PORTFOLIO MANAGER

State of California; California; Hybrid; USD 186,000 - 279,000; Full time

Job summary

State Teachers' Retirement System is seeking a Portfolio Manager to lead Private Asset Operations within the Investments Branch. This role focuses on scalable, risk-aware management of private markets, coordinating with trading, analytics, and reporting platforms to ensure accurate execution and governance.

The PM will oversee capital calls, distributions, settlements and asset transfers, and drive operational modernization while presenting to senior leadership.

Qualifications

• Deep understanding of private equity, private credit, real estate and other private market structures.
• Experience overseeing daily private asset operations teams with capital calls, distributions, settlements and asset transfers.
• Strong valuation governance and fair-value oversight capabilities and related procedures.

Responsibilities

• Oversee daily private asset operations teams executing capital calls, distributions, settlements and asset transfers.
• Lead cross-functional coordination to ensure alignment with trading, analytics, risk, valuation and reporting platforms.
• Establish scalable, repeatable processes with strong governance and risk controls.
• Provide clear executive reporting and strategic modernization guidance.

Skills

Private asset operations

Capital calls

Distributions

Settlements

Valuation governance

Project leadership

Data analysis

Excel

Education

CFA

CAIA

FRM

CIMA

Tools

Canoe

Colmore

State Street

Bloomberg

Aladdin

Job description

Job Posting: Head of Private Asset Operations

State Teachers' Retirement System

JC-536362

$16,667.00 - $25,000.00 per Month New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.

Final Filing Date: 11/4/2026

The CalSTRS Investments Branch is seeking an experienced individual to work as a Portfolio Manager on the Investment Operations team.

Investment Operations is critical to the execution, oversight, and safeguarding of the total fund. The team supports the full investment lifecycle—from portfolio onboarding through trade execution, cash management, and reporting-while maintaining robust control frameworks. Through strong partnerships and a focus on scalable solutions, Investment Operations helps drive efficient execution, supports new and evolving strategies, and mitigates operational and custodial risk across a global portfolio.

Under the general direction of the Senior Head of Investment Operations and Services, the Portfolio Manager (PM) for Private Asset Operations provides leadership, subject matter expertise, operational oversight, and cross-functional coordination to ensure high-quality, risk-aware execution of CalSTRS’ private asset investment strategies. The PM supports scalable growth in private markets by strengthening governance, enhancing operational workflows, and ensuring private asset strategies are fully integrated with CalSTRS’ trading, analytics, risk, valuation, and reporting platforms.

• Deep understanding of private equity, private credit, real estate, infrastructure, hedge funds, and other private market structures.
• Experience overseeing and executing daily private asset operations teams who are executing capital calls, distributions, settlements, asset transfers, transitions, and complex private asset transactions with high accuracy and control.
• Strong valuation governance and fair-value oversight capability. Knowledge of valuation governance, including fair value methodologies, pricing exception protocols, manager-reported inputs, and valuation committee standards.
• Ability to manage private market transaction execution and knowledge of operational techniques related to institutional investment private asset portfolios, including design and construction of private asset vehicles, due diligence, negotiation and closure, monitoring, reporting restructuring, and exiting.
• Exceptional communication and executive reporting skills. Ability to lead strategic modernization initiatives and knowledge of best practice project management principles and methodologies.
• Proven ability to establish and refine operational processes, ensuring they are repeatable, scalable, risk-aware, and aligned with operational risk frameworks.
• Knowledge of private asset operational processes and controls, trading and portfolio management platforms, modernized systems, and data tools (i.e. Canoe, Colmore (FAIR/eFront), State Street or other custody/ABOR systems, Bloomberg, BlackRock Aladdin, and other investment operations tools). Strong Excel and data analysis and reporting capabilities.
• Strong communicator with the ability to represent the organization externally and present complex topics to senior leadership and cross-functional teams.
• Ability to maintain accuracy in a high-volume risk environment.
• Knowledge of investment principles and practices, investment types and markets.
• Experienced leader skilled in hiring, mentoring, performance management, and developing high-performing investment teams and resourcing plans.
• Strong interpersonal and mentoring skills and ability to promote teamwork, cross-functional collaboration, and communication.
• Ability to maintain accuracy in a high-volume risk environment.
• Experience working with various levels of staff including executives.

An incumbent who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or Chartered Alternative Investment Analyst (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.

Every 12 months, based on performance evaluation, employees may receive a 5% salary increase until they reach the maximum salary for the position.

Relocation benefits may be available.

Working Conditions

CalSTRS offers a hybrid approach including in-office and remote work solutions based on business needs.

All staff of CalSTRS are employees of the State of California and subject to California employment taxes and withholdings. Upon appointment, staff are required to provide a current California address to CalSTRS Human Resources to be used as a remote work location.

Minimum Requirements

You will find the Minimum Requirements in the Class Specification.

• PORTFOLIO MANAGER

PORTFOLIO MANAGER $16,667.00 - $25,000.00 New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.

Department Information

CalSTRS: Securing the financial future and sustaining the trust of California's educators

CalSTRS is the largest educator-only pension fund in the world, providing retirement, disability and survivor benefits to California's more than 1 million public school educators and their families. The Investments Branch manages a portfolio that is broadly diversified into seven asset categories with assets totaling approximately $389.5billion as of November 30, 2025. In 2025, the CalSTRS Investments Branch was named one of the Best Places to Work in Money Management by the Pensions & Investments magazine for the eleventh time since 2013.

CalSTRS is committed to setting best practice precedents, implementing innovative diversity and inclusion principles, motivating positive change, and advancing the worlds investment markets. We do this by establishing collaborative relationships across a vast network of investment managers, portfolio companies and industry associations in order to maximize returns and leverage opportunities for positive change.

Our two U.S. Green Building LEED Platinum-certified headquarters buildings in West Sacramento, California, feature sustainable construction, abundant natural lighting, an organic garden, sustainable beekeeping and ergonomic functionally designed workspaces. We offer a variety of on-site amenities to our team members, including two full-service cafés, two free fitness centers, a bicycle rental library and a child care center with a covered playground. Team members enjoy walks along the Sacramento River and nearby seasonal farmers markets.

In addition to our state-of-the-art amenities, we offer thriving wellness and sustainability programs, an award-winning employee recognition program, and ongoing training, learning and development opportunities. We offer competitive benefits, flexible work hours and hybrid work options. We are committed to creating a workplace where our team members thrive.

If you’re looking for a rewarding career and are interested in becoming part of a diverse and inclusive workforce where talent, expertise and wellness are valued, we encourage you to find out more about our many career options at CalSTRS.com/Careers.

Special Requirements

Interested individuals must submit a Statement of Qualifications (SOQ) in addition to the standard state application (form STD 678). Your SOQ will be considered the first interview for this position. If your qualifications are competitive, you will be invited to an interview. When completing the SOQ, please include all relevant experience, education, and training, as applicable, and explain all answers thoroughly. Your SOQ should not exceed three pages, single-spaced, 12-point font and address the following questions.

• Describe your experience managing daily private asset operations including capital calls, distributions, settlements, transitions, asset transfers, and complex private asset transactions. Include how you ensure accuracy in a high-volume risk environment and provide examples where you built or improved repeatable, scalable, and risk-aware operational processes.
• Describe your experience with private market asset classes (please list all types) and valuation governance. Explain your role and include specific examples demonstrating your knowledge of fair value methodologies, pricing exception protocols, manager reported inputs and valuation committee standards.
• Provide examples of strategic initiatives you have led—such as operational modernization, process redesign, system/platform implementation, or organizational transformation. Highlight your communication approach, experience representing your organization externally, and ability to collaborate effectively with executives and cross-functional teams. Include examples of hiring, mentoring, building high-performing teams, and developing staff capabilities.
• Discuss how you leverage data analysis, reporting, and technology to enhance operational oversight. Provide an example of a time when you prepared reporting or materials for executives, a board, or senior leadership. Include how you ensured accuracy, clarity, and alignment with strategic priorities. Explain any frameworks or techniques you used to translate complex valuation or operational information into clear insights.
• Describe your experience with private asset operational systems, platforms and data.

Exam

This position requires a current Portfolio Manager examination. If you need to take the examination or if your score has expired, you may obtain eligibility.

CalSTRS Personal Trading Program

Investment Branch employees are required to participate in the CalSTRS Personal Trading Program which allows CalSTRS to monitor employees’ personal trading transactions in order to reduce risks associated with insider trading, front running, and misusing material non-public information. Upon accepting a position within the Investment Branch, you will be required to disclose your personal broker account information and be required to utilize a personal broker from a designated list as provided by CalSTRS.

Background Investigation

Prior to employment with CalSTRS, a background investigation (BI) will be conducted. The BI consists of a Personal History Statement and fingerprinting through the Department of Justice. The BI will check criminal and civil records and, if applicable, verify education and check driving records.

CalSTRS Disclosure Requirements

This position may be subject to disclosure and disqualification requirements concerning economic conflict of interest in government work, including the Conflict of Interest Code that applies to CalSTRS team members and the Political Reform Act, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700).

Incompatible Activities

This position is subject to the provisions of Government Code Section 19990. Upon accepting a position at CalSTRS, you will also be required to comply with the CalSTRS Incompatible Activities Policy by ensuring that outside work or activities are compatible and align with your professional activities or workplace obligations.

Equal Opportunity Employer

The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.

It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.