The WSIB's Real Estate program differs from those of most other institutional investors, as investments are primarily made through ownership of operating companies. These companies acquire, develop, and manage properties, with a focus on long-term income generation. The WSIB takes a multi-cycle strategic view, with most investments targeting hold periods of 15 years or longer. The portfolio has a true global focus, with active investments in more than 25 countries, including emerging markets.
About The Opportunity:
The primary role of the IO is to work with rest of the real estate team to oversee investment partnerships on behalf of the WSIB. This position may participate in a variety of activities including, but not limited to:
Managing a sub-portfolio of investment relationships.
Completing ongoing due diligence of existing relationships.
Leading and strengthening positive relationships with senior management of portfolio companies.
Providing strategic direction to investment partners.
Carrying out due diligence and underwriting of potential new company-level investments.
Providing feedback and input related to the overall strategic direction and needs of the real estate portfolio.
In all cases, team members are actively involved with the portfolio's investments; our approach is hands-on and it is expected that real estate team members spend a significant amount of time on the ground with our local investment partners. Availability for frequent business travel is required, including internationally, as this is an actively managed portfolio which includes a significant non-U.S. component. Candidates may expect to travel as much as 50% of the time.
Oversight of real estate partnership investments, which are primarily structured as controlling interests of operating companies. This oversight includes:
Maintaining awareness of the performance of the holdings of each partner relationship assigned, through constant communication and regular onsite reviews.
Building and maintaining positive communication and relationships with the management teams of the partnerships assigned.
Working with senior management teams of assigned relationships to provide strategic direction.
Involvement in the annual business planning/budget process of investment partners.
Maintaining a constant dialogue with investment partners regarding strategic, financial, operational, and other matters in a timely manner.
Review proposed real estate partnership investments and recommend the pursuit or rejection thereof. This process may include strategy overview, market underwriting, key meetings with potential partners' senior management, document review, company background research, risk and financial structure analysis, on-site due diligence, meetings with legal and tax professionals, etc. Prepare and present recommendations based on findings and conclusions.
Negotiate key terms and conditions of investment agreements.
Recommend changes to strategies or terms of existing partnerships.
Complete other general market and economic research as necessary. This may include research regarding real estate markets, domestic and international.
Work as part of the real estate team in forming long-term strategic direction.
Bachelor's degree in business, finance, real estate, or economics; AND 5 years of direct and comparable experience in institutional real estate investment management.
While direct and comparable experience is strongly preferred, in lieu of the experience requirement, substitutions may be made as follows:
2 years of full-time institutional-level real estate asset management experience (not property management) may substitute for each year of direct investment experience.
3 years of full-time experience in major commercial real estate lending to institutional real estate borrowers while employed at a national or global lending institution may be substituted for each year of direct investment experience.
2 years of full-time experience in institutional-level private equity investment may be substituted for each year of direct experience (maximum of 3 years total; must still have some relevant real estate experience).
The following may substitute for up to one year in total of the 5 years' experience requirement:
Certification as a Chartered Financial Analyst.
An advanced degree in real estate, finance, economics, or business. Candidates with an appropriate advanced degree may have an undergraduate degree in any discipline.
Experience in underwriting and evaluating management teams involved in commercial real estate investment.
Knowledge of global commercial real estate investment industry trends.
A working knowledge of typical investment capital structures.
Highly-developed skills in negotiating, structuring, and documenting complex partnership agreements.
Knowledge of capital markets and related activities, events, and trends.
Ability to analyze and summarize financial, economic, statistical, legal, demographic, accounting, market, and other relevant data.
Strong risk assessment skills.
Excellent written and oral communication skills, as written reports and oral presentations are an integral part of the responsibilities of the position.
Highly important is considerable familiarity with global economic and demographic trends, and with world geography and geopolitics.
PLEASE NOTE: Experience in the areas of property management, leasing, brokerage/sales, local banking, residential mortgage origination or servicing, and securities sales will not contribute towards any of the above experience requirements.
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Failure to follow the application instructions below may lead to disqualification.
A complete profile with compensation history included.
A cover letter clearly specifying why this position is of interest to you, and how you meet the qualifications listed above.
The Washington State Investment Board invests and manages entrusted funds in a manner consistent with statute, regulations, Board policies, and the highest standard of professional conduct for the exclusive benefit of the fund beneficiaries.
Opportunities for training, growth and advancement
Paid membership in professional organizations
A comprehensive benefits package; including health, dental, life and long-term disability insurance, vacation, sick, military and civil leave, 11 paid holidays per year
Seattle-area public transport pass
Membership in the Public Employees' Retirement System
Opportunities to participate in the Deferred Compensation and Dependent Care Assistance Programs.
The real estate team is in downtown Seattle, while the WSIB's headquarters are located in Olympia, an hour-and-a-half drive south.
Prior to a new hire, a background check including criminal record history will be conducted. Information from the background check will not necessarily preclude employment but will be considered in determining applicant's suitability and competence to perform in the position.
The Washington State Investment Board is an equal opportunity employer. Women, racial and ethnic minorities, persons of disability, persons over 40 years of age, and disabled and Vietnam era veterans are encouraged to apply. Persons of disability needing assistance in the application process, or those needing this announcement in an alternative format, please contact Mary Hougan, Human Resources Consultant at (360) 956-4716 or via email to firstname.lastname@example.org.
Internal Number: 5502410
About Washington State Investment Board
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