City : Montreal, Quebec

Category : Portfolio Management

Industry : Financial Services

Employer : PSP Investments

ABOUT US

We’re one of Canada’s largest pension investment managers, with CAD$264.9 billion of net assets as of March 31, 2024.

We invest funds for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. 

Capturing and leading complex global investments requires us to work as one to seize valuable opportunities, in close collaboration with some of the world’s top companies. At PSP, you’ll join a team of motivated and engaged professionals, dedicated to propelling our organization further than ever before.

EXPERIENCE THE EDGE

At PSP, we encourage our employees to grow, forge powerful relationships, contribute and fuel inspired investment launchpads. We are committed to a culture that fosters collaboration and allows us to think beyond, in an interconnected way. We advocate for our employees to speak-up, learn, experiment, share, and be part of an inclusive work environment where diversity is embraced.

ABOUT THE TEAM 

Global Alpha - Alpha Alternatives is a US$13B AUM business with a mandate to deliver uncorrelated returns to the Total Fund, play a completion role within PSP and be the spearhead of innovative investment strategies. Alpha Alternatives is composed roughly 50|50 of the “All-Weather Portfolio”, a portfolio of relative value fund investments; and Integrated Strategies (IS), which has three core strategies: Capital Events, Risk Transfers and Royalties & Rights. Across the three core strategies, the IS team partners with top-tier hedge funds as a fund investor and co-investment partner, as well as managing a book of direct investments.

The IS team is made-up 6-8 investment professionals with experience across a breadth of alternative equity and credit strategies, in both public and private markets. Team members focus on one of the three core strategies, however work across all of IS, based on the overall opportunity set, resource allocation needs and personal development goals.

ABOUT YOUR ROLE  

The Manager, Alpha Alternatives is a member of the IS team, reporting to the Managing Director Alpha Alternatives. The Manager would initially be a member of the Royalties & Rights team of two. The objective of the Royalties & Rights strategy is to buy or lend against free cash flow generating intellectual property assets or other forms of rights where there is dislocation, a unique strategy to capture attractive risk-adjusted returns, and/or an opportunity to invest in and build a platform. The team works with specialist partners in investments in media content (e.g. music royalties), life sciences (e.g. pharma royalties), legal rights, sports franchises and other uncorrelated asset-backed  cash flow streams.

The Royalties & Rights Manager roles are the following:

• Articulating Royalties & Rights investment strategy by sub-strategy (e.g. music royalties, pharma royalties, etc) through understanding sector dynamics, sizing opportunities, determining risk/return profiles and relative attractiveness, defining where we play and how we play, and executing on the strategy through select partner fund investments and individual deals

• Developing IS view on sector through close market observation, on-going discussions with sector players and experts, and active participation in sector conferences and events

• Collaborating with IS partners to determine new/growing royalties and rights sub-strategies or those going through dislocation. Designing entry strategies

• Maintaining framework of risk/return across Royalties and Rights sub-strategies for optimal capital allocation and proactive capital recycling

• Working closely with partners to monitor fund investments in Royalties & Rights as well as screening and executing on select co-investments

• Leading due diligence efforts on deals, transaction structuring, negotiation of terms, driving internal investment approval processes and actively monitoring investments in the portfolio

• Interacting with other internal teams as it relates to risk, legal, audit (internal, external), valuations, ESG and external legal counsel

• Actively contributing across Alpha Alternatives to investment strategy, portfolio and performance review and process/tool improvement

Sourcing

• Liaising with IS partners in generating and maintaining an active pipeline of new investment opportunities in Royalties & Rights

• Triaging and prioritizing opportunities for rapid assessment, go/no go decisions and partner response

• Pro-actively developing a professional network of relationships in the Royalties & Rights space through reach-out to best practice firms and active conference attendance

Investment execution  

• Driving investment thesis preparation and communication. Demonstrating thorough, fact-based analysis and rational for base case attractive risk-adjusted returns. Detailing of business scenarios that could drive investment performance and why downside scenario risk is acceptable or how it is mitigated

• Leading the negotiation of term sheets, commitment letters and agreements. Ensuring key economic/governance terms are aligned with PSP interests and investment thesis

• Supervising broader PSP team in due diligence and reporting critical information and developments

• Actively participating in the internal investment review processes and presenting to secure approval from relevant investment committees and ensuring the successful closing of transactions

Active monitoring

• Active dialogue with partners to assess fund portfolio exposure and performance as well as co-investments

• Coordinating preparation of periodic reports and undertaking various analyses on fund investments, as well as co-investments and direct positions to assess exposure and performance

• Attending broader PSP meetings as applicable and reporting back to team on topics discussed and key developments

WHAT YOU’LL NEED

• Bachelor of Accounting or Finance or professional designation in accounting/Finance (CA), MBA or CFA

• A minimum of five (5) years of experience in principal investing and/or investment research

• Track record of deal completion and/or project completion

• Experience in royalties and rights transactions is an asset

• Intellectually curious and eager to learn, challenge oneself

• Mature, driven and motivated to work in a team investment environment

• Enthusiastic and able to work under pressure

• Proactive and forward thinking, adaptive and flexible

• Strong work ethic and professional integrity

• Aspiring to be best-in-class in field

• Excellent financial, quantitative and analytical skills

• Project management skills – managing projects with tight deadlines and managing multiple projects at same time

• Strong communication and presentation skills – preparing robust investment recommendations, clear presentations, adapting oral communication to audience and time limits

• Ability to build solid working relationships both internally and externally

• Good communications skills in English and French (or willingness to learn) (regular interactions in English with investment partners based outside of Quebec Example: peers, bankers, brokerage firms, etc. and PSP employees in our offices in Hong Kong, London and New York, and interactions in French with employees in our local offices in Montreal and Ottawa) 

We offer a tailored employee experience and competitive total rewards and benefits package* designed to attract and retain global diverse talent, reward performance, and reinforce business strategies and priorities. Beyond salary and incentive pay eligibility, you have access to:

• Investment in career development

• Comprehensive group insurance plans

• Competitive pension plans

• Unlimited access to virtual healthcare services and wellness programs

• Gender-inclusive paid family leave policy: up to 26 weeks for primary caregivers, 5 weeks for secondary caregivers

• A personalized family-building support, from pre-pregnancy to menopause, with available financial assistance

• Vacation days available on day one with additional days on milestone service anniversaries, and summer Friday afternoons off

• A hybrid work model with a mix of in-office and remote days

*Benefits package may vary based on your employee type.

At PSP, we aim to provide an inclusive workplace where we leverage diversity and where everyone feels valued, safe, respected and empowered to grow. As part of this leadership commitment, we strongly encourage applications from all qualified applicants and strive to offer an inclusive and accessible candidate experience. If you require any accommodation for any part of the recruitment process, please let us know.

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