Howard Hughes Medical Institute (HHMI) is an independent, ever-evolving philanthropy that supports basic biomedical scientists and educators with the potential for transformative impact. We make long-term investments in people, not just projects, because we believe in the power of individuals to make breakthroughs over time. HHMI scientists have radically advanced the understanding of cells, the brain, the immune system, the development of organs, and how to treat many diseases. Founded in 1953 by aviator and industrialist Howard R. Hughes, HHMI is headquartered in Chevy Chase, Maryland, and employs more than 2,500 people across the U.S.
At HHMI, you are not just an employee – you are a part of a creative and talented team with colleagues whose expertise ranges from biomedical research to investment management, from information technology to law. We encourage collaborative and results-driven working styles and offer an adaptable environment where employees can function at their highest level. As HHMI scientists continue to push boundaries in laboratories and classrooms, you can be sure that your contributions while working at HHMI are making a difference.
The Director, Private Investments will work closely with a team of two other Directors reporting to the Managing Director, Private Investments. The HHMI Private Equity portfolio is large, mature and consists of high quality managers. The Director is responsible for the coordinated management of the Private Equity portfolio, which encompasses buyout, growth equity and venture capital strategies across many regions. This individual will assist in the analysis and evaluation of new ideas and managers for potential investment, as well as provide oversight and management of existing investments. The ideal candidate will stay abreast of a broad range of asset strategies / trends within private equity and occasionally contribute to overall HHMI fund strategy.
At the beginning of FY2020, the HHMI Fund was valued at approximately $21.0 billion and the Private Equity portfolio is approximately $4.5 billion.
Essential Duties and Responsibilities:
- Assist in identifying strategies and sourcing managers for potential investment, consistent with stated strategy.
- Apply innovative analytical techniques and diligence to evaluate the potential attractiveness of prospective manager-sponsored funds and co-investments.
- Assist in monitoring the progress and performance of portfolio managers and investments. Document relevant conclusions from meetings and LP Advisory Boards.
- Consider the context of private investments within the HHMI Fund and contribute input regarding HHMI Fund dynamics.
- Assist with developing and writing specific investment proposals and help prepare portfolio presentations to the senior investment team, Investment Advisory Committee and Trustees.
- Collaborate with investment department personnel and provide guidance and direction to generalist analysts as a resource for developing and monitoring the Private Equity portfolio.
- Work directly with the Managing Director to enhance performance for Private Equity, which contributes a significant portion of HHMI’s overall investment results.
- Act as a generalist to provide periodic feedback to HHMI investment recommendations across other asset classes (e.g. public equities, hedge funds, credit, real assets).
- The Director will occasionally attend meetings of HHMI’s external Investment Advisory Committee.
- Travel is required – both domestically and overseas – perhaps up to 25% of time.
- Uphold the high standards of HHMI’s investment activities and effectively communicate the philanthropic mission which the HHMI Fund supports.
- Master’s degree in Business Administration and / or Chartered Financial Analyst (CFA) preferred.
- 7 or more years of investment management experience, preferably with direct oversight of private equity funds.
- An established network of meaningful GP and LP relationships.
Skills and Abilities:
- Professional integrity, sound judgement and persistence.
- Team player with ability to multi-task across investment geographies, strategies and sectors.
- Strong quantitative skills particularly related to corporate finance, accounting, valuation, financial modeling and risk management.
- Familiarity with private equity performance metrics and benchmarks.
- Demonstrated ability to research, analyze, and evaluate investment strategies as well as individual investment positions.
- Ability to build knowledge and monitor portfolio investments and managers on a cumulative basis such that past results are balanced against future potential.
- Excellent written and verbal communication skills; ability to develop and express analytical conclusions regarding complex financial concepts.
- Ability to design and execute analytical projects with high proficiency in Excel; utilize investment CRM systems to document qualitative findings.
- Attentive to detail and ability to perform primary research; inquisitive with appetite for learning.
- Work in team-oriented, collaborative effort and to provide guidance to analysts.
- Ability to build professional relationships with investment managers, intermediaries, the broader LP community and other industry participants.
If interested, please apply here.