StepStone is a rapidly growing Global Private Markets firm who provides customized investment and advisory solutions to some of the most sophisticated investors in the world. With $640 billion of total capital allocations, including $143 billion in AUM, we are highly diversified in the private markets across the globe and provide creative solutions to solve for the objectives of any investment program. With a culture built on entrepreneurialism, partnership and being a team within teams, our firm offers joiners the opportunity to think out loud, collaboratively.
About StepStone Real Estate:
StepStone Real Estate (“SRE”) is the real estate division of the StepStone Group, a $602 billion AuA, $135 billion AuM private markets asset manager and advisor. SRE has over $174 billion of AuA/ AUM and operates out of many of the Firm’s global offices. In 2022, SRE committed/invested over $18 billion in 60+ discrete investments. With over 90 professionals led by the SRE’s three founding partners, the business is well positioned for continued, significant growth. The three founders, of which the head of Europe is one, have worked together for over 19 years. As one of the largest allocators of private capital to real estate managers/management teams, SRE meets over 900 times annually with the top operators, asset managers and fund managers. This provides access, information and relationships that are unmatched in the market, ensuring SRE is gets the “first call and last look” on most institutional RE opportunities. Deploying capital across the risk return curve and capital stack, SRE has a flexible investment strategy and broad remit. The business is focused on executing recapitalisations/special situations, co-investments/joint ventures, secondaries and, finally, fund investments within SRE’s research function. Europe is a core market for SRE, with approximately 50% of its AUM and annual transactional activity and about 25% of client committed to funds for SRE’s research client base. The environment at StepStone is collaborative, respectful and purposely diverse. The people who work there are thoughtful and open-minded, with good analytical skills and well-developed views on the GP universe and a passion to deliver best-in-class recommendations to SRE clients. StepStone has a flat organisational structure and this combined with the significant levels of growth in AUM provides self-starters and capable employees excellent opportunities to advance their career.
StepStone is currently seeking candidates with excellent quantitative, qualitative and interpersonal skills for a Vice President (VP) position on StepStone’s Real Estate Fund Selection and Advisory Team. The VP’s primary role is to engage in sector-focused research on various areas of the real estate private equity industry such as opportunistic, value-add, core and credit. The VP will work in a team environment with other Research team members to target and perform due diligence on selected real estate private equity fund managers; analyze PPMs, financial statements and investment returns; and conduct reference calls and personal interviews. In addition, the VP will work with the co-investment and secondary teams to source, diligence and execute transactions. The VP will frequently present fund investment recommendations, with the investment team, to the Real Estate Investment Committee and the Firm’s Portfolio Risk Management Committee. The VP will also take an active role in client deliverables and conversations; preparing and delivering pipeline reviews and investment recommendations, communicate SRE House Views and responding to ad how client requests.
StepStone prides itself on the Firm’s collegial atmosphere, encouraging team-building initiatives and a collaborative approach to accomplishing projects. The VP will have exposure to all levels of the Firm, from Partners to Analysts, daily. The VP will have opportunities to interact with many of the top fund managers in the real estate private equity industry.
StepStone was founded with the premise of a technology enabled diligence process. The VP will use a number of databases and modeling as well as reporting tools developed in-house on a daily basis to analyse, track and diligence funds and to support monitoring and reporting to our clients.
The ideal candidate will possess a bachelor’s degree or higher and backgrounds in real estate, private equity, investment banking, consulting or other relevant industries. The VP will adhere to the highest ethical standards, as well as demonstrate maturity, reliability and attentiveness to detail.
Essential Job Functions:
- Perform market research using publicly available information and proprietary databases to identify, quantify and analyze macroeconomic trends across a variety of industry sectors
- Interpret financial analyses prepared by target fund managers, including investment track records and financial statement analysis
- Support Senior Investment staff on sourcing and managing the inflow of investment opportunities
- Prepare for and support senior staff in client meetings
- Assess marketing and supporting materials of prospective fund managers to identify key value drivers and important areas for further investigation
- Conduct phone interviews with senior executives to gather insights and information regarding the style and effectiveness of target fund managers
- Form an independent opinion about the attractiveness of an investment opportunity or sector
- Construct an argument around an opinion and efficiently communicate that argument both verbally and in written materials; be able to defend position in a team environment, including Investment Committee meetings
- Use creativity to source and analyze data and to test hypotheses regarding attractiveness of specific sectors and investment opportunities
- Analyze and monitor the performance of the Firm’s existing fund managers and underlying property assets; prepare for and participate in meetings with assigned managers, and conduct on-going due diligence independently
- Draft and oversee other member’s production of investment memorandums and presentations related to fund diligences and client deliverables
- Conduct and support training of more junior professionals
- Coordinate and liaise with various internal teams (legal, ODD, data science) participating in diligence
- Track team deliverables, timelines and staffing
- Instruct and manage junior team members’ work flow
Other Requirements
- BA/BS in Real Estate, Private Equity, Finance, Economics, Accounting, or equivalent relevant experience
- Seven years or more of real estate private equity, investment banking, consulting, asset management, equity research or other relevant experience (Required)
- Experience in diligencing and underwriting commingled fund structures or SMAs
- Demonstrated track record of academic and professional success
- Ability to represent the Firm credibly in written and interpersonal communications
- Demonstrable analytical capabilities, including strong quantitative/modeling skills
- Leadership potential
- High proficiency in Word, Power Point and Excel
- Developing investment judgment and general understanding of risk/reward trade-offs
- Flexibility—StepStone is a dynamic and entrepreneurial organization; all professionals are expected to perform multiple functions as the firm continues to grow and develop
- Ability and willingness to use, learn and adopt new technologies
- Availability to travel, primarily within Europe and the UK
- Promote and demonstrate a positive, respectful team-oriented attitude
Other Desired Skills/Attributes
- Applied experience in valuation and investment analysis
- First experience in managing more junior team members
- Enrollment in CFA or CAIA program a plus
- Foreign language skills a plus
About us
Working out of 26 offices in 15 countries, StepStone has a truly global viewpoint. As people are our biggest asset, we offer resources to help our employees reach their full potential. Our principles are based on integrity, transparency, respect and creativity, which together define how we do business.
Join us
When you choose to work at StepStone, you’ll find a group of professionals who are passionate about anticipating changes, solving problems and working together to make it all happen. Our integrated global team shares insights into how managers think and operate, as well as how they might perform.
StepStone offers a competitive compensation package including salary and incentive compensation for all full time hires, as well as a comprehensive benefits package.
Benefits
We offer a range of benefits which include comprehensive healthcare, strong retirement plan, a mental health well-being program, paid time off, student loan repayment program for our US office locations, and several wellness initiatives.
Disclaimer / Policy Statements
At StepStone, diversity, equity and inclusion are an integral part of our culture. We are an Equal Opportunity Employer that strives to create an inclusive environment that empowers our employees and allows them to be heard, regardless of title or tenure. Our organizational community features multiple Employment Resource Groups representing our dedication to Diversity, Equity & Inclusion.
As an Equal Opportunity Employer, StepStone does not discriminate on the basis of race, creed, color, religion, sex, national origin, citizenship status, age, disability, marital status, sexual orientation, gender identity, gender expression, genetic information or any other characteristic protected by law.
Developing People at StepStone
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