Fund Manager, Catalyst Family of Funds
ABOUT THE ORGANIZATION:
Founded in 1991, Living Cities is a collaborative of prominent foundations and financial institutions. We foster transformational relationships across sectors and connect leaders, stakeholders, and policy influencers committed to closing racial income and wealth gaps in America’s cities. We partner with cross-sector leaders in cities across the country to imagine and create an America in which all people are economically secure, building wealth, and living abundant, dignified, and connected lives. Our staff, investments, convenings, and networks support efforts that operationalize racial equity and inclusion in local government, create inclusive narratives, bring communities together to strategically address systemic racial inequities and build wealth among BIPOC communities through specific tactical pathways, i.e., entrepreneurship, homeownership, and access to capital.
About the Position:
One of Living Cities’ key areas of work is Capital for the New Majority (CNM). Functionally, CNM consists of a field-building strategy, as well as two impact investment funds. As an impact investment fund, CNM seeks to drive more capital and resources to entrepreneurs and fund managers of color in order to close the racial income and wealth gaps.
Living Cities recently received substantial funding from the Kauffman Foundation to create a new investment vehicle designed to invest in fund managers of color. In 2022, the Capital team will begin raising what is likely to become a $100 million fund of funds.
The Senior Associate, Investments will support the Living Cities’ Catalyst Funds and future investment vehicles by actively managing their portfolio and working with investees through all stages of the financing process, e.g., facilitating the sourcing, closing, post-closing monitoring, disbursement, servicing and reporting of impact of individual investments of the Funds. The Senior Associate, Investments may also act as a technical resource to other staff in the department and will work closely with the team’s analyst to oversee project learning and storytelling efforts.
This is an exciting opportunity for an adaptive and detail-oriented individual who wants to work on a collaborative team and is deeply committed to using capital to create better outcomes for founders of color.
Primary functions may include:
- Investment underwriting:
- Manage the underwriting function including all aspects of investee due diligence
- Assist in sourcing and deal origination of primary partnership investments, secondary transactions, and direct investments
- Help prepare investment memoranda and recommendations
- Analyze investee financials and provide historical analysis of strengths and weaknesses to assess capacity for new investment. Focus on the “why” behind the #s and identify areas that need clarification and further explanation from investee
- Analyze budgets, test assumptions behind cash flow projections, and create appropriate deal-specific sensitizations and scenarios that stress test potential investment performance
- Perform analysis of investee operations, programs, management, and evaluate historical and projected social impact
- Perform thorough risk assessment, using both organizational and environmental factors. Identify potential risks/mitigants. Assess likelihood of repayment sources
- Proactively flag risks, raise issues and propose possible solutions
- Prepare due diligence questions for investees and, if relevant, investment partners, throughout underwriting. Incorporate responses and track additional follow-up as needed
- Make appropriate investment structuring and approval recommendations together with the Fund Manager
- Maintain thorough and organized client documents and underwriting due diligence checklists
- Asset management:
- Monitor compliance with reporting and covenants
- Review/analyze investee financial statements and evaluate organization trends, collateral coverage, and client’s repayment ability, including data entry for financial spreads
- Support in the analysis of historical investment performance, portfolio company performance, financial statements, financial models, and industry research
- Manage investee capital calls and repayments
- Conduct annual risk rating & portfolio reviews
- Identify problem investments, recommend collection strategies and action plans, and assist with negotiation of investment restructurings when necessary
- Handle investee requests for amendments, extensions, etc.
- Analyze investee financials
- Relationship Building:
- Help cultivate and nurture relationships with stakeholders and partners
- Support CNM Team in mapping out both existing and potential relationships that Living Cities needs to activate as part of the third fund development process
- Help manage relationships with investors
- Impact and Learning:
- Support Living Cities goals to synthesize lessons from the process of building a new investment vehicle and share with key decision makers in the fields in which we work (including philanthropy, impact investing, community and mission-driven lending, community economic development, and urban public policy).
REQUIRED EDUCATION & EXPERIENCE:
- A minimum of five to seven years’ applicable experience including: proficiency in project management platforms; experience in fund and portfolio management
- Advanced degree a plus, but not required
- Knowledge of urban policy and the issues affecting communities of color in U.S. cities
- Experience with Office 365, Google Drive, Salesforce a plus
REQUIRED SKILLS & COMPETENCIES:
- High level of organization and attention to detail
- Excellent writing and verbal presentation skills
- Superior interpersonal skills, ability to manage and work in teams, interacting constructively with diverse constituents
- Highly energetic, creative problem solver exhibiting deep commitment and passion for Living Cities’ mission
- Strong analytical skills, combined with demonstrated ability to synthesize and clearly communicate complex issues
- Foundational knowledge of credit and underwriting
- A sense of humor and the ability to collaborate across roles and locations
- Commitment to actively building racial equity competencies (including history and concepts, such as how the construct of race has impacted the distribution of power and resources) and applying these to our work (both what we do and how we do it).
- Foundational knowledge and core concepts related to racial equity and inclusion, with a clear understanding of why racial equity is an integral part of Living Cities’ approach.
- Engages with curiosity, humility and openness in discussions about race, equity and power inside and outside of the organization
- Applies REI to inform discussions and decision-making
This job operates in a professional office environment.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.
While performing this job, the employee must be able to remain in a stationary position at least 50% of the time. Additionally, they may require movement around the office to access files or other equipment. As collaboration and communication is a large part of our work, the employee must also be able to accurately exchange information in these situations, whether virtually or in person.
We will work to provide reasonable accommodations as needed.
This is a full-time position.
Travel is primarily local during the business day, although some out-of-area and overnight travel may be expected.
AAP/EEO POLICY STATEMENT
Living Cities is committed to building a culturally diverse and inclusive team at all levels. We are an equal opportunity employer and provide opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, leaves of absence, compensation and training.
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.