Position Category: Alternative Investments/Private Equity
Position Title: Real Estate Fund of Funds Analyst
Job Level: Analyst/Associate
Location: USA - NY - New York
Education Required: Bachelors Degree
Position Description: Morgan Stanley Investment Management (MSIM) is a wholly-owned subsidiary of Morgan Stanley. MSIM currently has approximately $570 billion in assets under management. Its product line covers a full range of equity, fixed income, and alternative investments in developed and emerging markets. It offers various investment styles, including value, growth and blend, and diversified and concentrated portfolios. Products are available through separate account management, U.S. and non-U.S. mutual funds, and variable annuities. The firm's primary goal is to forge long-term relationships with clients, putting their interests first and providing excellent service. Clients have access to the products and services anywhere in the world through Morgan Stanley's distribution network. MSIM is organized into four global business units: traditional Equity, traditional Fixed Income, Alternatives and Merchant Banking.
MSIM's Alternatives group is composed of several distinct businesses including a fund-of-funds business (Alternative Investment Partners or “AIP”), a single-strategy direct hedge funds business, a senior loans business, and a structured products business.
In 2000, Morgan Stanley formed AIP when it recruited a team of investment professionals from the Pension Fund Investment Group of the Weyerhaeuser Company. The team brought an outstanding 17+ year track record investing solely in alternative investments (including real estate, hedge funds and private equity). In addition, it was made up of people with exceptional skills, education and experience, and with a powerful network of relationships and access to high quality managers. Today, with over 100 professionals globally, AIP manages approximately $19 billion of real estate, hedge fund and private equity fund of funds assets. AIP is located primarily in West Conshohocken, PA, a suburb of Philadelphia with team members also located in New York, London and Tokyo. We plan to open an office in Hong Kong in 2008 and staff that office with a real estate professional in 2009.
With a global remit, the Real Estate Fund of Funds group's strategy is to provide its investors with portfolio of interests in third party real estate funds pursuing primarily opportunistic and value added strategies. That strategy is deployed both through global flagship funds and specialist funds more a more focused strategy. The group will invest in a mix of established and less established funds, but with a focus on less established and emerging funds and will, on a selected basis, back managers transitioning to real estate fund management from real estate management, ownership and/or development. The Real Estate group will also acquire secondary interests and make co-investments alongside these funds.
Morgan Stanley is a global leader in direct real estate investing securities, corporate finance advisory and lending. Morgan Stanley manages more than $88 billion of private equity real estate, and approximately $20 billion of global real estate securities. The AIP Real Estate group will leverage these teams to source and diligence managers and strategies globally (while remaining independent of these affiliated Morgan Stanley teams).
Responsibilities: • Assist the portfolio manager by underwriting private equity real estate funds, coinvestments and secondaries, including financial modeling, drafting and presenting investment committee memos, meeting with GPs and checking their references, visiting properties, and preparing market and economic research. • Assist with monitoring existing portfolio and work with distribution team to prepare presentations. • Embrace growing a new business inside a global investment management firm as part of a team.
Skills Required: • Minimum Bachelor's degree; MBA and/or CFA preferred • Applicants must have at least 2 years' experience investing in private equity real estate; direct investing experience a plus • Excellent verbal and written communication skills • Team player instincts, with a professional demeanor characterized by collegiality, mutual respect, integrity and thoughtfulness.
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