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Managing Director, Impact Investments

Company: Common Future

Location: Remote, Remote

Job Function: Investment

Background

Founded in 2001, Common Future works to close the racial wealth gap. We are building a future where all people—no matter their race and class—have power, choice, and ownership over the economy. Our current economic system does not work for everyone. Generations of Black and Indigenous communities and other communities of color have been and are currently intentionally locked out of wealth and power. Centuries of policies that systematically favor a select few cause persistent economic inequities that hold us all back.
With a multiracial, women-led co-CEO team we are reimagining leadership, prioritizing sustainability, shared leadership and democratic decision making, and reflecting the communities we serve. We are audacious, expansive, and unapologetic thinkers and doers who bring lived experience to the problems we tackle. Our diverse team of strategists, community organizers, financial activists, and policy enthusiasts provides capital, operational support, and strategic partnership to budding solutions addressing racial and economic injustice.
Our culture values include centering equity, being the communities we serve, embracing experimentation, reimagining what’s broken, collectively solving problems, and modeling a new way of working. We strive to be an innovator that prioritizes the well-being of our employees. Read more about us on our Medium page.

Summary

We are seeking a Managing Director  to bring their professional, volunteer, and lived experiences as they lead and manage Community Credit Lab Fund (CCL), Common Future’s impact-first investment fund.
The CCL Fund seeks to provide catalytic lending capital and back office lending support to emerging funds and fund managers that build economic power and ownership in and for communities adversely impacted by economic and racial injustice. The Fund also aims to be an investment model for others in the ecosystem to showcase the type of capital and non-financial resources needed to invest in solutions designing the next economy. Investments from the fund are focused on increasing affordability and accessibility of capital and building power, choice and ownership for Black, Indigenous, and People of Color (BIPOC) communities.
The Managing Director leads the Investments Team at Common Future to steward and grow a portfolio of field defining, equitable programs and investments that shift the flow of capital towards BIPOC communities to build a more equitable financial system. This individual takes an experimental approach to drive awareness of the Fund Mandate’s core ideas and innovations. They will also build on the investment thesis through thought leadership, demonstration projects, knowledge sharing, and influencing the field’s best practices.We are seeking someone who has technical expertise in investment diligence, but also understands the limitations of traditional and alternative financial frameworks and metrics in moving capital to BIPOC communities. This person knows the role of catalytic capital to be a first mover while also being able to creatively quantify the potential unknowns in an investment to enable portfolio management. This individual also has a pulse on the organizations, individuals, and groups that are trying to bring up new innovations that provide affordable capital to people that have too often been extracted and excluded from the traditional financial system.

Responsibilities

Investment Strategy and Fund Management (30%)

  • Work with Co-CEOs to continue to align the CCL Fund Mandate with Common Future’s organizational strategy and priorities.
  • Provide strategic guidance to team members to weigh in on which investments and partnership opportunities to advance, as it aligns with the CCL Fund Mandate and Common Future’s organizational strategy.
  • Work with the Finance Team to manage available capital for investments and investor repayments and inform allowance for loan loss calculations.
  • Use both a portfolio level and individual investment level approach to lead the team in managing active investments and supporting restructuring, as needed.
  • Connect investment partners to non-financial resources and support within and outside of Common Future, as needed.
  • Keep abreast of the latest trends and  developments in the impact investing  field by reading available written resource materials, attending appropriate meetings and workshops, and engaging in other valuable methods to keep the investment strategy at the forefront of the ecosystem

Team Management (30%)

  • Directly manage the Investments Team (3 people currently, 1 Director and 2 Managers).
  • Fiscal management of the Investments Team approved budget.
  • Find and suggest opportunities to develop the professional expertise of Investment Team members.
  • Work collaboratively with the Common Future Investment Operations, Finance, Revenue and Communications Teams.

Thought Leadership, Partnerships, and Influence (15%)

  • Enhance Common Future and CCL Fund’s brands by being active and visible in the community and by working closely with other community partners.
  • Expand strategic partnership opportunities by leading Common Future’s engagement across the social impact investing ecosystem.
  • Expand Common Future’s network by engaging externally and contributing to thought leadership in order to share our viewpoint, research, ideas or case studies.

Fundraising Support (15%)

  • Identify opportunities to engage with funders and investors interested in CCL Fund’s investment products.
  • Participate in funder and investor pre-diligence or diligence calls to provide insight on CCL Fund.

Executive Presence & Governance Support (10%)

  • Engage internally as a leader within the organization in both virtual and in-person settings.
  • Support planning and facilitating Common Future team and relevant sub-team retreats.
  • Provide relevant guidance and support on an ad-hoc basis to team members across the organization.
  • Manage engagement with the CCL Board and/or Investment Committee to bring investment and partnership opportunities forward for approval.
  • Keep the CCL Board informed as to the performance of the CCL Fund.

Requirements

Desired Qualifications

  • 10+ years of experience in social finance, impact investing, investment management or a related field.
  • Deep understanding of the case for impact-first investing and a desire to advance an investment strategy that focuses on shifting power, providing capital at a discount, and using non-traditional methods to increase the accessibility of capital.
  • Proven track record of success in impact investment sourcing, diligence and management.
  • Community economic development leader with an understanding of inclusive entrepreneurship, philanthropy, and/or impact investing.
  • Demonstrated experience building and maintaining relationships with a diverse range of stakeholders across different geographies and subject areas.
  • Exceptional strategic thinking skills around operationalization and execution in complex and ambiguous environments.
  • Strong interpersonal and communication skills; experience in effectively communicating key data, including presentations to senior management and other outside partners.
  • Experience managing remote teams, ideally in a geographically dispersed context, with a high standard of excellence and accountability.
  • Willingness, interest, and capacity to enforce accountability, develop and empower leaders from the bottom up, cultivate a culture of initiative and learning, and understand the strengths and weaknesses of the team so as to position people to succeed.
  • Entrepreneurial style, with enthusiasm for working in a dynamic, fast-paced environment.
Desired competencies for all Common Future team members:
  • Intellectual curiosity
  • Strategic thinking
  • Goal oriented
  • Growth mindset
  • Project management/planning
  • Relationship building towards mutual support and trust
  • Practices emotional intelligence
  • Strong equity and inclusion lens
  • Innovation and experimentation
  • Collaboration and teamwork
  • Flexibility and responsiveness
  • Comfort working in ambiguity

Compensation and Benefits

This is a full-time, exempt position. The salary range is $129,000-$142,000 and commensurate with competence and  experience. Common Future offers a work environment that is committed to the wellbeing and support of our employees. We embrace a human-centered approach to our practices and policies.
Start Date
Our ideal start date for this role is September 4, 2023 with interviews beginning in July. Applications will be evaluated as they arrive and the position will remain open until filled.
Our Commitment
As an Equal Opportunity Employer, Common Future does not discriminate against applicants or employees due to their race, ethnicity, religion, sexual orientation, gender, gender identity, age, physical ability, hairstyle, previous incarceration, or length of time spent unemployed. As an organization, we are committed to reflecting the diverse communities we serve.
Studies have shown that women, trans, non-binary folks, and BIPOC are less likely to apply for jobs unless they believe they meet every single one of the qualifications as described in a job description. We are committed to building a diverse and inclusive organization, and we are most interested in finding the best candidate for the job. That candidate may be one who comes from a background less traditional to our field of work, and that’s okay. We would strongly encourage you to apply, even if you don’t believe you meet every one of the qualifications described.

Benefits

Common Future offers a work environment that is committed to the wellbeing and support of our employees. We embrace a human-centered approach to our practices and policies. We offer a competitive benefits package that includes:
20 days of PTO
18 paid holidays, including a week off in the Spring and Winter*
Ongoing 4 day work week, Monday – Thursday, 32-hour workweek, 80% time at 100% pay
Remote and flexible work options
Fully paid medical, dental, vision for employees. Dependents covered at 75%
Access to a flexible spending account (FSA) for medical and dependent expenses
Paid long term disability and life insurance
16 week paid parental leave pilot continuing in 2023
$500 annual professional development stipend
$500 monthly caregiver stipend in 2023
4% 403b retirement plan contribution after 90 days
One time $800 home office set up stipend for new employees
$150 per month coworking, home office, and cell phone stipend
Annual in-person retreat
And more!
* Employees who cannot take the week between Christmas and New Years off due to workflow can opt to take the week of Thanksgiving off instead.

How to Apply

As an Equal Opportunity Employer, Common Future does not discriminate against applicants or employees due to their race, ethnicity, religion, sexual orientation, gender, gender identity, age, physical ability, hairstyle, previous incarceration, or length of time spent unemployed. As an organization, we are committed to reflecting the diverse communities we serve. Applicants who contribute to this diversity are strongly encouraged to apply.

To apply, please submit your cover letter, resume, salary expectation, and up to 3 references here.

In your cover letter, please answer the following questions with no more than 3-5 sentences or bullet points per question:

  • Why do you want to work at Common Future?
  • How might your experiences, whether lived, worked, or studied, contribute to the mission of Common Future and this role?
  • Anything else you would like us to know.

Our ideal start date for this role is September 4, 2023 with interviews beginning in July. Applications will be evaluated as they arrive and the position will remain open until filled.