About Living Cities:
Founded in 1991, Living Cities is a collaborative of 19 of the world’s largest foundations and financial institutions. We foster transformational relationships across sectors to connect those who are willing to do the hard work of closing racial income and wealth gaps. Together, we are partnering with cross-sector leaders in cities across the country to imagine and create an America in which all people are economically secure, building wealth, and living abundant, dignified, and connected lives. Our staff, investments, convenings, and networks support efforts that operationalize racial equity and inclusion in local government, create inclusive narratives, bring communities together to devise and act on a shared vision for the future, and eliminate inequities in systems such as entrepreneurship, homeownership, and access to capital.
One of Living Cities’ key program areas is Capital for the New Majority (CNM). In the context of closing racial income and wealth gaps, CNM seeks to drive more capital and resources to entrepreneurs and fund managers of color. Functionally, CNM consists of a field-building program, as well as two impact investment funds. Having multiple tools at its disposal allows the CNM team to constantly innovate - by developing new hypotheses and theories, testing those ideas, learning from what has and has not worked, and sharing those lessons with the broader field.
In order to accelerate the adoption of innovative financing for the benefit of people of color and the cities in which they live, Living Cities has been making impact investments for more than a decade. These investments have largely been made out of two structured debt funds: The Catalyst Family of Funds consists of two structured debt funds that have been capitalized by 15 institutional investors, the majority of whom are Living Cities’ members. The Catalyst Fund (LCCF), a $38 million structured debt fund closed in 2008, is in the final stages of its fund life cycle, has returned capital to its investors, and is in the process of winding down its operations. The Blended Catalyst Fund (BCF) is a $37 million fund focused on closing the racial wealth gap by supporting the development of jobs, income and wealth for people of color. The BCF achieved its final close in December 2016 and is expected to be fully deployed by the end of Q1 2021.
Living Cities currently has a growing investment team of two Senior Investment Associates, a Senior Administrative Assistant and an Associate Director that report to the Managing Director of Capital for the New Majority. This is an exciting opportunity for a technically inclined individual who is passionate about asset management, financial analysis, and deeply committed to using capital to create better outcomes for founders of color.
The Investment Associate will primarily provide asset management support for Living Cities' Catalyst Funds and future investment vehicles, as well assisting the Investment team with additional operational and loan administration duties. The Investment Associate will work closely with key members of the investment team and will report to two Senior Investment Associates.
Primary Responsibilities Include:
· Asset Management
o Monitor compliance with reporting and loan covenants
o Review/analyze borrower financial statements and evaluate organization trends, collateral coverage, and client’s repayment ability, including data entry for financial spreads
o Manage borrower capital calls and repayments
o Conduct annual risk rating reviews
o Identify problem investments, recommend collection strategies and action plans, and assist with negotiation of loan restructurings when necessary
o Contribute to investor reporting
o Handle borrower requests for amendments, extensions, etc.
· Loan Servicing and Administration
o Monitor and manage interest and principal payments and transactions
o Follow up with borrowers on items owed to Living Cities such as interest payments, reporting, etc.
o Support investment team in process draw requests, internal transfers, interest payments, and capital calls
o Contribute to the development and refinement of LC's procedures and policies, including but not limited to our loan management platform, to enhance efficiency and minimize credit and operational risk.
o Support Investment team in entering data into our loan management system (TEA)
· Investor Management
o Support the Senior Administrative Associate in processing confirmations, invoicing and statements for investors
o Track investor disbursements and allocation across Catalyst Fund sources
o Manage and track fund covenant compliance
o Produce Quarterly and Annual Reports for investors
· Asset Management
o Support Senior Investment Associates in entering data into our loan management system (TEA)
o Analyze & spread borrower financials
o Follow-up with borrowers on items owed to Living Cities (such as interest payments, reporting, etc.)
o Contribute to reporting
Secondary Responsibilities May Include:
· Learning and storytelling
o Support Living Cities goals to synthesize lessons from our impact investing portfolio and share with key decision makers in the fields in which we work (including philanthropy, impact investing, community and mission-driven lending, community economic development, and urban public policy)
· Required Experience and Knowledge:
· Four year degree or equivalent of 3 years’ work experience
· Advanced degree a plus, but not required
· Proficiency in fund and portfolio management, direct lending, and asset management
· Knowledge of urban policy and the issues affecting communities of color in U.S. cities
· Limited travel (approximately 10% of time)
· Excellent Excel skills
· High level of organization and attention to detail
· Excellent writing and verbal presentation skills
· Superior interpersonal skills, ability to manage and work in teams, interacting constructively with diverse constituents
· Highly energetic, creative problem solver exhibiting deep commitment and passion for Living Cities’ mission.
· Strong analytical skills, combined with demonstrated ability to synthesize and clearly communicate complex issues
· A sense of humor and the ability to collaborate across roles and locations
Racial Equity & Inclusion (REI)
· Foundational knowledge and core concepts
· Understands why racial equity is an integral part of Living Cities’ approach, inside and outside the organization
· Displays clear willingness to learn and apply REI history and concepts REI Practice and Analysis
· Engages with curiosity, humility and openness in discussions about race, equity and power inside and outside of the organization
· Understands how the construct of race has impacted the distribution of power and resources, and recognizes its impact on current and future outcomes across systems
COMPENSATION: Salary and benefits are competitive and commensurate with experience.
LOCATION: New York, NY or Washington, D.C.
Living Cities is an equal opportunity employer and welcomes candidates from diverse background
To apply for this position, please send a cover letter and resume to email@example.com with the subject line, “Investment Associate.”
About Living Cities:
Founded in 1991, Living Cities is a collaborative of 19 of the world’s largest foundations and financial institutions. We foster transformational relationships across sectors to connect those who are willing to do the…