Managing Director, Public Investments

Managing Director, Public Investments

The California Endowment

 

Full Time: Management

 

Los Angeles, CA, US

Oakland, CA, US

San Diego, CA, US

 

12 days agoRequisition ID: 1115

 

Salary Range: $368,000.00 To $450,000.00 Annually

 

The Investment team at The California Endowment is seeking a Managing Director, Public Investor to be a part of a highly motivated and collaborative Investment team co-located in Los Angeles, Oakland, and San Diego (CA).

 

To ensure full consideration, please submit your application by January 31, 2026. Application review will begin shortly thereafter.

 

The California Endowment (The Endowment) is a private, statewide health foundation established in 1996 whose mission is to expand access to affordable, quality health care for underserved individuals and communities and to promote fundamental improvements in the health status of all Californians. We envision a California that leads the nation as a powerful and conscientious voice for wellness, inclusion, and shared prosperity.

 

Headquartered in downtown Los Angeles, the Endowment has regional offices in Sacramento, Oakland, Fresno and San Diego, with staff working throughout the state. We challenge the conventional wisdom that medical settings and individual choices are solely responsible for people’s health. We believe that health happens in neighborhoods, schools, and with prevention.

 

The California Endowment (TCE) resolved to begin a transition to align 100% of its ~$4.0 billion in assets with its mission, also known as going “All In,” while seeking to earn a market rate of return. Given the structure of the existing portfolio, responsibly shifting all the Foundation’s assets toward mission/impact and TCE’s vision will be an ongoing and evolving process across a long-time horizon.  Implementation will require flexibility and practicality, balancing the Foundation’s payout requirement and financial obligations along with the supply of mission/impact investing opportunities, market factors, evolving best practices in the field and status of the Foundation’s assets.

 

The Investment Team is responsible for investing and managing the Endowments portfolio and bringing about the desired alignment with mission.   To support these efforts, all members of the Investment Team are responsible for a set of activities and actions that seek best in class managers that can support the dual objectives of generating market rate returns and mission/impact alignment as defined in TCE’s Investment Policy Statement.

 

Position Summary:

 

Reporting to the Chief Investment Officer (“CIO”), the Managing Director, Public Investments works closely with the CIO and the Investment Leadership Team in managing TCE’s invested assets. The Managing Director (MD) will provide oversight of portfolio strategy and construction, investment selection and monitoring of 3rd party investment managers in public markets, across a range of asset classes, including, but not limited to, public equity, hedge funds, and fixed income. The MD will assist the CIO with risk management as well as leadership of the Investment Team in support of the overall mission of The Endowment.

 

Position Accountabilities:

 

Investment Management:

Investment Sourcing

 

• Work with the CIO in setting investment team strategic priorities

• Lead investment strategy for the public asset classes as well as lead/manage the Public Investments Team

• Develop/guide research projects to define investment opportunities

• Lead the Public Investment Team during all phases of due diligence of existing and potential investment managers

• Lead the Public Team in presenting investment recommendations to the CIO and Investment Department

• Ensure the Public Investment Team keeps abreast of the investment manager landscape by actively networking with investment managers, peers, and consultants as well as through attendance at industry conferences
  

Investment Monitoring

 

• Maintain strong relationships with investment managers as part of the investment monitoring process.

• Manage the process of analyzing investment manager progress in meeting the endowment’s objectives.

• Maintain conviction ratings of investment managers and provide well-reasoned and strategic recommendations to the Investment Department and CIO on portfolio changes
  

Risk Management

 

• Assist the CIO with portfolio level decisions on risk exposures at the asset class, investment manager and/or underlying security level.

• Maintain oversight of public portfolio liquidity, as well as working with the MD of Private Investments, Director of Operations and the CIO in managing liquidity for TCE’s granting and operational needs.

• Assist with the annual asset allocation and governance process.
  

Projects

 

• Assist team members in managing other parts of the endowment portfolio as needed.

• Other projects/duties as assigned
  

Organizational:

 

• Supporting a collaborative environment that allows for team development and input on portfolio decisions

• Managing, developing, and coaching of direct reports as well as co-leadership and mentoring responsibilities across the department with peers

• Work with the Operations Team as part of day-to-day operations and assist with the annual audit process as it pertains to investments.

• Participate in the preparation and presentation of material for Investment & Finance Committee as well as Board of Directors meetings.

• Provide leadership in alignment with TCE’s mission, values as well as tce+ principles

• Modeling support of training initiatives such as Advancing Racial Equity (A.R.E).

 

Desired Knowledge, Qualifications, & Skills:

 

• Prior responsibility for oversight of the selection of 3rd party investment managers.

• At least 10 years of institutional investing experience with an emphasis on investing across public asset classes.

• Demonstrated track record of success in manager selection and asset class strategy/management/implementation.

• Demonstrated experience with building and managing a team.

• Demonstrated experience presenting to stakeholders.

• Prior experience at an endowment or foundation, preferred.

• Ability to travel, domestically and internationally, 50% of the time

 

Minimum Experience:

 

• 12 years of experience managing investments, preferably for an endowment, foundation, or family office.

• Undergraduate degree in business or a related field; CFA, CAIA and/or a master’s degree in a relevant field including but not limited to Business, Finance, Asset Management, Data/Analytics, Environmental Studies, etc. preferred.

• Minimum of 7 years of people management experience.

• Proficiency in leading an investment due diligence process from start to finish.

• Proficiency with investment policy/legal documentation and negotiations.

• Experience collaborating in a multi-disciplinary, diverse and dynamic team environment

• Excellent quantitative aptitude and the ability to think abstractly.

 

Core Competencies:

 

• Accuracy: Identifies and corrects mistakes; does not repeat past mistakes; demonstrates strong attention to detail.

• Problem Solving: Strong analytical skills with the ability to make recommendations and problem solve with sound judgment.

• Adaptability: Self-starter with the ability to nimbly manage competing priorities; effectively and positively embraces and manages change.

• Relationship Management: Ability to establish strong rapport across all levels and manage enterprise-level relationships.

• Leadership: Demonstrates behaviors that align the team in a collective direction, enables them to work together and accomplish shared goals, as well as helping them to adjust to changing environments.

• Process Management: Driven by results but focused on improving processes and efficiency.

• Team Orientation: Comfortable taking direction and often taking the lead; receptive to feedback.

• Communication: Demonstrates clear, thoughtful, and thorough verbal and written skills; professional and diplomatic demeanor.

 

Salary Range:

 

Target Hiring Range: $368,000 - $450,000 base+ Incentive Eligible

 

Full Hiring Range: $368,000 - $520,000 base + Incentive Eligible

 

TCE Benefits and Perks

 

• Shared medical and dental premiums for employees and eligible dependents

• 100% employer-paid benefits: vision, life and AD&D, STD, LTD and employee assistance program

• Health Care and Dependent Care Flexible Spending Accounts

• Reimbursement towards gym fees and/or wellness program and mental health care

• 9-80 schedule with synchronized off days

• Hybrid work schedule available for most positions

• 11 paid holidays + paid winter holiday closure

• Generous paid time off (PTO)

• 401k plan with generous employer match and contributions

• Matching gifts program

• Paid parking or public transportation subsidy

• Professional development and training opportunities

• Tuition Reimbursement Program

• Monthly BYOD stipend

 

The California Endowment’s goal is to hire qualified staff reflecting the rich diversity of all Californians.  We are proud to be an equal opportunity employer committed to advancing health and racial equity in California.  We are committed to creating a work environment in which all individuals are valued and respected.  We encourage applicants from diverse backgrounds. We define diversity in broad terms to include race, ethnicity, age, gender, religion, sexual orientation, gender identity and expression, disability, geography, socio-economic status, veteran status, and prior criminal history, in accordance with local, state and/or federal laws.

 

If you need a reasonable accommodation to search for a job opening, apply for a position, or participate in the interview process, please connect with us at hrforms@calendow.org and describe the specific accommodation request for a disability-related limitation.