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AVP- Alternative Investments & Non-Core Specialty Investments

Company: Enstar Group Limited
Location: Jersey City
Posted on: June 1, 2021

Job Description:

Job description

Job purposeAVP, Alternatives and Non-Core Specialty Investments will assist the Head of Alternatives and Non-Core Specialty Mandates in four key areas: 1) Strategy and Pipeline Development, Sourcing, and Investment Due Diligence 2) Ongoing Monitoring of Existing Managers and Investments, 3) Portfolio Management, and 4) Ad-hoc projects, which can include strategic investment opportunities, joint ventures or other opportunities that arise through Enstar's network.Key accountabilities & deliverables Provide coverage of external managers and investments across a wide range of alternatives (private equity, venture capital, private credit, private real estate, private infrastructure, hedge funds) and non-core (high yield, CLO equity, CMBS, bank loans, EMD, public equity) asset classes

Strategy and Pipeline Development, Sourcing, and Investment Due Diligence

  • Strategy Development: Identify and research new alternative asset classes; determine fit within Enstar portfolio in terms of target return, risk, diversification benefit, cash flow duration, liability matching, structure, capital charges, regulatory and tax considerations; assess annual deployment capacity and develop pacing model; evaluate execution options, and create an implementation plan.
  • Pipeline Development: Develop market maps for alternative and non-crore asset classes; build and maintain accurate forward fund pipeline for existing and prospective managers; develop peer group comparison summaries of pipeline managers.
  • Sourcing: Research, track, and organize calls with prospective general partners or sponsors for fund and co-investment opportunities.
  • Manager Due Diligence: Create RFPs and conduct due diligence on current and prospective managers and fund investments to include: onsite meetings and conference calls with senior personnel; review and analysis of fund documents and information, such as offering memoranda, limited partnership agreement, financial statements, due diligence questionnaires, audit reports, and regulatory reports; analysis of general partner background and history, portfolio performance vs. benchmarks, management team size, structure and experience, attribution analysis, investment strategy, deal flow and exit strategies; determination of insurance regulatory capital requirements across various jurisdictions; review of investment structure and determination of tax implications; and conduct of reference calls with co-investors, lenders, LPs, competitors and support professionals
  • Co-Investments and Strategic Transactions: Perform due diligence and underwriting of assigned co-investments and strategic transactions (joint ventures, GP stakes, manager seeding, strategic partnerships) assessing past and projected financial performance, quality of management teams, sponsor fit, investment merits and risks, expected returns, and market attractiveness.
  • Investment Recommendation: Compose investment memorandums for presentation to the investment committee

Ongoing Monitoring of Existing Managers, and Investments

  • Quarterly Monitoring: Maintain coverage of existing managers and investments, produce quarterly investment updates, and ensure accuracy of existing buy/hold/ sell ratings
  • Manager Reviews: Organize, prepare and lead meetings with current managers to discuss firm and team updates, portfolio strategy, status of current investments, portfolio risks, portfolio construction, forward investment themes and pipeline, upcoming capital needs or distributions, and assess if the manager is executing in-line with strategy objectives
  • Performance Measurement and Attribution: Evaluate absolute and relative performance and attribution of existing managers and investments against assigned benchmarks, peer groups, SAA benchmarks
  • Manager Scorecards: Develop and maintain a scorecard of existing investment funds, strategies, and managers using a combination of qualitative and quantitative analysis
  • Peer Group Analysis: Build, maintain, and regularly provide peer group performance comparisons and analysis of existing and prospective managers and strategies
  • Investment Data Management: Build, and maintain up-to-date information of existing mandates, managers, and investments in internal databases, and third-party systems

Portfolio Management

  • Design, prepare and maintain high-quality reports for alternatives and non-core investments, managers, and strategies
  • Proactively monitor activities within the alternatives and non-core investment portfolio including investment transactions, status reports, risk reports, and portfolio performance
  • Monitor commitments, and NAV against approved targets, risk limits, manager guidelines, and investment policy guidelines. Proactively prepare a recommendation to prevent, or resolve potential breaches
  • Monitor performance against the approved manager, strategy, and SAA benchmarks
  • Assist in negotiations on new investments, and co-ordinate with regional investment teams, risk management, investment operations, investment accounting, legal counsel, external vendors, and investment managers
  • Develop, maintain, and update strategic asset allocation, commitment pacing, and cash flow projection models
  • Conduct ongoing portfolio construction, investment allocation, portfolio planning, research, relative value analysis, and capital charge assessment
  • Setup and onboard new managers and investments in coordination with regional investment teams, legal, investment accounting, investment operations, information technology, external managers and vendors. Ensure all internal systems and databases are updated with new investment and manager information
  • Write and contribute to various monthly and quarterly reports distributed to group regional CIOs, Group Investment Committee, Regional Investment Committees, and subsidiary company board of directors

Ad-hoc Projects

  • Complete various other special projects on an ad hoc basisSkills requiredEducation & experienceExperience
  • 10 - 15 years of work experience in an institutional investment role focused on identifying, diligence, and monitoring of external managers in strategies outlined above
  • Experience as an investor, portfolio manager, and/or senior research analyst with a focus on alternatives preferred
  • 3 - 5 years of experience within an insurance company investment general account, insurance company CIO office, insurance asset management, or analysis of insurance portfolios preferred
  • Experience with sourcing, analysis, and execution of co-investments with sponsors in a lead / co-lead role is required
  • Demonstrated experience leading/co-leading implementation of a new asset class or investment strategy is a must
  • Investment experience with emerging managers, GP stakes, manager seeding, and setting up strategic partnerships and joint ventures will be a plus
  • Undergraduate Degree required and/or Advanced degree preferred; educational concentration in finance, economics, accounting, or a related field is preferred
  • CFA and/or CAIA designations is preferred


  • Solid understanding of investment concepts, terminology, styles, models, strategies, and fundamental investment factors
  • Deep understanding of statistical concepts, methods, and models, and their application to investments
  • Sound knowledge of the US and global capital markets, economic principles, and alternatives and non-core asset classes outlined above
  • Proficiency in financial statement analysis, M&A and LBO modeling, and model evaluation
  • Expertise in performance measurement and attribution, and benchmark construction required
  • Strong knowledge of strategic and tactical asset allocation, risk-based portfolio construction and optimization

General Skills

  • A genuine interest in investments, and a passion for analyzing alternatives and non-core external managers, strategies, and asset classes
  • High level of self-drive and strong work ethic, high attention to detail, excellent analytical and technical skills, and willingness to learn and be coached
  • Exceptional multitasking ability and skill in planning, organizing, and prioritizing work assignments to manage a high-volume workload in a fast-paced, changing environment and in completing detailed work with a high degree of accuracy
  • Strong collaborator with regional investment teams, other functional areas, and investments leadership to ensure smooth functioning and execution
  • Considerable skill in conducting data searches and evaluations of large amounts of information, performing complex statistical analysis of the data, and preparing concise and accurate reports
  • Ability to use advanced excel and PowerPoint is critical given the requirement to develop investment analytics and proposals as well as due to the manual nature of our process. Experience with Power Pivot, Power Query (Get Data) in Excel or Power BI will be a plus
  • Excellent verbal and/ written communication of complex information that is accurate, timely, and based on sound judgment
  • Ability to travel as needed in order to conduct due diligence on investment managers and monitor current managers/investments

Keywords: Enstar Group Limited, Jersey City , AVP- Alternative Investments & Non-Core Specialty Investments, Other , Jersey City, New Jersey

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