Impact Investment Director

About AARP Foundation

AARP Foundation is the nation’s leading organization dedicated to serving the 39 million older adults living in poverty or at risk of financial hardship. As the charitable arm of AARP, the Foundation works to strengthen financial resilience for and with older adults by empowering individuals and improving systems. The organization operates with a mission to create pathways to quality employment, remove barriers to benefits access, and promote equitable access to essential goods and services for vulnerable senior populations. The Foundation employs a comprehensive approach to addressing poverty among older adults through multiple strategic initiatives. These include direct financial assistance programs, employment services, benefits counseling, and advocacy efforts aimed at systemic change. The organization leverages partnerships with government agencies, nonprofits, businesses, and community organizations to maximize its impact and reach those most in need. AARP Foundation maintains a commitment to evidence-based practices and rigorous program evaluation. The organization invests in research to understand the root causes of senior poverty and develops innovative solutions to address financial insecurity. Through its impact investing activities, the Foundation seeks to deploy capital in ways that generate both financial returns and measurable social impact, further advancing its mission to create economic security and opportunity for older adults facing financial vulnerability.

About this Role

The Impact Investment Director leads AARP Foundation’s impact-investment activities with primary responsibility for overseeing the development, execution, and monitoring of a portfolio of private-market and mission-aligned investments. This position is designed to generate competitive financial returns while achieving measurable social impact aligned with the organization’s mission to serve older adults living in poverty or at financial risk. The role serves as the internal subject-matter expert on impact investing within the organization. The Impact Investment Director works closely with external investment advisors, senior leadership, and the Impact Investment Committee to ensure that all investment decisions are supported by rigorous due diligence, sound governance, clear impact objectives, and consistent performance measurement. This position requires deep expertise in private markets, institutional investing, and impact measurement while maintaining the highest standards of fiduciary responsibility and ethical practice.

Responsibilities

• Lead development and oversee 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
• Review and assess opportunities identified and recommended by external investment advisors in 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
• Review and oversee investment due diligence conducted by external investment advisors, 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
• Monitor 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
• Serve as the primary day-to-day relationship manager for external investment advisors, establishing expectations, evaluating advisor sourcing, due diligence, portfolio monitoring, reporting, impact-measurement support, service quality, fees, and potential conflicts of interest
• Develop and maintain 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
• Prepare clear, balanced, and decision-useful assessments of investment recommendations provided by external advisors, dashboards, portfolio reviews, committee materials, and reports for senior leadership, the Impact Investment Committee, the Finance Committee, and the Board
• Maintain and recommend 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

Requirements

• 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
• Regular and reliable job attendance
• Effective verbal and written communication skills
• Ability to exhibit respect and understanding of others to maintain professional relationships
• Independent judgment in evaluating options to make sound decisions
• Ability to work effectively in an in-office/open office environment with moderate noise
• AARP will not sponsor an employment visa for this position
• Remote work can only be conducted within the United States and its territories

Benefits

• 401(k) retirement plan
• 100% company-funded pension plan
• Health, dental, and vision plans
• Life insurance
• Paid time off including company and individual holidays, vacation, sick leave, caregiving leave, and parental leave
• Performance-based and peer-based recognition programs
• Tuition reimbursement
• Hybrid work environment with Mondays and Fridays designated as remote workdays for non-essential functions