Saint Paul and Minnesota Foundation: Where Giving Grows

Saint Paul & Minnesota Foundation (“the Foundation”) believes strong communities are built through knowledge and empowerment. With roots in Saint Paul since 1940 and partners across the state, the Foundation represents Minnesota’s largest community foundation and the partner of choice for thousands of donors, nonprofits and community organizations that are working to address some of the biggest problems facing Minnesota communities. In 2022, the Foundation and its partners F. R. Bigelow Foundation and Mardag Foundation granted approximately $100MM to nonprofits who are working to meet the diverse community needs and making lasting impact across the East Metro and Minnesota. The Foundation is resolutely focused on its strategic goals to inspire generosity, advocate for equity and invest in community-led solutions to make Minnesota better for all who call it home. The Foundation employs approximately 70 staff and the assets under management totals $1.7B.

The Foundation’s collaborative, innovative and equity-driven culture empowers staff to grow through individual development opportunities, team retreats and cross-departmental partnerships. The culture continues to evolve by attracting and retaining new talent with valuable experiences and insight. The Foundation’s values include:

We Listen

We Innovate and Learn

Community is our Compass

We Commit to Equity

We Nurture Philanthropy

For more information about the Foundation please visit: www.spmcf.org.

Investment Portfolios

The Foundation’s $1.7B investments are complex. The majority of assets are held within the Community Investment Group (CIG) and the F. R. Bigelow Foundation Mission-Related Impact Portfolio. CIG consists of several asset pools, with approximately $1.5B held in a multi-asset endowment portfolio which is allocated across a variety of asset classes and utilizes a “roles-based” approach to allocation. For this larger pool, approximately 65% is public and private growth-oriented investments, 23% is in diversifiers (fixed income and hedge funds), and 12% in real assets. In recent years, the portfolio’s total returns have consistently been in the top 25% when compared against peers. In addition, the Foundation operates as OCIO for 200+ nonprofits, including Lifeworks, Minnesota Public Radio and GTCUW, and staffs five-to-ten of these clients’ board committees.

The Foundation’s impact investing activity is currently focused on advancing equity in capital markets through its multi-asset endowment portfolio. In the Mission-Related Impact portfolio, the Foundation seeks to build capacity as an anchor seed and venture investor in local funds and diverse entrepreneurs. It also seeks to act as a bridge capital provider to both for-profit and non-profit entities doing work aligned with the Foundation’s mission and purpose. The Foundation anticipates impact investing will continue to expand throughout the asset structure. The Foundation is pleased to be the only community foundation in the United States that is a signatory to the United Nation’s Principles for Responsible Investment (UNPRI).

An Opportunity for Stewardship and Impact

The in-house investments team of seven stewards the assets of the Foundation and its partners, working closely with investment committees and professional asset managers to ensure the long-term growth of the Foundation and affiliates. The AVP Director of Investments (AVPDI) will work closely with the Chief Investment Officer (CIO) on all facets of oversight and management of the investment portfolio, be a key partner to the CIO and provide leadership within the investment team and the Foundation. The AVPDI will co-lead with the CIO all manager sourcing and screening efforts and lead the due diligence process with selected managers.

Reports to:                               Chief Investment Officer

Direct Reports:                         Senior Investment Analyst (+ 2 Junior Investment Analysts)

Other key relationships:           Director of Investor Relations

                                                Investment Operations Specialist

                                                Executive Leadership Team

                                                Department Leadership Team

CIG Investment Committee

                                                Mardag Foundation Board of Directors

1. R. Bigelow Foundation Board and Investment Committee

                                                Verus Wealth Partners (Performance reporting consultant)

Position Location:                    St. Paul, Minnesota; all employees are expected to live within a commutable driving distance to the office. The hybrid working model provides flexibility for staff to work form the location that fits them best, usually includes one planned day per week when the investment team is in the office together, and a quarterly in-office day when all staff are in the office.

Compensation:                        $321,000 annual full-time exempt (no variable component)

Benefits:                                  The Foundation offers excellent benefits including generous retirement contributions, professional development, PTO/holidays and more.

Travel:                                      Approximately 6-8 planned meetings requiring out of state travel will be required to select and monitor investment managers.

Key Responsibilities

Portfolio Structure and Management

• Work with the CIO in positioning multiple portfolios to manage underlying manager expenses, simplify structures, and better meet the needs of donor-advised fund holders and non-profit endowment partners
• Partner with the CIO in the ongoing development of investment policy statements, including ESG and DEI policies
• Participate in strategic investment planning by performing asset class research and portfolio-level analysis in support of asset allocation, portfolio construction and future investment commitments
• Participate as needed in the development and review of RFPs for custody, consulting and other ancillary services
• Review economic trend data and stay current with general capital market and alternative asset developments

Investment Manager Due Diligence & Monitoring

• Lead due diligence on underlying investment managers across all asset classes and portfolios; utilize network connections to ensure best-in-class sourcing and access to restricted programs

• Thoroughly diligence and evaluate investment opportunities, including operational due diligence, manager deep-dives and reference interviews

• Provide detailed investment recommendations and share knowledge regarding managers with investment committee, including analysis of investment strategy, track record, manager competitive advantages/weaknesses, risk management, operations, team strength, reference checks, review of audited and unaudited financial statements, and review of investment documents
• In conjunction with the analyst staff, perform ongoing monitoring and due diligence on current investment managers, including understanding their diversity policies and practices and assessing the level of ESG practice integration within the investment process
• Proactively source and evaluate minority-owned or led investment managers across broad range of asset classes; maintain pipeline of prospective managers

Investment Committees

• Provide overall investment committee meeting support, including preparation of meeting materials and implementation of action items
• Help staff two investment committees, demonstrating executive presence in all board and committee communications
• Along with the CIO, represent the Foundation at 5-10 external nonprofit audit and finance committee meetings throughout the year

Mission Alignment and Impact Investing

• Assist with the in-house ESG measurement processes and procedures across both public and private investments in the multi-asset endowment pools
• Assist with the Foundation’s DEI Survey of investment managers; share findings and go-forward plans with each manager
• Provide supervisory guidance during the annual UNPRI reporting process.

Organizational and Project Leadership

• Participate in the leadership of the Foundation as a member of the Department Leadership Team (DLT) providing input to and taking direction from the Foundation’s Executive Team
• Actively participate in staff events and in staff education about investments and the work of the investments team
• Provide leadership to process optimization efforts and technology enhancements for improved customer service, analytics and reporting
• In collaboration with the Finance department, support the investment team’s compliance processes, procedures, and deliverables to help ensure compliance with UPMIFA and annual audits across multiple entities

Team Leadership

• Directly supervise the investment analyst team
• Take a highly collaborative and transparent approach to the analyst staff’s learning and development in portfolio management/asset allocation, manager sourcing and network development, manager due diligence and communication skills
• Provide 1:1 coaching and proactive expectation management to ensure timely and successful completion of development and position goals
• Teach, motivate and develop investment analyst team to ensure positive and collaborative environment resulting in creation of a high performance and continuous improvement culture which values the contribution of each team member
• Conduct regular individual and team performance assessments.

Ideal Candidate Profile

The Foundation is seeking a highly accomplished investment professional who believes in the power of philanthropy to transform communities and is compelled by the mission and purpose of the Foundation. This person will have a track record of success in institutional investment management, with particular depth in private investments and facility across a variety of asset classes. They will be an effective leader of people, with the ability to develop others, represent the Foundation’s investments to a variety of audiences, and work collaboratively with colleagues across the Foundation.Function

As a leader and functional expert at the Foundation, the AVPDI is expected to demonstrate the following leadership competencies, skills, expertise and qualifications, and workstyle:

Leadership Competencies

Functional Expertise: Demonstrates highly developed subject matter knowledge and thought leadership in their domain. Stays abreast of trends in the field and appropriately disseminates knowledge throughout the organization.

Sound Decision-Making: Possesses strong intellectual curiosity and the ability to analytically, conceptually and critically evaluate information to determine relative strengths and weaknesses of ideas and proposals. Comfortable managing ambiguity and balancing action with the appropriate level of risk.

Strategic Acumen: Understands the market, identifies trends and drives the organization to create comprehensive, competitive and breakthrough strategies. Prioritizes strategically, leading the organization to pursue and capitalize on the best opportunities.

Cultural Competence: Models inclusion and champions equity by effectively engaging people of diverse cultures and backgrounds. Invests in building organizational capacity for inclusion and equity by maintaining an environment that is bias free. Possesses ability to work with colleagues with a range of passions including social justice, community collaborations and other interests. Culturally fluent and dedicated to racial equity.

Builds Talent: Develops and maintains high-performing teams and coaches other leaders to develop their own leadership capabilities. Ensures all leaders and team members challenge and support each other while respecting others’ unique roles and contributions.

Fosters Collaboration: Creates an environment that supports collaboration by facilitating communication and coordination across all parts of the organization. Builds an intentional and cohesive culture that aligns functional agendas and unites the team.

Functional Requirements

1. Significant and relevant experience working in institutional investment management within a foundation, endowment, pension fund, or large-scale family office environment; this would usually require 10+ years of experience working with a complex investment portfolio of $500MM+.
2. Demonstrated private markets manager sourcing and connections to include hedge funds, venture capital and buy-out funds, private real estate, private credit, and private real assets investments.
3. Preference for experience working with public marketable securities (equity and fixed income).
4. Strong understanding of and experience in capital markets, portfolio construction and management, asset allocation theory and modeling, benchmark analysis and performance measurement.
5. Demonstrated track record of successful investments.
6. Experience conducting manager due diligence and monitoring and performing research and analysis on various investment topics; has worked with external advisors.
7. Experience with Environmental, Social and Governance (ESG) investing, and a passion for advancing equity within the institutional investing industry; familiarity and interest in mission-aligned impact investing (PRI/MRI) will be helpful.
8. Demonstrated team leadership and supervisory skills and success supporting and developing colleagues to succeed individually and as a team.
9. Experience serving on and/or staffing investment committees; ability to lead investment committee meetings.
10. Advanced degree(s), certification(s) (e.g., CFA, MBA, CAIA, CPA ) and/or evidence of pursuit of expertise preferred

Workstyle

1. Demonstrates authentic commitment to aligning mission with position responsibilities and genuine interest in participating in enterprise-wide activities, some of which are directly related to the investment work and some that are less directly aligned.
2. Strong and effective verbal and written communication skills; energized by the opportunity to represent the Foundation and investment team’s work internally and externally; proven ability to simplify and teach complex topics to a variety of audiences.
3. Demonstrated success as player-coach with the ability to work alongside a team with high attention to detail and quality.
4. Self-starter with effective management, organizational and time management skills.
5. High level of emotional intelligence, with ability to build consensus, navigate different workstyles, resolve misunderstandings, and facilitate productive communication to ensure stakeholders are aligned and their needs are met.
6. A strong work ethic, clear demonstration of honesty and integrity, and the highest ethical standards are assumed.

The Foundation’s DEI Commitment

The Foundation consistently works to make the community a stronger, more equitable place. In order to fulfill the mission, the Foundation understands that employing a diverse team of knowledgeable, passionate individuals who reflect our community is vital. To that end, the Foundation’s staff consistently works to ensure that recruiting activities and hiring plans align with their commitment to equitable hiring practices.

To Apply

The Foundation has partnered with Doran Leadership Partners to lead this search. Please send your resume and cover letter to Heidi.Westlind@DoranLeadership.com. Review of applications will  begin immediately.