Vice President, Co-Investments

Company: Korn Ferry
Location: Sacramento
Posted on: June 24, 2022

Job Description:

DescriptionOur client manages an $40 billion Private Equity Program in the San Francisco Area. Over the past several years, the team has committed approximately $8 billion per annum to private equity across partnerships, secondaries, and co-investments. The Private Equity team has been focused in recent years on significantly increasing the size of its portfolio while at the same time increasing the percentage allocated to co-investments. This evolution is driven by the principles of the team, which is focused on reducing fees and the associated drag on investment returns and managing more capital in-house.To help bolster its co-investment activity, the team seeks to recruit a Principal / Vice President to support the Portfolio Managers of Direct Investments on all investment activity. Key responsibilities will include execution of transactions, portfolio monitoring and oversight, performance measurement, assisting in the development of a comprehensive strategy for the co-investment program, and supervising and mentoring staff. Additional details around these responsibilities are described below but not limited to the following:

• Transaction Management & Portfolio Oversight: Perform due diligence and underwriting on all co-investments and other transaction types (partnerships, secondaries, strategic relationships, special situations, etc.) assessing past and projected financial performance, quality of management teams, investment merits and risks, expected returns, and market attractiveness. Continuously evaluate and improve the investment due diligence and approval process to meet the abbreviated timelines of co-investment transactions (primary and secondary). Set objectives and performance standards to weigh the overall soundness of investment theses and risks to determine if investment characteristics fit for the portfolio requirements. Assist in co-investment sourcing (primary and secondary) from private asset investment managers (both existing and potential) to find investment opportunities with an attractive risk/reward proposition and strong potential for value creation. Build and develop relationships with new and potential investment managers to enhance the team's reputation in the market. Maintain strong relationships with existing investment managers communicating interest in co-investment opportunities. Monitor closed investments and recommend exit timing and strategies with senior Private Equity professionals. Review, recommend, and implement appropriate action with respect to amendments or other legal matters affecting specific investments while informing senior private equity professionals of important events and/or transactions pertinent to those investments. Lead co-investment activities with independent fiduciaries, the Private Equity Board Consultant, and/or the Private Equity Program Advisor. Ensure compliance with Private Equity's policies and procedures in conjunction with Private Equity Operations. Collaborate with other asset classes within the Investments Branch to promote collaborative strategies that fit current market opportunities and create new investment strategies. Support legal, and operations to ensure execution of investment transactions, capital calls, and distributions. Participate in the selection and/or hiring of new consultants and advisors. Identify and recruit individuals for the co-investment team.
• Performance Measurement: Provide insights and data supporting how the private equity co-investment portfolio is likely to develop over time, given the current asset mix as well as the projected future opportunity set. Review and analyze program-wide performance quarterly while recommending and implementing program adjustments. Monitor and analyze co-investment portfolio risk including the utilization of a portfolio allocation model that measures vintage year, sector, stage, and investment manager allocation. Benchmark co-investment portfolio performance across various dimensions that include vintage year, sector, strategy against the Private Equity Policy benchmarks Participate in cash flow modeling used to create a new commitment budget for the annual capital allocation process. Reassess individual investments and their fit into the overall private equity portfolio from a portfolio construction and performance expectation perspective. Contribute to the continuous refinement, improvement and overhaul of program-wide procedures, practices, templates, etc.
• Program Strategy: Assist in the development of a comprehensive strategy for the co-investment program (primary and secondary) in order to determine the optimal portfolio structure that meets or exceeds the total return objectives of the Private Equity program. Map the universe of co-investment opportunities (primary and secondary) to identify additional themes and areas where the team can invest and leverage its strengths. Support Portfolio Managers in the development of program-wide strategies, policy modifications, and individual investments (new or existing) for presentation to a variety of stakeholders. Contribute to the continuous refinement, improvement and overhaul of program-wide procedures, practices, templates, etc.
• People Management and Supervision: Act as a lead and resource to staff in the execution of co-investment (primary and secondary) transactions and oversee the required portfolio monitoring and management process. Coach, train, and mentor staff.PROFESSIONAL EXPERIENCE/QUALIFICATIONS
  • 5+ years relevant professional experience within private markets, including all aspects of portfolio management, direct investment, investment manager selection, and diligence processes within an institutional environment.
  • Demonstrated investment track record as a direct/co-investment manager and fund investor from a fund-of-funds, endowment, foundation, pension plan or related investment organization.
  • Success investing significant pools of capital across private market asset classes and in-depth knowledge of asset allocation theory and practice, portfolio risk management and investment structuring. Must have in-depth knowledge of private market-based investment strategies (private equity, private credit, venture, secondaries, mezzanine, and distressed).
  • Ability to work with little or no supervision, in line with the intentions of the team's shared objectives.
  • Excellent interpersonal skills; commitment to teamwork; and ability to work with and develop effective relationships across the organization.
  • Strong oral and written communication skills.

Keywords: Korn Ferry, Sacramento , Vice President, Co-Investments, Executive , Sacramento, California