Head of Private Asset Operations (Portfolio Manager)

Job Description and Duties This position is eligible for incentive compensation and has a maximum incentive opportunity of 125% of base salary. The CalSTRS Investments Branch is seeking an experienced individual to work as a Portfolio Manager on the Investment Operations team. Investment Operations is critical to the execution, oversight, and safeguarding of the total fund. The team supports the full investment lifecycle—from portfolio onboarding through trade execution, cash management, and reporting-while maintaining robust control frameworks. Through strong partnerships and a focus on scalable solutions, Investment Operations helps drive efficient execution, supports new and evolving strategies, and mitigates operational and custodial risk across a global portfolio.. Under the general direction of the Senior Head of Investment Operations and Services, the Portfolio Manager (PM) for Private Asset Operations provides leadership, subject matter expertise, operational oversight, and cross-functional coordination to ensure high-quality, risk-aware execution of CalSTRS’ private asset investment strategies. The PM supports scalable growth in private markets by strengthening governance, enhancing operational workflows, and ensuring private asset strategies are fully integrated with CalSTRS’ trading, analytics, risk, valuation, and reporting platforms. The ideal candidate will possess the following skills: • Deep understanding of private equity, private credit, real estate, infrastructure, hedge funds, and other private market structures. • Experience overseeing and executing daily private asset operations teams who are executing capital calls, distributions, settlements, asset transfers, transitions, and complex private asset transactions with high accuracy and control. • Strong valuation governance and fair-value oversight capability. Knowledge of valuation governance, including fair value methodologies, pricing exception protocols, manager-reported inputs, and valuation committee standards. • Ability to manage private market transaction execution and knowledge of operational techniques related to institutional investment private asset portfolios, including design and construction of private asset vehicles, due diligence, negotiation and closure, monitoring, reporting restructuring, and exiting. • Exceptional communication and executive reporting skills. Ability to lead strategic modernization initiatives and knowledge of best practice project management principles and methodologies. • Proven ability to establish and refine operational processes, ensuring they are repeatable, scalable, risk-aware, and aligned with operational risk frameworks. • Knowledge of private asset operational processes and controls, trading and portfolio management platforms, modernized systems, and data tools (i.e. Canoe, Colmore (FAIR/eFront), State Street or other custody/ABOR systems, Bloomberg, BlackRock Aladdin, and other investment operations tools). Strong Excel and data analysis and reporting capabilities. • Strong communicator with the ability to represent the organization externally and present complex topics to senior leadership and cross-functional teams. • Ability to maintain accuracy in a high-volume risk environment. • Knowledge of investment principles and practices, investment types and markets. • Experienced leader skilled in hiring, mentoring, performance management, and developing high-performing investment teams and resourcing plans. • Strong interpersonal and mentoring skills and ability to promote teamwork, cross-functional collaboration, and communication. • Ability to maintain accuracy in a high-volume risk environment. • Experience working with various levels of staff including executives. An incumbent who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or Chartered Alternative Investment Analyst (CAIA) may receive a 5% monthly base paydifferential. Only one 5% base pay differential is eligible regardless of the number of certifications. Every 12 months, based on performance evaluation, employees may receive a 5% salary increase until they reach the maximum salary for the position. Relocation benefits may be available. Does this opportunity seem right for you? If so, see the Application Instructions section below and apply now. You will find additional information about the job in the Duty Statement. Special Requirements Statement of Qualifications Interested individuals must submit a Statement of Qualifications (SOQ) in addition to the standard state application (form STD 678). Your SOQ will be considered the first interview for this position. If your qualifications are competitive, you will be invited to an interview. When completing the SOQ, please include all relevant experience, education, and training, as applicable, and explain all answers thoroughly. Your SOQ should not exceed three pages, single-spaced, 12-point font and address the following questions. • Describe your experience managing daily private asset operations including capital calls, distributions, settlements, transitions, asset transfers, and complex private asset transactions. Include how you ensure accuracy in a high-volume risk environment and provide examples where you built or improved repeatable, scalable, and risk-aware operational processes. • Describe your experience with private market asset classes (please list all types) and valuation governance. Explain your role and include specific examples demonstrating your knowledge of fair value methodologies, pricing exception protocols, manager reported inputs and valuation committee standards. • Provide examples of strategic initiatives you have led—such as operational modernization, process redesign, system/platform implementation, or organizational transformation.Highlight your communication approach, experience representing your organization externally, and ability to collaborate effectively with executives and cross-functional teams.Include examples of hiring, mentoring, building high-performing teams, and developing staff capabilities. • Discuss how you leverage data analysis, reporting, and technology to enhance operational oversight.Provide an example of a time when you prepared reporting or materials for executives, a board, or senior leadership. Include how you ensured accuracy, clarity, and alignment with strategic priorities. Explain any frameworks or techniques you used to translate complex valuation or operational information into clear insights. • Describe your experience with private asset operational systems, platforms and data. Exam This position requires a current Portfolio Manager examination. If you need to take the examination or if your score has expired, click here to gain list eligibility. CalSTRS Personal Trading Program Investment Branch employees are required to participate in the CalSTRS Personal Trading Program which allows CalSTRS to monitor employees’ personal trading transactions in order to reduce risks associated with insider trading, front running, and misusing material non-public information. Upon accepting a position within the Investment Branch, you will be required to disclose your personal broker account information and be required to utilize a personal broker from a designated list as provided by CalSTRS. Background Investigation Prior to employment with CalSTRS, a background investigation (BI) will be conducted. The BI consists of a Personal History Statement and fingerprinting through the Department of Justice. The BI will check criminal and civil records and, if applicable, verify education and check driving records. CalSTRS Disclosure Requirements This position may be subject to disclosure and disqualification requirements concerning economic conflict of interest in government work, including the Conflict of Interest Code that applies to CalSTRS team members and the Political Reform Act, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700). Incompatible Activities This position is subject to the provisions of Government Code Section 19990. Upon accepting a position at CalSTRS, you will also be required to comply with the CalSTRS Incompatible Activities Policy by ensuring that outside work or activities are compatible and align with your professional activities or workplace obligations.