SENIOR PORTFOLIO MANAGER

State Teachers' Retirement System; San Francisco (CA); Hybrid; USD 205,000 - 316,000; Full time

Benefits offered by this job

Remote work options

Medical benefits

Paid holidays

Generous vacation

Job summary

The CalSTRS Investments Branch is seeking a Senior Portfolio Manager to lead the Private Equity team, overseeing fund investments and co-investments across buyouts, venture capital, and related strategies. You will manage a skilled investment pod, develop strategies, and drive evaluation, selection, and monitoring of opportunities.

Ideal candidates bring experience in private equity investments, leadership of diverse teams, and proven ability to communicate complex information to senior

Qualifications

• Experience in investments, specifically in private equity markets (fund investments and co-investments).
• Experience leading investment professionals at all levels and managing a diverse staff.
• Experience communicating complex information to a board or executive leadership.

Responsibilities

• Lead investment team to source, evaluate, select, manage, and monitor private equity investments and co-investments.
• Develop and implement comprehensive investment strategies and asset allocation decisions within private markets.
• Represent the portfolio in governance settings and provide value-added recommendations to leadership.

Skills

Private equity

Leadership

Communication

Investment strategy

Governance participation

Job description

$18,334.00 - $28,334.00 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: 11/17/2026

The starting salary for this position will be set competitively and commensurate with the candidate’s qualifications and experience.

This position is eligible for incentive compensation and has a maximum incentive opportunity of 150% of base salary.

The CalSTRS Investments Branch is seeking an experienced individual to work as an Senior Portfolio Manager on the Private Equity team.

Established in 1988, CalSTRS Private Equity program invests globally in partnerships, separate accounts, general partner interests, secondary interests and co-investments. Investments include buyouts, growth equity, debt‑related and venture capital. External advisors support the program by providing investment selection advice, research and gate‑keeping services.

Private Equity is a fast‑paced, team‑oriented environment with opportunities for training and advancement. While collaborating with some of the best general partners, advisors, consultants and attorneys, you will contribute to the success of one of the largest Private Equity programs in the world. Team members will collaborate with the broader CalSTRS Investment Office and engage in projects ranging from evaluation of co‑investments, secondary transactions, and other private equity investment strategies.

Under the direction of the Investment Director of Private Equity (PE), the Senior Portfolio Manager (SPM) plays a key leadership role in the investment, management, and oversight of the PE portfolio. The portfolio includes both fund investments and co‑investments across a range of strategies, including buyouts, venture capital, debt‑related investments, and other special mandates. The SPM is responsible for the development and implementation of a comprehensive investment strategy by the leading an investment team “pod” in the sourcing, evaluation, selection, management, and monitoring of investments and related activities.

Ideal candidate will possess the following skills:

• Experience in investments, specifically in private equity markets (fund investments and co‑investments)
• Experience leading investment professionals at all levels and managing a diverse and broad range of staff
• Experience in effectively communicating complex information to a board or similar body, executive leadership, high‑level policy makers, stakeholders, and team members
• Experience developing and implementing investment strategies, portfolio construction frameworks, and asset allocation decisions within private market portfolios.
• Experience serving on investment committees or similar governance bodies responsible for investment review, approval, and oversight.
• Ability to offer succinct, value‑add recommendations, exercise sound judgment, and make effective decisions
• Ability to foster diversity and inclusion and empower a team to achieve professional growth and business objectives
• Ability to communicate effectively, both orally and in writing, with all levels of staff and management
• A high degree of initiative, professionalism, confidentiality, and ability to work well under pressure in a fast‑paced environment

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.

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.

Job Details

Positions: 1

Work Location: Telework: Hybrid

Job Type: Permanent, Full Time

The 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 $389.5 billion 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 world’s 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 ergonomically 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 are committed to creating a workplace where our team members thrive.

Special Requirements

Exam: This position requires a current Senior Portfolio Manager examination. If you need to take the examination or if your score has expired, it is your responsibility to maintain eligibility.

CalSTRS Personal Trading Program: 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 workplace. 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.

Benefits

• Remote work options
• Medical benefits, including health, dental and vision insurance
• Paid holidays and a defined benefit retirement program
• More than four weeks of vacation/sick leave for leaders
• More than three weeks of vacation/sick leave for staff

EEO Contact

EEO Officer

(916) 414‑4933

[e-mail]