The Role

As a Managing Director, Real Estate Credit, you will be a senior investment decision-maker responsible for shaping strategy, driving portfolio performance, and leading the origination, underwriting, execution, and management of public and private commercial real estate credit investments, primarily across North America with an emphasis on the United States.
You will apply deep real estate credit expertise and investment judgment to complex opportunities, develop senior relationships across the market, and lead and develop colleagues while contributing to the long-term success of the Real Estate Credit strategy.

The Team

Real Assets Credit (RAC) brings together CPP Investments' expertise across real estate, infrastructure, and energy to invest in real asset credit opportunities globally. Managing approximately C$12 billion in assets, RAC seeks attractive risk-adjusted returns through proactive origination, rigorous fundamental analysis, and partnerships with experienced sponsors and co-lenders.

Within RAC, the Real Estate Credit team invests flexibly across the capital structure, primarily in private, below-investment-grade and structured credit secured by institutional-quality commercial real estate. The team invests across major property types and markets through B-notes, mezzanine loans, preferred equity and other structured capital, as well as selective first mortgage, whole-loan and subordinated CMBS opportunities.

Accountabilities

• Shape the strategic direction of Real Estate Credit and drive portfolio performance, applying sound investment judgment to portfolio construction, market opportunities, emerging risks, and capital prioritization.
• Originate investment opportunities and develop senior relationships with sponsors, borrowers, financial institutions, mortgage bankers and brokers, advisors, and other real estate capital market participants.
• Lead the evaluation, underwriting, structuring, investment committee process, negotiation, and execution of complex real estate credit investments, with accountability for investment decisions and outcomes.
• Direct due diligence and investment analysis, including property-level underwriting, financial modelling, valuation, scenario and recovery analysis, and the oversight of external legal, appraisal, engineering, environmental, tax, accounting, insurance, and market advisors.
• Lead investment recommendations and negotiations, applying judgment to pricing, leverage, structure, covenants, downside protections, intercreditor rights, position sizing, and complex transaction documentation.
• Oversee portfolio performance and credit management, including amendments, extensions, refinancings, restructurings, workouts, enforcement actions, and exits, responding proactively to changing risks and opportunities.
• Build and develop a high-performing investment team, fostering accountability, inclusion, collaboration, and talent development while building strong relationships across Real Assets Credit and CPP Investments.

What You Bring

• An undergraduate degree or college diploma in a relevant field; an advanced degree or professional designation such as the CFA is an asset.
• 10+ years of relevant experience, ideally within an established real estate credit investment manager, opportunity fund, mortgage REIT, insurance company, bank, or investment bank.
• Significant commercial real estate investment or credit experience, preferably focused on North America and the United States, with a track record of originating, underwriting, structuring, and executing large-scale, complex investments.
• Deep experience with structured or subordinated real estate credit, with exposure to first mortgages or whole loans, B-notes, mezzanine debt, preferred equity, and CMBS highly valued.
• Advanced property-level underwriting, financial modelling, valuation, debt-sizing, scenario and recovery analysis capabilities, combined with strong knowledge of real estate debt and equity capital markets.
• Significant relationship management and negotiation experience, including working with senior external stakeholders, sponsors, partners, advisors, and other market participants through complex investment processes.
• Demonstrated investment judgment and strategic thinking, with strong communication, collaboration, and leadership skills and experience developing investment professionals.

You are motivated to contribute to something larger than yourself, approach complex challenges with rigor, and hold yourself to high standards in a collaborative, performance-driven environment.

We provide colleagues with cutting-edge AI tools, dedicated learning time, and practical support to help them deliver with greater impact.

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