Managing Director - Venture Capital and Co-Investment Program MANAGING DIRECTOR II MSRP

Maryland State Retirement Agency is the administrator of the Maryland State Retirement and Pension System (“System”), a defined benefit retirement system covering governmental employees within the State of Maryland. The System comprises twelve separate retirement and pension systems with over 50 different rule sets, serving over 430,000 participants, including active members, payees, and vested members. Located in Baltimore’s Central Business District, the agency offers a purpose-driven workplace with modern amenities such as panoramic city and harbor views, renovated common areas, upgraded elevators, and an on-site café.

About the role

The Managing Director - Venture Capital and Co-Investment works directly with the Board of Trustees, Investment Committee, Executive Director, Chief Investment Officer, Deputy Chief Investment Officers, external consultants, external managers, and others to develop, implement, and maintain broad investment policies established by the Board of Trustees. This position reports to the Deputy Chief Investment Officer – Private Markets and oversees a professional staff of four individuals.

Responsibilities

• Lead a team of investment professionals responsible for meeting the risk and return objectives of venture capital and private equity co-investments.
• Establish overall strategic investment program management goals, standards, and controls to meet asset class and total fund objectives.
• Recommend and assist with determining appropriate benchmarks, indices, and guidelines for evaluating investment performance.
• Forecast market changes based on economic and industry analyses.
• Provide direct leadership, oversight, management, and career development of professional investment staff.
• Oversee and manage external venture capital managers, consultants, and others regarding the investment program.
• Ensure the integrity of the established investment framework, policies, and procedures while maintaining awareness of applicable rules, laws, regulations, and compliance controls.
• Identify potential areas of vulnerability and risk, develop and implement corrective action plans, and provide guidance on mitigation.
• Provide guidance, input, and recommendations for investment strategies and projected strengths and weaknesses of investment approaches.
• Serve as an independent reviewer and evaluator to ensure investment issues and concerns are appropriately monitored, evaluated, investigated, resolved, and communicated.
• Design and develop quantitative and analytic models and tools to identify attractive venture capital and co-investment strategies and monitor and mitigate associated risks.
• Gather data, analyze results, and communicate performance outcomes.
• Manage the due diligence process for investing in venture capital managers and private market co-investments, making investment recommendations to the Chief Investment Officer.
• Establish program goals, standards, and controls for venture capital and private equity co-investments.
• Oversee investment professionals and financial resources of the investment management program.
• Monitor and manage relationships with external venture capital investment managers and private equity co-investments.
• Identify investment opportunities and lead the due diligence process by participating in meetings, reviewing portfolio holdings and strategies, and analyzing performance.
• Represent the Agency before senior managers, external investment managers, consultants, and others concerning performance relative to objectives.
• Develop strategic plans for portfolio construction based on macroeconomic analysis and thematic investment views.
• Perform other duties related to investment strategy, risk mitigation, and division management as reasonably expected.

Requirements

• Four-year degree from an accredited college in Science, Economics, Finance, Accounting, Business Administration, Public Administration, or similar fields of study.
• Eight years of professional investment experience, including portfolio construction and investment decision-making.

Qualifications

• Supervisory experience of one or more individuals.
• CFA, CAIA, or FRM designation.
• Ten years or more of progressive responsibility in investments related to real estate, infrastructure, and natural resources.
• Experience working within a Total Portfolio Approach framework.
• Knowledge of best practices to promote and maintain an equal employment opportunity work environment in compliance with applicable laws, rules, and regulations.

Special Requirements

• A resume and cover letter are required with your application.
• For education obtained outside the U.S., a copy of the equivalent American education as determined by a foreign credential evaluation service must accompany the application.
• Due to the confidential nature of the work, selected candidates must undergo and pass a background and credit check.

Benefits

• Hybrid teleworking.
• Paid holidays (12-13 per year).
• Generous paid leave package (annual, sick, personal, and compensatory leave).
• State Pension ("defined benefit" plan).
• Tax-deferred supplemental retirement savings plans (401(k) and 457).
• Comprehensive, subsidized health, dental, and prescription plans with little to no deductibles, free generic prescriptions, and free preventative health services.
• Flexible Spending Account plans for Health Care and Daycare.
• State Employees Credit Union.
• On-site fitness center with showers and lockers.
• 24/7 building security.
• Easy access to restaurants, shops, public transit, and major highways.