Portfolio Manager, Fund of Funds

About the role

Equi is seeking a high-trajectory investment professional with a genuine passion for investing who wants to develop alongside a rapidly growing firm building differentiated products in the alternatives space. You will report directly to the Chief Investment Officer and serve in a leadership role on the Investment Committee.

Responsibilities

• Lead comprehensive due diligence on hedge funds, hybrid strategies, and private credit managers—evaluating investment edge, team quality, risk management, and operational infrastructure
• Source proprietary deal flow through industry relationships and systematic market mapping
• Develop and present investment recommendations to the CIO and Investment Committee with clear thesis articulation and risk assessment
• Build and refine data-driven frameworks for manager evaluation and selection
• Maintain and refine risk frameworks, factor exposure analysis, and concentration monitoring across the fund of funds
• Design and execute stress testing scenarios including liquidity stress tests, market drawdown simulations, and correlation breakdown analysis
• Manage gate risk and redemption queue scenarios—modeling portfolio liquidity under stress conditions and maintaining appropriate liquidity buffers
• Build and maintain risk dashboards including performance attribution, drawdown analysis, and exposure reporting
• Manage liquidity across a complex structure of pooled funds, SMAs, and swap exposures—each with distinct redemption terms, notice periods, and operational requirements
• Track and forecast cash positioning across fund structures, ensuring redemption capacity aligns with investor terms and subscription/redemption cycles
• Coordinate with fund administrators, custodians, and swap counterparties on operational execution
• Manage and mentor a junior quant researcher—setting priorities, directing analytical projects, and developing their capabilities
• Define research agenda and delegate quantitative analysis, data projects, and manager screening tasks
• Build team processes and infrastructure as the investment team scales
• Serve as a member of the Investment Committee, contributing to portfolio construction, manager sizing, strategy allocation, and risk budgeting decisions
• Develop capital allocation recommendations and flag rebalancing considerations based on evolving conviction levels and portfolio needs
• Partner with the CIO on vehicle selection decisions—evaluating trade-offs between pooled funds, SMAs, and swaps based on liquidity needs, transparency requirements, and fee structures
• Collaborate with product and engineering on proprietary tools for portfolio management, risk analytics, and liquidity forecasting
• Collaborate with legal and compliance on governance frameworks for manager relationships and investment vehicles
• Support sales and client-facing teams with investment insights, risk reporting, and due diligence materials
• Represent the firm with managers, allocators, and industry stakeholders
• Contribute to new product development initiatives as the platform expands

Requirements

• 5+ years of experience in hedge fund allocation, either as an allocator (fund of funds, endowment, pension, family office) or in a senior advisory/consulting role
• Track record of successful manager evaluation and investment recommendations
• Deep understanding of hedge fund strategies, fund structures, liquidity terms, and operational requirements across pooled vehicles, SMAs, and swap structures
• Strong liquidity management experience—understanding of fund-level redemption terms, notice periods, gates, lock-ups, and how to construct portfolios that balance return optimization with liquidity needs
• Experience with portfolio risk management including stress testing methodologies, scenario analysis, and managing through periods of market stress or fund-level gates
• Investment operations knowledge including subscription/redemption processes, NAV reconciliation, capital call management, and coordination with fund administrators and custodians
• Experience with portfolio analytics, factor analysis, and performance attribution
• Prior experience managing or mentoring junior team members
• Strong AI proficiency, ability to leverage AI tools to enhance research, analysis, and workflow efficiency
• Strong analytical capabilities and ability to synthesize complex information into actionable recommendations
• Excellent communication skills, able to articulate investment theses and risk considerations clearly to both sophisticated investors and internal stakeholders
• Genuine passion for investing and markets—intellectually curious, always learning, and deeply engaged with investment ideas
• Master's degree in Finance, Economics, or related quantitative field preferred
• CFA or CAIA designation a plus
• Trading experience a plus, particularly for management of portable alpha or overlay strategies
• Strong technology aptitude; coding or data analysis experience a plus