The Director of Carolina Research Ventures (CRV) provides executive leadership for CRV and will report to the CRV Board of Directors, in addition to the Associate Vice Chancellor of Finance and Budget, with a dotted line report to the Vice Chancellor of Finance and Operations. Carolina Research Ventures is an associated entity of The University of North Carolina at Chapel Hill (UNC-CH), created as an investment vehicle to support commercialization of UNC-CH technologies and intellectual property. In general, CRV provides seed and early stage funding, often first outside capital, to young companies and continues to invest throughout the companies’ life cycles. On occasion it may invest in later, growth equity financings if a company has licensed technologies from UNC-CH.
CRV was founded in 2015 and, since inception, has funded eight companies with successful financial exits for two of the companies. The fund is an evergreen portfolio, with profits and return of capital being redeployed into new investments as companies mature and have exits. The current fund is managed primarily by outside investments firms, although there is a very limited direct investment portfolio. CRV is overseen a Board of Directors (BOD) composed of trustees, senior University and Healthcare System officials, and experienced investment professionals. Currently it oversees one early stage fund, with $20MM under management. It is possible that additional fund strategies may be developed under the CRV umbrella in the future.
The Director will maintain CRV’s investment policy; manage relationships with investment managers; lead due diligence efforts on prospective investment managers; develop CRV as a resource for the University research and innovation community; plan agendas and develop materials for CRV Board meetings; develop, monitor, and report on the operational budget; manage internal and external marketing of the fund; and other administrative duties, as necessary.
Primary duties include: (1) Investment Oversight and Management: Oversee reviews of existing investment manager(s) and report to the BOD. Compile and review investment proposals from investment manager(s) for presentation to the BOD when there are manager selection searches. Work with UNC Management Company and others to build relationships with venture capitalists who could be potential investors in UNC-CH companies. (2) Operations: Manage or oversee all administrative operations within CRV. In conjunction with investment manager(s), UNC Management Company, and UNC-CH Accounting Services, develop and distribute quarterly financial and performance measurement reports to the BOD. Coordinate operational activities, such as capital calls, valuations, cash management, with appropriate University officials and departments. Oversee the planning of all BOD meetings, including working with the Chair to develop agendas. (3) Marketing and Investor Relations: Present periodic reviews of CRV investment fund(s) to their respective investors. Initially this will be the UNC-CH Board of Trustees and the UNC Healthcare System Board of Directors. Meet as needed with representatives of these groups, currently the VC for Finance and and the UNC Health Care CFO, to discuss investment fund progress and other areas of interest. Oversee CRV website and other social media. Develop marketing materials for CRV to use to attract new investors and coordinate meetings for potential new investors. (4) Business Development: Work with the organizations of the Vice Chancellor for Innovation, Entrepreneurship, and Economic Development; Vice Chancellor for Research; Vice Chancellor for Finance and Operations to identify opportunities for CRV to support UNC-CH technologies and innovation.
Advanced degree in relevant areas such as business, entrepreneurship, economics, or venture-related technologies with three years or greater of related professional experience. Candidates with a bachelor’s degree and five or more years of experience in the above-referenced categories will also be considered.
Knowledge of venture investing, preferably early-stage transactions, or experience in business development.
Will need to be able to operate independently. Strategic thinker who can help develop the organizational aspect of CRV as it grows in complexity.
This position requires a general knowledge of investment management principles and venture investing. The Director will be expected to stay abreast of macro trends in venture capital, particularly life sciences and technology investing. The Director will also have experience with Board-level interactions (presentations and recommendations) and an ability to operate independently.
If interested, please apply here.
