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The private capital platforms of BlackRock and Quellos combined under BlackRock Alternative Advisors in October 2007. The Private Capital Strategies (PCS) team, led by Gene McDonald, manages over $1.6 billion in private equity and real assets funds. Two core private equity programs (QPCs) have launched since 2002, and the PCS team is currently in the market with a third core program that launched in December 2006 and is expected to close in December 2007. The real assets program (QRA) was launched in 2002, and the PCS team is currently in the market with a second core real assets program that launched in August 2006 and is expected to close in December 2007.
Description The Investment Research Professional in PCS will be a key member of the team and report to PCS’s Portfolio Managers and also deal directly with the group’s Chief Investment Officer. He or she, as a knowledgeable and experienced practitioner in private capital, will be critical to the growth and direction of the group. The successful candidate will have significant influence in the development of products, the group’s due diligence efforts, investment decisions, portfolio monitoring, and other responsibilities that may evolve over time.
Overall accountability for the Investment Research Professional will include the following:
Investment Opportunity Identification and Due Diligence: Comprehensive due diligence will be undertaken on each investment opportunity being given serious consideration. PCS will do extensive reference checking on General Partner teams, contacting portfolio holdings’ management teams, other GP groups and sophisticated private capital investors. This role will include conducting analysis of market conditions which affect the underlying private capital and real assets investment focus. The Investment Research Professional will focus attention in this area, as well as uncovering newer opportunities for consideration.
Portfolio Monitoring: PCS will develop a sizeable portfolio of private capital partnerships, each with a number of private holdings, over time. This portfolio will be monitored to ensure that General Partner teams stay within their respective investment guidelines and to identify problems before they develop. General Partners themselves will be monitored to ensure that the development and growth of their teams over time progresses smoothly.
Secondary Investments: Working together with Portfolio Managers, the Investment Research Professional may be involved in the analysis and identification of secondary opportunities, the evaluation of GP teams’ long-term performance and the private and public holdings being considered for purchase.
Fundraising: PCS will offer its private capital products to BlackRock’s existing base of clients and to new relationships. The Investment Research Professional will be involved with such investor presentations.
Product Development: PCS will offer private capital and fund of funds products to investors in traditional limited partnership structures and in newly developed forms. As the private capital asset class has grown in importance over time, investors with differing goals and investment considerations have demanded non-traditional structures. The Investment Research Professional may be involved with the design and development of such products, including measuring the appetite of prospective investors.
Other responsibilities as required.
Requirements Ideal candidates will have earned either a Masters of Business Administration degree or Chartered Financial Analyst designation, as well as have a minimum of 5 years of relevant private capital experience investing in a portfolio of partnerships and/or private companies and delivering strong results to clients. The ability to work in a highly collaborative team environment, with individuals at all levels of the organization, and to contribute to the strategic direction of the firm is essential.
The successful candidate will also possess the following:
A detailed understanding of the range of private capital opportunities, including venture capital, leveraged buyouts, growth capital, mezzanine, distressed and special situations. The candidate’s experience will ideally include committing capital to investments in the United States and overseas. Experience in real estate, timber and energy investing is also highly valuable. A detailed understanding of private capital investment vehicles, including traditional limited partnerships and newer structures introduced to investors in recent years. A strong record of delivering strong investment results to clients as part of a private capital team. A proven track record of keeping the strategic vision of a company in sight while paying attention to the details of day-to-day operations. The demonstrated ability to serve as a positive role model and to coach and develop others. With an entrepreneurial approach that encourages high performers to contribute and grow, BlackRock is emerging as an employer of choice in the investment management and technology arenas. Skills See Job Description.
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