Investment Fellow

The New York State Teachers’ Retirement System (NYSTRS) Investment Fellows program is a 2-year program during which Investment Fellows move between the various asset classes at 6-month intervals. During the two years, Fellows will be provided hands-on training in each asset class: Fixed Income, Real Estate, Private Equity, and Public Equities. They will work closely with experienced professionals in the finance field and will be paired with a mentor for the duration of the program. The program provides selected Fellows with many benefits including: a hybrid work schedule, flexible working hours, paid time off, state pension, tuition assistance, CFA study time & exam fee support, and more. There will be networking opportunities with executives and senior-level staff as well as professional development programs and participation in system-wide events and activities.

We are seeking to fill two positions for the period of July 2027 through June

2029.

Job Duties

As an Investment Fellow, you can expect to work closely with asset class professionals who are committed to supporting you as you navigate through the program and gain exposure and learn a variety of responsibilities associated with the role. Examples of the job duties of the Investment Fellow may include, but are not limited to, the following:

Private Equity

• Review, analyze, and evaluate domestic and international private equity and private debt investment opportunities
• Conduct quantitative and qualitative due diligence and present findings to the internal private equity team and selectively to the internal investment committee
• Draft investment memos as directed by senior internal Private Equity team staff
• Generate monitoring reports for funds each quarter based on analysis of quarterly financial reports, recent manager interactions, and other funds updates from the System’s private equity and private debt partnerships
• Support senior internal Private Equity team staff in the review of cash flows, market values, and build out of cash flow models as directed
• Participate and take notes at meetings with the System’s private equity and private debt managers, consultants, and peers using a CRM system
• Provide support in the generation of quarterly board reports and other projects as directed

Real Estate

• Participate in the underwriting of new property /mortgage acquisitions and fund investments
• Monitor the commingled fund universe and evaluate existing System portfolio fund investment performance against comparable peer set
• Participate in on-site diligence inspections for direct real estate acquisition/origination opportunities
• Work with external service providers including separate account advisors, joint venture partners, property managers, leasing agents, accountants, attorneys, appraisers, etc.
• Monitor commingled fund performance to identify drivers of performance, conflicts and concerns
• Present on acquisition and origination activity and investment recommendations at internal department, Internal Investment Committee, Real Estate Advisory Committee and Board meetings (as needed)
• Represent NYSTRS at advisory board meetings as needed
• Stay abreast of real estate market conditions and trends through discussions with industry participants and attendance at industry conferences and trainings
• Participate in the preparation of the portfolio strategic plan

Fixed Income

• Perform assigned fixed income related quantitative and qualitative research and analyses, as well as prepare and develop periodic monthly and quarterly reports (e.g., for Board meetings) as requested
• Perform due diligence and financial analysis on bond issuers being considered for purchase and/or sale in the short- and long-term bond portfolio
• Perform administrative duties as necessary including: preparation, dissemination, follow up for receipt and review of the: annual broker/dealer updates, and five-year broker/dealer questionnaire; annual No Gift policy letter; QIB document; and any counter party related documents that require completing.
• Participate in the active monitoring, due diligence and or research of external fixed income managers
• Assist with the coordination and execution of foreign currency trades in support of externally managed accounts across various System departments

Public Equities

• Daily monitoring of internal portfolios for consistency with stated objectives.
• Validate the daily investment process; check daily holdings reconciliation reports and facilitate resolution of any position discrepancies and other data related issues.
• Review index changes and corporate action events for impact on internal portfolios and generate recommendations for specific actions resulting from such events.
• Rebalance internal portfolios according to investment guidelines and cash-flow instructions; run optimizations, review optimal portfolio characteristics, and communicate trade instructions to trader
• Generate data/reports as necessary for monthly internal investment committee, investment advisory committee, quarterly board packages, investment policy manual, ACFR
• Participate in relevant conferences and educational sessions to gain exposure to market insights and develop industry awareness through networking with peers

Minimum Qualifications

Minimum Qualifications

Applicants must be a bachelor’s or master’s degree student who will receive a bachelor’s or master’s degree between December 2026-May

2027.

Preferred Qualifications

• A bachelor's degree or master's degree in Finance, Accounting, Business Management or a closely related field
• Possess analytical and quantitative skills
• Demonstrate an interest in investments and the pursuit of an exciting and rewarding career
• Some familiarity with capital markets and/or investment theory
• Interest in, or progression towards, industry certifications such as the CFA, CAIA or other relevant certifications
• Competency with Microsoft Office Applications with an emphasis on Excel, Outlook, Power Point, and Word
• Strong written and verbal communication skills
• Ability to work independently and in team settings
• Demonstrate initiative and a curiosity for learning
• Excellent interpersonal skills