Vice President, Co-Investments
Company: Korn Ferry
Posted on: June 24, 2022
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
- 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
- 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
- Strong oral and written communication skills.
Keywords: Korn Ferry, Sacramento , Vice President, Co-Investments, Executive , Sacramento, California
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