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 50% of base salary.
The CalSTRS Investments Branch is seeking an experienced individual to work as an Associate Portfolio Manager on the Real Estate team.
The Real Estate units' primary objective is to provide stable cash flow and generate an enhanced yield while providing total fund diversification and an inflation hedge. Real Estate partners with best-in-class managers with common goals to create a portfolio of high quality assets. The portfolio includes allocations to core, value add and opportunistic risk strategies across property types globally.
Under the general direction of the Director of Real Estate, the incumbent provides independent analysis and consultation regarding the development and implementation of investment strategies and initiatives to support Real Estate’s strategic goals, including management of business support functions to ensure policy adherence. This position manages the day-to-day activities of the Real Estate operations team and Real Estate Portfolio, which is responsible for comprehensive data management. The incumbent performs complex duties requiring a high degree of independence and discretionary judgment.
The ideal candidate will possess the following skills:
- Advanced degree in Finance or closely related field and/or industry certification (i.e. CFA, CAIA)
- Experience in investment operations with an emphasis in Real Estate
- Experience with researching, developing and implementing investment policies, strategies and procedures to support real estate
- Experience with fee structures related to real estate as well as operational procedures such as audits, contract management, legal due diligence, document review and technology enhancements.
- Experience managing functions supporting the acquisition, asset management and disposition of Real Estate investments, which includes coordinating the sales, transactions, dispositions, and management of cash flows and asset transfers.
- Experience recommending and implementing operational procedures and objectives for real estate investments.
- Experience in operational oversight management and investment risk analysis
- Ability to work effectively as an individual and as part of a team to support team, unit, and Investments Branch goals
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.
In July 2025, the State of California implemented the Personal Leave Program 2025. This program reduces employees’ monthly base pay in exchange for paid leave credits. This position is subject to PLP 2025 and will have a monthly base pay reduction of 3% in exchange for 5 hours of leave credits for the duration of the program. The salary ranges shown on this job posting do not reflect the reduced amounts.
