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About the Role

The Managing Director – Private Equity is a new senior investment role focused on private markets (buyout, growth, venture, and other strategies) and public markets opportunities. This role requires intellectual rigor, long-term responsibility, and a mission-driven approach to stewarding the Foundation's assets, operating as a leader within the investment team.

Responsibilities

Source, underwrite, and build lasting partnerships with exceptional managers.
Identify and cultivate relationships with credibility among high-quality managers and peer allocators.
Evaluate managers based on investment skill, organizational quality, and alignment.
Act as a capital allocator, understanding the impact of individual decisions on the total portfolio.
Adapt and evolve investment strategies as circumstances change.
Be discerning, saying no to managers the portfolio does not need, re-underwriting existing relationships, and reducing legacy relationships when warranted.
Distill complex strategies into clear, compelling recommendations for the CIO, Investment Committee, and team.
Engage team members constructively and raise the quality of team debate.
Negotiate effectively with managers while maintaining positive relationships.
Represent the Foundation externally with credibility and discretion.
Actively develop investment talent by setting high analytical standards, giving clear feedback, and helping team members build exceptional judgment.
Earn credibility with the CIO, peers, junior team, Investment Committee, and key external partners within the first 12-18 months.
Develop a clear view of the assigned portfolio, identifying priority adds, holds, and divestitures.
Improve private markets underwriting and IC communication.
Expand access to managers in high priority areas.
Build the strategy for the private portfolio.

Requirements

Approximately 15-20 years of investment industry experience.
10-15 years of private market direct or institutional investing experience with demonstrated decision ownership at an endowment, foundation, family office, or OCIO.
Meaningful private markets experience across buyout, growth, venture, and adjacent diversifying strategies.
Deep expertise in one or more private market categories is desired.
Judgment to build conviction in adjacent areas.
Experience managing within a mature, carefully constructed portfolio is a significant advantage.
Meaningful private markets decision-ownership as an institutional allocator.
A track record of sourcing, underwriting, and maintaining high-quality manager relationships.
Strong list of existing relationships.
Sound judgment on sizing, pacing, liquidity, concentration, and opportunity cost.
Strong written and verbal communication with CIO, board, or equivalent audiences.
Credibility with external managers and peer investors.
Ability to mentor and develop direct report(s) and other investment professionals.
Long-term orientation consistent with a foundation's mission and time horizon.
Ability to take a qualitative and quantitative approach.
Experience covering other strategies or asset classes is a plus.
Candidates should not prefer quantity over quality.
Candidates should be comfortable working within a team that shares risk and is communicative around decision-making.
Candidates should be drawn to the mission and work, not just the prestige of the role.

Skills

Intellectual rigor
Judgment
Partnership mindset
Manager evaluation
Capital allocation
Adaptability
Discerning decision-making
Humility
Focus
Collaboration
Amicable argument for divergent views
Ownership mentality
Clear communication (written and verbal)
Effective negotiation
Mentorship
Analytical skills
Qualitative and quantitative analysis

Location

New York

Work Type

Full-time

Experience Level

Senior
15-20 years of investment industry experience
10-15 years of private market direct or institutional investing experience

Salary/Compensations

$425,000 - $475,000

Benefits

Employer-paid health insurance (medical, dental, life, short-term disability)
Substantial contribution to a retirement plan account
Wellness program
Generous paid time off program
Corporate discounts

About the Company

The Andrew Carnegie Foundation, originally established as Carnegie Corporation of New York, was founded in 1911 by Andrew Carnegie.
Our funding supports education, democracy, and peace.
Our grantmaking is grounded in Andrew Carnegie’s vision to do “real and permanent good in the world.”

Equal Opportunity

The Andrew Carnegie Foundation is an equal opportunity employer committed to complying with all federal, state and local equal employment opportunity (“EEOC”) laws.
The Andrew Carnegie Foundation strictly prohibits discrimination against any employee or applicant for employment because of the individual’s race, creed, color, sex, religion, national origin, age, sexual orientation, height and weight, disability, and any other characteristic protected by law.
The Corporation abides by all applicable rules and regulations in its recruiting and employment practices including the Americans with Disabilities Act (ADA) and state disability laws.