ASSOCIATE PORTFOLIO MANAGER (535261) — Associate Portfolio Manager - Direct Investments

Associate Portfolio Manager - Direct InvestmentsThe 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 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 general direction of the Portfolio Manager, the Associate Portfolio Manager - Direct Investments will participate in co-investment underwriting (primary and secondary), assist in sourcing co-investments, and monitor co-investments individually and broadly across the portfolio. This position will also participate in partnership and other transaction type underwriting. This position is the entry management level and will participate in the day-to-day implementation of investment strategies and help build and lead a team that originates, executes, manages, and monitors co-investment transactions (primary and secondary) in the U.S. and internationally.The ideal candidate will possess the following skills:Broad and extensive experience in US and non-US private marketsProven and successful experience record of private market investmentsCommitment to strong governance, transparency and compliance practicesIn-depth knowledge and experience investing across various private equity investment vehicles including funds, co-investments, direct investments, and other transaction typesWork effectively with a broad variety of external contacts, such as consultants, investment managers, and investment partnersExcellent presentation skills, and outstanding verbal and written communication skillsAn advanced degree in business, finance, economics or other related fieldCFA designation or other professional certification such as CAIAAn 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.Does this opportunity seem right for you?

If so, see the Application Instructions section below and apply now.You will find additional information about the job in the Duty Statement.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.Completed applications and all required documents must be received or postmarked by the Final Filing Date in order to be considered. Dates printed on Mobile Bar Codes, such as the Quick Response (QR) Codes available at the USPS, are not considered Postmark dates for the purpose of determining timely filing of an application.Final Filing Date: 11/9/2026Individuals who are currently in the classification, eligible for lateral transfer, eligible for reinstatement, have list or LEAP eligibility, are in the process of obtaining list eligibility, or have SROA and/or Surplus eligibility (please attach your letter, if available). SROA and Surplus candidates are given priority; therefore, individuals with other eligibility may be considered in the event no SROA or Surplus candidates apply. Applications will be screened and only the most qualified applicants will be selected to move forward in the selection process. Applicants must meet the Minimum Qualifications stated in the Classification Specification(s).Complete Application Packages (including your Examination/Employment Application (STD 678) and applicable or required documents) must be submitted to apply for this Job Posting.

Application Packages may be submitted electronically through your CalCareer Account at When submitting your application in hard copy, a completed copy of the Application Package listing must be included. If you choose to not apply electronically, a hard copy application package may be submitted through an alternative method listed below:Address for Mailing Application PackagesYou may submit your application and any applicable or required documents to:State Teachers' Retirement System N/A Attn: Recruitment P.O. Box 15275, MS 31 Sacramento, CA Address for Drop-Off Application PackagesYou may drop off your application and any applicable or required documents at:State Teachers' Retirement System N/A CalSTRS, Attn: Recruitment 100 Waterfront Place West Sacramento, CA :00 AM - 05:00 PMThe following items are required to be submitted with your application. Applicants who do not submit the required items timely may not be considered for this job:Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.Resume is required and must be included.Cover Letter - A Cover Letter is required and must be included.Applicants requiring reasonable accommodations for the hiring interview process must request the necessary accommodations if scheduled for a hiring interview. The request should be made at the time of contact to schedule the interview. Questions regarding reasonable accommodations may be directed to the EEO contact listed on this job posting.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.