Alternative Investment Analyst

The Alternative Investment Analyst is responsible for overseeing the full investment lifecycle for partnership and other alternative investment structures held within our insurance company portfolios. This position administers the end-to-end process for private funds, rated note feeders, limited partnerships, joint ventures, private credit funds, real estate funds, infrastructure funds, hedge funds, private equity funds, and other illiquid investments reported as Other Invested Assets under statutory accounting. The position reports to our AVP Investments.

This role combines investment analysis, operational oversight, statutory accounting expertise, data governance, valuation support, performance measurement, and internal control discipline. The individual will serve as a subject matter expert in our alternative investment process including initial sourcing and due diligence, onboarding, transaction processing, valuation updates, performance reporting, statutory accounting and regulatory reporting support, and ongoing monitoring.

This position requires an understanding of insurance company investment accounting, particularly the statutory treatment of partnerships and other invested assets, including capital calls, distributions, income recognition, return of capital, unrealized gains and losses, admitted asset considerations, NAIC reporting schedules, and coordination with external managers, custodians, tax advisors, and accounting teams.

Qualifications

• Bachelor's degree in accounting, finance, or related field.
• Strong knowledge of alternative investment structures and private fund reporting.
• Experience with Schedule BA insurance company investment accounting, statutory accounting, investment operations, alternative investments, or asset management.
• Advanced Excel skills and experience with investment accounting or performance reporting systems.
• Ability to evaluate risk-return characteristics of private funds
• Understanding of manager due diligence, fund economics, liquidity terms, and fund construction.
• Ability to identify risks not immediately apparent from headline performance metrics.
• Strong attention to detail, analytical, reconciliation, and process-control skills.
• Ability to manage multiple deadlines, reporting cycles, and fund notices.
• Strong reconciliation and exception-resolution skills.
• Ability to read and interpret legal documents, fund agreements, offering memoranda.
• Ability to identify weaknesses in existing processes, design scalable workflows and implement practical improvements.
• Ability to explain complex investment, accounting, and operational issues.
• Strong written communication skills for e-mail, presentation, and investment committee materials.
• Ability to coordinate effectively across functional areas and service providers.

Responsibilities

Investment Sourcing and Pipeline Management

The position will support and coordinate the sourcing of new partnership and alternative investment opportunities in collaboration with the Chief Investment Officer, AVP Investments, AVP Investments & Treasury, and external portfolio managers.

Responsibilities include:

• Maintain a pipeline of prospective investments, including private equity, private credit, real estate, infrastructure, hedge funds, opportunistic credit, structured credit partnerships, and other alternative strategies.
• Track investment opportunities from initial introduction through final approval or deferral.
• Maintain documentation of investment rationale, expected return profile, liquidity terms, risk factors, statutory accounting treatment, and portfolio fit.
• Develop standardized screening criteria for new fund opportunities, including strategy/fit, expected returns, liquidity, fees, drawdown structure, use of leverage, tax considerations, operational complexity and manager expertise.

Investment Due Diligence

The position will coordinate the diligence process for new and existing partnerships and Other Invested Assets.

Responsibilities include:

• Retrieve and review of subscription documents, including PPM, LP agreements, side letters, investor presentations, financial statements, and other offering materials.
• Assess key investment risks (credit, market, liquidity, valuation, leverage, counterparty, regulatory/compliance, operational, etc.).
• Evaluate manager qualifications (experience, performance, consistency, risk management, back-office infrastructure, etc.).
• Review fund terms (commitment amount, investment period, fund life and extension provisions, preferred return/hurdle, carried interest, fees, key person provisions, liquidity/redemption terms, restrictions, etc.).
• Coordinate legal, compliance and other reviews prior to approval.
• Prepare materials summarizing fund terms, risks, return, accounting implications, and operational requirements.

Investment Approval and Setup Documentation

The position will be responsible for ensuring that each approved investment is properly documented, onboarded, and established in internal systems prior to funding.

Responsibilities include:

• Manage internal onboarding checklist for all new investment funds.
• Coordinate completion and execution of subscription and LP agreements, investor questionnaires, tax forms, AML/KYC documentation, wire instructions, custodian and investment system setup.
• Ensure that fund terms are accurately captured in internal systems (legal name, commitment, ownership percentage, vintage, strategy/asset class, statutory and GAAP classification, investment period, expected fund life, reporting frequency, capital call and distribution instructions, etc.).
• Coordinate with custodian, investment accounting platforms, general partners, fund administrators, and internal accounting teams to ensure data integrity at setup.
• Maintain any required documentation for audit, regulatory, tax, and internal control purposes.

Fund Activity and Document Processing

The position will oversee the collection, validation and operational processing of all partnership activity and fund documentation throughout the life of the investment.

Responsibilities include:

• Retrieve, review, validate, and process capital call notices, distributions, capital account statements and all posted fund documentation.
• Confirm capital call amounts against unfunded commitments, prior funding activity, and fund documentation; distribute to Treasury to ensure timely funding of capital calls in accordance with legal agreements.
• Review and process distribution notices.
• Determine the accounting characterization of distributions.
• Maintain accurate unfunded commitment balances.
• Track funded commitments, cumulative distributions, remaining value, total value, and realized proceeds.
• Reconcile activity between general partners, custodian, investment accounting and performance systems, and general ledger.
• Maintain schedule of K-1s received; distribute to tax department.
• Ensure valuation alignment with investment accounting system and custodian.
• Investigate and resolve discrepancies promptly.
• Maintain sufficient support for internal, audit and regulatory reporting.
• Proactively identify issues that require escalation.

Accounting and Reporting Oversight

The position will ensure that partnership and other alternative investments are properly classified, valued, and reported under insurance statutory and GAAP accounting requirements.

Responsibilities include:

• Assess relevant SSAP guidance to determine proper statutory accounting treatment and invested asset admissibility for each investment
• Evaluate fund structure and investment characteristics to identify residual interest and other potential statutory accounting issues
• Support NAIC annual and quarterly statement reporting (Schedule BA and related notes, interrogatories and disclosures)
• Monitor RBC implications of partnerships and Schedule BA assets
• Support GAAP classification analysis, coordinate fair value reporting and investment income recognition
• Assist with consolidation assessments and variable interest entity considerations where relevant.
• Reconcile GAAP and STAT carrying values where differences exist

Performance Measurement and Investment Analytics

The position will be responsible for measuring and reporting performance for partnership and alternative investments.

Responsibilities include:

• Monitor and confirm calculation of investment performance using common metrics (total return, IRR, MOIC, unrealized gain/loss, etc.).
• Prepare periodic reports for senior management and investment committee/board reporting.
• Identify underperforming funds/fund investments for watch list consideration and maintain watch list.
• Manage portfolio look-through analysis for internal reporting (asset class, strategy, geography, sector, etc.).

Reporting to Senior Management and Investment Committee

The position will prepare clear, accurate and decision-ready reporting items for internal stakeholders.

Responsibilities include:

• Prepare recurring reports for Chief Investment Officer, Investment Committee, Finance and Accounting, Treasury, Tax, Internal Audit and other areas as required.
• Develop dashboards covering total, funded and unfunded commitments, capital calls, distributions, performance, statutory values, liquidity, valuation lag, and other items as required.
• Present key developments and action items in a concise, executive-ready format.
• Support ongoing and annual planning for Investments and Treasury function, including expected capital calls, distributions, liquidity needs and portfolio rebalancing.

Ongoing Monitoring, Risk Management and Controls

The position will monitor existing investments to ensure strong operational controls, continued compliance with investment objectives, statutory limitations, internal guidelines, and operational expectations.

Responsibilities include:

• Ensure data accuracy across all reporting systems including investment accounting, performance, custody, and general ledger.
• Maintain a centralized inventory of all partnership and other invested asset holdings.
• Track key person events, litigation, regulatory issues, defaults, fund extensions and amendments.
• Monitor changes in fund strategy, management, portfolio composition, leverage and other investment characteristics.
• Evaluate whether adverse developments require accounting impairment analysis, valuation adjustment, or increased monitoring.
• Ensure continued compliance with internal investment policy statement and insurance regulatory limits.
• Maintain documentation sufficient for internal and external audit testing and regulatory examination.
• Identify process and efficiency improvements and automation opportunities.

Salary Range: $75,820 - $104,102

• This position is eligible for participation in the Company's Short-Term Incentive Plan (STIP), offering additional compensation driven by individual and company performance.
• Compensation is determined based on factors such as skills, experience, education, and market considerations. We consider factors such as specialized skills, depth of knowledge in the field, and educational background to ensure fair and competitive pay. Salary may also include additional geographic differential for employees working in higher-cost labor markets, including states such as New York and California. While the posted range reflects our anticipated hiring range, we remain open to considering candidates with exceptional qualifications, specialized expertise, or directly relevant experience that may warrant compensation outside of that range.

Benefits

We offer competitive compensation, an incentive bonus plan, outstanding career opportunities, an exceptional work environment, and an impressive benefits package, which starts with medical, family and bereavement leave; same-sex domestic partner benefits; short- and long-term disability programs; and an employee assistance program. There's more:

• Health, dental, and vision insurance
• Health care tax-free spending accounts with a company match
• 401(k) and Roth IRA with company match, as well as catch-up plans for both
• Vacation days, sick days, and paid personal days each calendar year (with vacation increases based on length of service)
• Paid holidays each calendar year
• Life and travel insurance
• Tax-free commuter benefits
• In-person and online learning opportunities
• Cross-function career opportunities
• Business casual work environment
• Time off to volunteer
• Matching donations to qualifying nonprofit organizations
• Company-sponsored participation at non-profit events