Senior Principal, Funds
CPP INVESTMENT BOARD
Toronto, Canada
5d ago

Job Description

The global Private Equity group, which is comprised of four sub-groups : 1) PE Funds, 2) PE Secondaries 3) Direct PE; and 4) PE Asia, is seeking a Senior Principal to focus on PE Fund investments specifically in the Venture Capital ( VC ) space.

  • This role would be part of the PE Funds sub-group although would be joined up with the rest of the department. The PE Funds team manages a portfolio valued at over $27 billion with total exposure approaching $50 billion;
  • however, our current exposure to VC is limited.

    Reporting to the Managing Director, Head of PE Funds, the Senior Principal will be responsible for the development and implementation of a VC funds program.

    The Senior Principal will lead deal teams in originating, executing and managing fund commitments across the VC market in both North America and Europe ( investing ).

    In addition, there will be a strong relationship management component to the role with the successful candidate having responsibility for 10-

    15 key VC firm accounts ( monitoring ). Lastly, the Senior Principal will seek to identify organizational information objectives, develop a process of capturing information gathered from the managed VC relationships and work collaboratively with other groups at CPPIB to disseminate the information internally ( knowledge sharing ).

    The expected time allocation between investing, monitoring and knowledge sharing is anticipated to be 40 : 20 : 40. Ideally the position is to be based in Toronto, but London or the United States (medium to long term) is also a possibility.

    Specifically, you will be responsible for :

    1) Strategy Development

  • Work closely with the Managing Director, Head of PE Funds and other senior CPIIB team members to determine investment criteria, program objectives, and execution milestones
  • Map the VC market identifying potential fund investments and partnerships which meet our organization’s return, scale and information / knowledge sharing objectives
  • Consider non-traditional ways to access the VC market and to differentiate our organization versus other market participants
  • Develop an execution plan to approach the market and build out a $500 million to $1 billion fund program of 10-15 core VC managers
  • Collaborate with other CPPIB groups during strategy formulation stages to ensure program most effectively matches our organization’s needs
  • Drive the redefinition of the commitment / investment process to suit the intricacies of VC fund investing
  • 2) Investment Role

    A) Origination and Execution

  • Maintain strong relationships across the VC market to drive differentiated fund investment deal flow to CPPIB in a manner whereby it can be appropriately captured
  • Develop and maintain a VC fund Forward Calendar to ensure timely interaction with each GP that is raising a fund that fits with CPPIB’s objectives
  • Lead each deal team through the identification, evaluation (due diligence), recommendation and potential closing of a fund commitment
  • Present investment thesis and diligence findings, in collaboration with the team, at various internal Investment Committees
  • Develop and structure partnership agreements with knowledge sharing and other broader relationship benefits
  • Lead legal negotiations with a focus on documentation such as LPA, Subscription Document and Side Letter
  • B) Team Development

  • Review, analyze and comment on investment recommendations prepared by the PE Funds team
  • Help lead strategy formulation and decision making within the PE Funds team and PE Department
  • Represent CPPIB externally and be an active communicator of our strategies and objectives
  • Participate in and contribute to weekly departmental meetings
  • Lead the training and development of junior investment professionals including annual reviews alongside frequent informal check-
  • ins and feedback provision

  • Other relevant duties and projects as assigned
  • 3) Knowledge and Relationship Management :

    A) Advantaged Deal Flow ( ADF ) Generation :

  • Interact with key GP relationships on an as-needed’ basis to drive larger direct investment deal flow, typically in later rounds, for other departments within CPPIB
  • Evaluate and execute small co-investment opportunities directly alongside the GP
  • B) Knowledge Sharing :

  • Act as first point of contact between the GPs and CPPIB and ensure appropriate level of two-way knowledge transfer and network sharing
  • Develop process to capture information from relationships and disseminate across the organization
  • Interact regularly with other internal teams to determine information needs and facilitate knowledge flow from the GPs to the broader organization
  • Oversee the production of white papers with key insights gained from relationships, and plan events (lunch & learns, etc.
  • with VC firms which would benefit other CPPIB groups

    C) Investment Monitoring :

  • Closely monitor GP relationships and investments to ensure a high level of stewardship and to maintain up-to-date knowledge, and ultimately a view, on the current state of the VC portfolio
  • Attendance at annual meetings, LPACs (both scheduled and ad-hoc) and other meetings in between is essential
  • Be prepared to offer guidance, advice and assistance to each GP relationship around strategic, team-related, portfolio-
  • related, or other issues

  • Review and approve capital calls and distributions related to VC investments
  • Monitor ongoing financial performance of GPs and our underlying investments
  • Coordinate with CPPIB Finance & Operations group with respect to monitoring investments

    Qualifications

  • Extensive years of direct private equity or fund level private equity investing within the VC space is considered ideal.
  • Other experience such as entrepreneurial, investment banking, consulting, legal or other with a focus on VC will also be considered relevant assuming candidates have a genuine interest and rationale for moving into the funds space

  • Proven experience in sourcing, executing and completing numerous investments, with a particular focus on VC Fund commitments
  • Experience developing a VC strategy and building a portfolio of fund managers
  • Established connections with the VC ecosystem globally (Menlo Park, Boston, London, etc.)
  • Excellent investment judgement and sense of the deal within the VC space
  • Significant relationship management experience including primary responsibility for managing VC relationships and other external stakeholders
  • Experience capturing information gained from VC fund relationships and disseminating across a broader organizational body
  • Ability to connect with multiple internal stakeholders and manage information needs
  • Experience leading negotiations with multiple stakeholders and executing a wide range of agreements
  • Solid, demonstrated experience building, overseeing, leading, coaching and developing deal teams (e.g. recruiting, training, mentoring, etc.)
  • Proactive and creative approach to investment origination
  • Superior interpersonal skills; clear and proven communication skills (oral and written) as well as exceptional presentation skills
  • Being an enterprise standard-bearer of CPPIB’s Guiding Principles.
  • Open-mindedness to both diversity and enterprise-wide initiatives
  • Willingness to travel extensively
  • Additional languages an asset
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