Director of Portfolio Management
Company: The Kresge Foundation
Location: Troy, MI
Job Function: Other
Background
The Kresge Foundation is one of the top 20 private philanthropic foundations in the United States and the only one focused exclusively on expanding opportunities for people with low income in American cities. With an endowment of approximately $4 billion and a staff of over 100 employees, the foundation deploys grants and social investments across arts and culture, education, environment, health, human services, and community development. The foundation’s state-of-the-art headquarters maintains an array of energy-efficient, water- conserving and health-promoting systems. The foundation also operates an office in Detroit’s Midtown district.
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Summary
The Director of Portfolio Management oversees the team managing an existing portfolio of 100+ program related investments held by the foundation in furtherance of its charitable purpose. The team includes a portfolio manager and portfolio analyst who, working closely with the Director, tracking and monitor these investments, managing and projecting cashflow, distilling lessons, anticipating and mitigating problems, and working with individual investees to support investment objectives and investee development.
The Social Investment team at the Foundation prides itself on being committed to impact first. Through their investments, they focus on improving conditions in underserved communities as well as building the capacity of organizations that serve those communities. There is a deep commitment to flexibility in order to meet these goals and the result is an extremely diverse and complex portfolio of investments. This is an exciting opportunity for an experienced financial professional who is excited about that variety, and passionate about the mission, to have deep impact across the country by focusing on the stability and sustainability of the existing portfolio.
Responsibilities
- Provide overall portfolio management of the SIP PRI portfolio, including direct investments, managed funds, guarantees, and many other “impact first” non-traditional investments.
- Maintain primary responsibility for workouts and troubled assets.
- Cultivate talent and provide day-to-day supervision of the portfolio management staff.
- Work with the Finance and Investments team to accurately forecast cash receipts and disbursements.
- Develop sophisticated portfolio management tools to quantify and monitor risk within the portfolio.
- Lead the buildout of new processes and recommend systems and technological improvements to improve management of the portfolio where needed.
- Generate and oversee the creation of monthly and quarterly reports and present relevant material to the executive team and board committee.
- Work with the Managing Director of SIP to develop and monitor Objectives and Key Results.
- Work with external partners to explore monetizing specific assets within the portfolio.
- Work with legal counsel to review and support portfolio activities.
- Be a central point of contact for many investee partners.
- Work with internal stakeholders to design and implement an SI Analyst program.
- Work with investees to unwind and exit existing SI transactions.
- Mentor and train junior staff.
- Represent SIP at external convenings, media events, and industry conferences.
- Maintain a strong working relationship with colleagues in Finance, Investments and Grants Management to ensure good internal controls and all necessary information is available to meet internal communication needs.
Requirements
- Bachelor’s degree in business, nonprofit management, policy, finance, accounting, or related field
- Ten to fifteen years’ experience in philanthropy, portfolio management, commercial banking, or community development finance.
- Experience in program related investing, preferred.
- A strong track record of portfolio management.
- Experience in managing troubled assets, particularly around program goals.
- Demonstrated mission-driven professional who can balance the needs of professional portfolio management with empathy, compassion, and a commitment to our investees’ success.
- A demonstrated commitment to social impact and community development.
- Extensive experience in the nonprofit sector, philanthropy, and/or portfolio management.
- Demonstrated skills in financial forecasting, cash-flow management, portfolio management, financial modeling, policy and procedure development, and leadership.
- Highly developed relationship building skills to partner successfully with external partners and the internal operational teams.
- Ability to combine a high attention to detail with emotional intelligence to successfully support and lead members of the portfolio management team.
- Strong written and oral presentation skills to effectively communicate with a variety of internal and external stakeholders, including executive team members and board members.
Compensation and Benefits
The annual starting salary for this position is $186,413. Individual offers will be based on the candidate’s years of experience and our practice of upholding salary equity within the foundation.