (MQs) listed on the Classification Specification should be included in your application package to clearly demonstrate how you meet the MQs for this position. The Classification Specification is located on this Job Posting under "Minimum Requirements."
Please Note: You may need to pass an examination to establish list eligibility prior to any type of job offer. To find and take an exam, visit the CalHR's CalCareers website .
Application Instructions
Dates printed on Mobile Bar Codes, such as the Quick Response (QR) Codes available at the USPS, are not considered Postmark dates for the purpose of determining timely filing of an application.
Final Filing Date: Until Filled
Who May Apply
Individuals who are currently in the classification, eligible for lateral transfer, eligible for reinstatement, have list eligibility, are in the process of obtaining list eligibility, or have SROA and/or Surplus eligibility (please attach your letter, if available). SROA and Surplus candidates are given priority; therefore, individuals with other eligibility may be considered in the event no SROA or Surplus candidates apply.
Applications will be screened and only the most qualified applicants will be selected to move forward in the selection process. Applicants must meet the Minimum Qualifications stated in the Classification Specification(s).
How To Apply
Complete Application Packages (including your Examination/Employment Application (STD 678) and applicable or required documents) must be submitted to apply for this Job Posting. Application Packages may be submitted electronically through your CalCareer Account at www.CalCareers.ca.gov. When submitting your application in hard copy, a completed copy of the Application Package listing must be included. If you choose to not apply electronically, a hard copy application package may be submitted through an alternative method listed below:
Address for Mailing Application Packages
You may submit your application and any applicable or required documents to:
Public Employees Retirement System
Attn: JC-411219/KC
Human Resources Division, Recruitment
P. O. Box 942718
Sacramento , CA 94229-2718
Address for Drop-Off Application Packages
You may drop off your application and any applicable or required documents at:
Public Employees Retirement System
HRSD, EIR JC-411219/KC
400 Q Street, Lincoln Plaza North
1st floor drop box by security desk
Sacramento , CA 95811
08:00 AM - 05:00 PM
Required Application Package Documents
The following items are required to be submitted with your application. Applicants who do not submit the required items timely may not be considered for this job:
- Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at www.CalCareers.ca.gov. All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.
- Resume is optional. It may be included, but is not required.
Desirable Qualifications In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:
- At least 7 years of investment experience which may include security analysis, trading, structuring, negotiation or advisory.
- Strong analytical leader with the ability to successfully execute investment strategies.
- Has the necessary technical expertise and credit background.
- Ability to think through situations and underwrite what is put in front of them.
- Is flexible - willing to do a job outside of their job description.
- Ability to make things defensible is critical; a majority of the Investment Manager's work is inside CalPERS, there will be bureaucracy.
- Process oriented.
- Previous experience in the market doing private credit - not an asset allocator.
- Encourages a positive team approach.
- Is current and will provide guidance on the private debt market trends.
- Experience in private credit, leverage buyouts, high yield or investment grade.
- Excellent written and verbal communication, attention to detail, and organizational skills.
Benefits CalPERS team members are eligible for a number of benefits. Health benefits and leave programs are available for most team members. Benefit eligibility may depend on length of service and collective bargaining agreements.
Some added benefits CalPERS offers include:
- Alternate Work Schedules
- Flexible Work Hours
- Onsite childcare facility
- Onsite fitness center
- Onsite café and nearby restaurants
Contact Information
The Human Resources Contact is available to answer questions regarding the position or application process.
Human Resources Contact:
CalPERS Careers
(916) 795-3065
Careers@calpers.ca.gov
Please direct requests for Reasonable Accommodations to the interview scheduler at the time the interview is being scheduled. You may direct any additional questions regarding Reasonable Accommodations or Equal Employment Opportunity for this position(s) to the Department's EEO Office.
EEO Contact:
CalPERS EEO
(916) 795-3675
EEO@calpers.ca.gov
California Relay Service: 1-800-735-2929 (TTY), 1-800-735-2922 (Voice) TTY is a Telecommunications Device for the Deaf, and is reachable only from phones equipped with a TTY Device.
Additional Information
Live Scan
Candidates not currently employed at CalPERS are required to submit to a criminal history review process utilizing Live Scan fingerprinting.
CalPERS Disclosure Requirements
If employed, you may be subject to rules imposed by Personal Trading Regulations and Conflict of Interest Code that apply to CalPERS team members, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700)
Sponsorship
This position is not eligible for visa sponsorship. Applicants must be authorized to work in the US without the need for a visa sponsorship now or in the future.
Background Investigation
In addition to Live Scan, this position requires additional background screening prior to employment.
Surety Bond
Must be able to qualify for a Surety Bond.
Please do not include any confidential information on any documents in your application package. Confidential information that should be excluded or removed from these documents include, but is not limited to, your social security number, date of birth, marital status, personal photos, a copy of your driver's license, equal employment opportunity data, examination scores, and LEAP status.
Equal Opportunity Employer
The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.
It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.
