Impact Investment Director

AARP; Washington (District of Columbia); Hybrid; USD 150,000 - 230,000; Full time

Benefits offered by this job

401(k)

Pension plan

Health insurance

Paid time off

Tuition reimbursement

Job summary

AARP Foundation seeks an Impact Investment Director to lead its private-market and mission-aligned investment portfolio, directing due diligence, governance, and performance measurement.

The role partners with external advisors, senior leadership, and committees to deliver measurable social impact while achieving financial returns, with a hybrid Washington, DC-based work arrangement.

Qualifications

• Bachelor's degree in finance, economics, accounting, business, public policy, or related field; advanced degree or CFA, CAIA, CPA, or similar credential preferred.
• 8+ years of experience in investment management, private equity, private markets, institutional investing, consulting, foundation investing, or related areas.
• Expertise in evaluating private-market funds, investment managers, portfolio construction, valuation, performance, and risk.
• Proven ability to conduct comprehensive financial, operational, legal, governance, and impact due diligence.
• Experience partnering with external investment advisors, consultants, fund managers, and outsourced investment providers.
• Strong quantitative, financial modeling, analytical, writing, presentation, and project management capabilities.
• Ability to maintain confidentiality and adhere to ethics, conflict-of-interest, and personal investment policies.
• Familiarity with impact investing, mission-related investing, and impact measurement practices, with willingness to travel for due diligence, manager meetings, and industry events.

Responsibilities

• Leads development and implementation of the impact-investment strategy in partnership with senior leadership, the Impact Investment Committee, AARP Treasury, and external investment advisors, aligning portfolio objectives with mission priorities, risk parameters, return expectations, and fiduciary requirements.
• Identifies, evaluates, and recommends private equity, private credit, venture capital, real assets, alternative investments, program-related investments, mission-related investments, and other impact opportunities that complement the organization's mission and strategic outcome goals.
• Conducts and oversees investment due diligence, including assessment of investment strategy, manager track record, financial performance, portfolio construction, valuation practices, fee structures, governance, legal, regulatory, operational, reputational, and impact-related risks.
• Monitors financial and impact performance of individual investments and the overall portfolio, including commitments, invested capital, unfunded commitments, cash flows, valuations, realized and unrealized returns, liquidity, portfolio exposures, capital calls, distributions, and manager reporting.
• Serves as the primary day-to-day relationship manager for external investment advisors, establishing expectations, evaluating sourcing, due diligence, portfolio monitoring, reporting, impact-measurement support, service quality, fees, and potential conflicts of interest.
• Develops and maintains practical impact-measurement and management frameworks, including impact objectives, indicators, baselines, expected outcomes, portfolio-level reporting, and processes to assess meaningful outcomes and risks of impact dilution or impact washing.
• Prepares clear, balanced, and decision-useful investment recommendations, dashboards, portfolio reviews, committee materials, and reports for senior leadership, the Impact Investment Committee, the Finance Committee, and the Board.
• Maintains and recommends enhancements to investment policies, due-diligence standards, delegation-of-authority requirements, documentation, controls, and procedures to strengthen portfolio oversight, compliance, risk management, and continuous improvement.

Skills

Investment management

Private equity

Due diligence

Financial modeling

Portfolio management

Stakeholder management

Communication

Education

Bachelor's degree

CFA/CAIA preferred

Job description

Overview

AARP Foundation is the nation's leading organization serving the 39 million older adults living in poverty or one life event away from slipping into it. Our mission is to strengthen financial resilience for and with older adults by empowering individuals and improving systems. We do this by creating pathways to quality employment, removing barriers to benefits, and promoting equitable access to essential goods and services. To learn more, visit aarpfoundation.org or follow @AARPFoundation on social media.

Impact Investment Director

The Impact Investment Director leads the organization's impact-investment activities, with primary responsibility for developing, executing, and monitoring a portfolio of private-market and mission-aligned investments intended to generate competitive financial returns and measurable social impact. The role serves as the internal subject-matter expert on impact investing, works closely with external investment advisors, senior leadership, and the Impact Investment Committee, and ensures investment decisions are supported by rigorous due diligence, sound governance, clear impact objectives, and consistent performance measurement.

Responsibilities

• Leads development and implementation of the impact-investment strategy in partnership with senior leadership, the Impact Investment Committee, AARP Treasury, and external investment advisors, aligning portfolio objectives with mission priorities, risk parameters, return expectations, and fiduciary requirements.
• Identifies, evaluates, and recommends private equity, private credit, venture capital, real assets, alternative investments, program-related investments, mission-related investments, and other impact opportunities that complement the organization's mission and strategic outcome goals, including opportunities for AARP Foundation to create value beyond capital through strategic grantmaking, networks, partnerships, and related mission-aligned resources.
• Conducts and oversees investment due diligence, including assessment of investment strategy, manager track record, financial performance, portfolio construction, valuation practices, fee structures, governance, legal, regulatory, operational, reputational, and impact-related risks.
• Monitors financial and impact performance of individual investments and the overall portfolio, including commitments, invested capital, unfunded commitments, cash flows, valuations, realized and unrealized returns, liquidity, portfolio exposures, capital calls, distributions, and manager reporting.
• Serves as the primary day-to-day relationship manager for external investment advisors, establishing expectations, evaluating sourcing, due diligence, portfolio monitoring, reporting, impact-measurement support, service quality, fees, and potential conflicts of interest.
• Develops and maintains practical impact-measurement and management frameworks, including impact objectives, indicators, baselines, expected outcomes, portfolio-level reporting, and processes to assess meaningful outcomes and risks of impact dilution or impact washing.
• Prepares clear, balanced, and decision-useful investment recommendations, dashboards, portfolio reviews, committee materials, and reports for senior leadership, the Impact Investment Committee, the Finance Committee, and the Board.
• Maintains and recommends enhancements to investment policies, due-diligence standards, delegation-of-authority requirements, documentation, controls, and procedures to strengthen portfolio oversight, compliance, risk management, and continuous improvement.

Qualifications

• Bachelor's degree in finance, economics, accounting, business, public policy, or related field; advanced degree or CFA, CAIA, CPA, or similar credential preferred.
• 8+ years of experience in investment management, private equity, private markets, institutional investing, consulting, foundation investing, or related areas.
• Expertise in evaluating private-market funds, investment managers, portfolio construction, valuation, performance, and risk.
• Proven ability to conduct comprehensive financial, operational, legal, governance, and impact due diligence.
• Experience partnering with external investment advisors, consultants, fund managers, and outsourced investment providers.
• Strong quantitative, financial modeling, analytical, writing, presentation, and project management capabilities.
• Ability to maintain confidentiality and adhere to ethics, conflict-of-interest, and personal investment policies.
• Familiarity with impact investing, mission-related investing, and impact measurement practices, with willingness to travel for due diligence, manager meetings, and industry events.

AARP will not sponsor an employment visa for this position.

Additional Requirements

• Regular and reliable job attendance
• Effective verbal and written communication skills
• Exhibit respect and understanding of others to maintain professional relationships
• Independent judgement in evaluation options to make sound decisions
• In office/open office environment with the ability to work effectively surrounded by moderate noise

Hybrid Work Environment

AARP observes Mondays and Fridays as remote workdays, except for essential functions. Remote work can only be done within the United States and its territories.

Compensation And Benefits

AARP offers a competitive compensation and benefits package including a 401(k); 100% company-funded pension plan; health, dental, and vision plans; life insurance; paid time off to include company and individual holidays, vacation, sick, caregiving, and parental leave; performance-based and peer-based recognition and tuition reimbursement.

Equal Employment Opportunity

AARP is an equal opportunity employer committed to hiring a diverse workforce and sustaining an inclusive culture. AARP does not discriminate on the basis of race, ethnicity, religion, sex, color, national origin, age, sexual orientation, gender identity or expression, mental or physical disability, genetic information, veteran status, or on any other basis prohibited by applicable law.