Position Overview

The Associate / Senior Associate of StepStone Real Estate (SRE) will work in a team-oriented culture and play a critical role in the servicing of client relationships through the underwriting of new investment opportunities and general coverage of the real estate private equity market. This role is part of the Manager Research team, which is responsible for covering primary fund investments, client service for discretionary accounts that are wholistic or primaries oriented, and the firm’s outstanding advisory practice.

The candidate will have a career progression oriented toward becoming a trusted advisor and client coverage manager, with respect to investment matters ranging from portfolio design to fund selection and other related matters. This position builds the foundation, with a focus on detailed fund underwriting to build investment evaluation and selection skills critical to building outperforming portfolios.

Essential Job Functions:

• Write and compile client-ready fund investment evaluations, including Fund Summaries and Investment Committee memos in a team setting, leveraging an array of resources and standard processes.
• Perform critical analysis, construct an argument around an opinion and efficiently communicate that argument both verbally and in written materials; be able to defend position in a team environment, including Investment Committee meetings.
• Assess marketing and supporting materials of prospective fund managers to identify key value drivers and important areas for further investigation, also reviewing and relating the opportunity to SRE House Views on market conditions.
• Conduct interviews with senior executives to gather insights and information regarding the style and effectiveness of target fund managers.
• Interpret financial analyses prepared by target fund managers, including investment track records; prepare valuation analyses on private real estate using a variety of metrics
• Frequent client contact including periodic portfolio reviews and strategic planning
• Preparation and coordination of market and portfolio updates for clients and other ad hoc materials as necessary
• Source co-investments, secondaries and other tactical investment opportunities
• Many of these activities will leverage SPI: StepStone Private Intelligence, which is proprietary software. The candidate is expected to become proficient with SPI and other firm technology as well as any other technology needed to perform the job, and the role includes ensuring fund materials, notes and other relevant materials are regularly input to SPI.

Education and/or Work Experience Requirements:

• BA/BS in Business, Finance, Economics or Accounting, or equivalent relevant experience;
• 4 to 6 years of experience in a manager and/or investment underwriting role in real estate

Required Knowledge, Skills, and Abilities

• Developed investment judgment with demonstrable understanding of risk/reward
• Exceptional business writing skills, ideally with experience preparing investment committee memos
• Client communication skills and experience
• Financial modeling skills (pacing models, track record analysis, portfolio construction, etc) and willingness to master proprietary technology and assist in collection and use of a growing performance database
• Detail-oriented

Other Attributes:

• Commitment to learning
• Ability to thrive in a deadline-oriented environment, emphasizing timely and accurate client deliverables
• Willingness to work a flexible schedule
• Willingness to travel
• High level of confidentiality
• Possess an accreditation like a CFA, MBA, CPA, or CAIA
• Minimum Required 3 days a week in office presence

Salary Range - $112,500 - $128,000

The salary range is an estimate of pay for this position. Actual pay may vary depending on job-related factors that can include location, education, skill, and experience. The salary range does not include any benefits or other forms of possible compensation that may be available to employees.

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