Although we prefer candidates from the NY Metro area, we are also open to East Coast candidates interested in working remotely. About you and the role:The Investments Senior Associate, Alternatives Forecasting & Portfolio Intelligence is the dedicated analytics, forecasting, and performance expert for the Alternatives and Non-Core portfolio spanning Private Equity, Private Credit, Real Estate, Infrastructure, Hedge Funds, and Non-Core asset classes. The role translates portfolio data, performance, cash flow forecasts, and market intelligence into actionable insights supporting strategic asset allocation, M&A pricing, portfolio construction, and executive decision-making.
The role owns asset- and strategy-level cash flow, NAV, and return forecasting; the Alternatives segment of the investment financial plan; M&A pricing projections for alternative assets; long-term strategic asset allocation inputs for alternatives; performance attribution, variance analysis, and non-core benchmarks; portfolio risk and exposure reporting; fee and expense analytics; and Enstar's alternatives data infrastructure, including Power BI dashboards and key external platforms such as SPI by StepStone and Canoe.
What you will be doing:Key Accountabilities / Deliverables
• Develop and maintain asset- and strategy-level forecasts, financial plans, and M&A pricing models for all alternative and non-core investments
• Provide performance attribution, actual vs. budget variance analysis, and benchmarking for the alternatives and non-core investments portfolio
• Develop and maintain long-term capital market assumptions and strategic asset allocation inputs for alternative asset classes
• Serve as the subject matter expert for alternatives portfolio analytics and exposure reporting
• Build and maintain a suite of Power BI dashboards and lead alternatives data management across internal and external systems
• Drive continuous enhancement of forecasting and analytics capabilities
• Work in close coordination with the Portfolio Forecasting & Investment Analytics function supporting core fixed income to deliver integrated, firm-wide investment insights
Forecasting
• Asset Forecasts: Develop, build, and maintain asset-level cash flow, NAV, gain/loss, and return projection models for existing and prospective investments across the Alternatives and Non-Core portfolios.
• Strategy Models: Develop, build, and maintain strategy-level cash flow and NAV curve models, incorporating inputs from internal and external investment managers, and third-party data vendors across all Alternatives and Non-Core asset classes.
• Forecast Updates: Gather input from internal and external managers and vendors; update asset- and strategy-level forecasts on a quarterly, semi-annual, annual, or as-needed basis to reflect current portfolio data, manager outlooks, and market developments.
• Liquidity Forecast: Lead the annual liquidity survey across the Alternatives portfolio; develop the next-year liquidity forecast - incorporating capital calls, distributions, and redemption estimates by asset and manager - and integrate these projections into the annual Alternatives financial plan.
• M&A Pricing Models: Develop, maintain, and update investment projection models for individual alternative and non-core assets and/or asset classes to support Enstar's M&A pricing process; collaborate with regional investment teams and the fixed income analytics function to ensure models remain accurate, consistent, and adaptable as deal structures and asset classes evolve.
Financial Planning
• Alternatives Financial Plan: Develop, build, and maintain the Alternatives segment of Enstar's investment financial plan; run quarterly and annual planning cycles in partnership with the broader Investments team and cross-functional stakeholders including FP&A, and Treasury.
Strategic Asset Allocation
• SAA Assumptions: Develop and maintain long-term risk/return assumptions and capital market inputs for alternative asset classes (Private Equity, Private Credit, Real Estate, Infrastructure, Hedge Funds, and Non-Core); support the firm's broader strategic and tactical asset allocation process in coordination with senior Investments leadership and the fixed income analytics function
Performance
• Attribution: Analyze and explain quarterly asset class returns against assigned benchmarks, peer groups, and relevant factors including FX, vintage year, and market conditions; prepare attribution commentary and supporting analysis for investment committee and board materials.
• Actual vs. Budget (AvE): Quantify and explain the variance of quarterly investment results against the annual budget by asset class and strategy; identify key drivers of variance and communicate findings clearly to Investments leadership.
• Benchmarking: Develop, build, and maintain custom benchmarks for each alternatives asset class and sub-strategy, draw on public market equivalents (PMEs), peer group indices, and relevant return series; ensure benchmarks remain reflective of portfolio composition and investment mandate.
Portfolio Intelligence
• Risk & Exposure Analytics: Serve as the subject matter expert for alternatives data and analytics within the Investments team; lead requests to produce and analyze portfolio exposures by relationship, sponsor, legal entity, region, sector, country, risk factor, currency, etc.
• Exposure Reporting: Develop and maintain Excel-based, and Power BI dashboards that enable efficient and accurate exposure analysis across the Alternatives portfolio; respond to ad hoc data and analytics requests from senior leadership, risk management, and cross-functional partners.
• Decision Support: Prepare analytics, attribution, forecasting, and portfolio materials supporting Investment Committee, Executive Committee, Board, and Rating Agency discussions.
Fees & Expenses
• Fee Estimation Models: Build, develop, and maintain fee estimation models for assigned assets, deal structures, investment programs, and strategies; incorporate management fees, carried interest, preferred return hurdles, and other fee components specific to each asset class and structure.
• Fee Reporting: Aggregate, analyze, and present total fees and expenses paid to alternative investment managers by strategy, fee type, fee category on an annual and ad hoc basis; support benchmarking of total cost of ownership across the alternatives program. Provide insights into total cost of ownership and fee efficiency to inform manager selection, portfolio construction, and negotiation strategy.
• Data Maintenance: Maintain historical fees and expenses data and related Power BI reporting; ensure accuracy and completeness of fee records across all investment relationships.
Reporting & Data Infrastructure
• Power BI Reporting: Build and maintain a suite of interactive performance, forecasting, fee, risk, and portfolio analytics dashboards in Power BI; serve as the lead business analyst for ongoing Power BI model development and data model enhancements for the Alternatives portfolio.
• Data Management: Lead data management for Alternative Investments across internal and external systems; ensure data quality, consistency, and completeness; develop and maintain data governance standards and documentation across alternatives data sources.
• Systems Integration: Act as business owner for alternatives analytics platforms and reporting infrastructure, defining requirements, prioritizing enhancements, coordinating development efforts, and overseeing user acceptance testing.
• External Platforms: Oversee the setup, configuration, and ongoing maintenance of key external platforms including SPI by StepStone, Canoe, and other alternatives data and reporting systems; serve as the primary business contact for internal operations team and platform vendors.
Ad-hoc Projects
• Deliver additional analyses, models, and special projects as business needs dictate; support the broader Investments team and cross-functional partners including Tax, Accounting, Actuarial, Capital Management, FP&A, and Treasury on alternative-related analytical questions.
What you will bring:• 6+ years of experience in a quantitative investment analytics, portfolio analytics, investment forecasting, or alternatives-focused role at an institutional investment organization, asset manager, alternative investment firm, or investment bank.
• Prior experience in a dedicated alternatives analytics, portfolio data, or investment forecasting function; experience within an insurance company investment environment (investment general account, CIO office, or insurance asset manager) strongly preferred.
• Demonstrated experience building and maintaining asset-level forecasting models for illiquid asset classes (Private Equity, Private Credit, Real Estate, Infrastructure).
• Experience with performance measurement, attribution, and custom benchmark construction for alternative investments, including familiarity with public market equivalents (PMEs) and alternatives-specific return metrics.
• Experience with large investment datasets using SQL, Power BI, Excel, and related analytics tools.
• Experience with alternatives-specific data platforms and reporting tools (e.g., SPI by StepStone, MSCI Private i, or similar).
• Strong written and verbal communication skills, with the ability to translate complex analyses into clear insights for investment committees, boards, and senior management.
• Demonstrated ability to automate and scale analytical processes through programming, data modelling, or workflow design.
• Bachelor's degree in finance, economics, mathematics, statistics, computer science, or a related quantitative discipline required; Master's degree preferred.
• Progress toward CFA and/or CAIA designations is preferred.
• Familiarity with alternative asset classes including Private Equity, Private Credit, Real Estate, Infrastructure, Hedge Funds, and Non-Core strategies (High Yield, CLO Equity, Public Equity).
• Deep understanding of alternative fund structures, cash flow mechanics, NAV and capital account reporting, fee structures, and their implications for portfolio modelling.
• Deep understanding of alternatives performance measurement including IRR, TVPI, DPI, RVPI, MOIC, PME analysis, commitment pacing, liquidity forecasting, and exposure management; ability to explain their drivers and limitations to a non-technical audience.
• Knowledge of strategic asset allocation frameworks and capital market assumption development, with specific expertise in building long-term return, risk, and correlation inputs for illiquid and alternative asset classes.
• Knowledge of portfolio risk analytics concepts including factor exposures, currency risk, and concentration analysis as applied to alternatives portfolios.
• Expert proficiency in Excel for financial modelling including NAV, cash flow, IRR, gain/loss, pacing, and scenario analysis models.
• Proficient in leveraging Excel Cube Functions and Power Pivot data models to analyze complex datasets, develop scalable reporting solutions, and support quantitative analysis and decision-making.
• Advanced Power BI skills: ability to design, develop, and maintain complex interactive dashboards from ground up and work with complex semantic data models and measures.
• Strong project management and organizational skills, with the ability to manage multiple concurrent deliverables across quarterly, semi-annual, and annual cycles.
• Experience applying AI-enabled tools, automation platforms, or data engineering workflows to improve investment analytics, reporting, or forecasting processes preferred.
• Collaborative team player with demonstrated ability to partner effectively across investments, finance, accounting, technology, and operations teams.
• Self-starter with intellectual curiosity and the initiative to proactively identify analytical gaps, build new capabilities, and continuously improve existing processes.
Your Benefits:- Enstar offers best-in-class Medical, Dental, and Vision healthcare for single and family coverage.
- Board-certified doctors and pediatricians are available virtually 24/7 for urgent care.
- Access to Health Savings Account (HSA) or Flexible Spending Account (FSA).
- Access to Dependent Care FSA to cover daycare expenses.
- Access to Employee Assistance Programs (EAP) for health and well-being.
- Optional Pet & Home/Auto Insurance.
- Wellness Reimbursement program (up to $600 annual reimbursement for wellness-related expenses, i.e., gym memberships, massage, etc.).
- 401K retirement plan (company matches up to 6% of employee contribution).
- One paid annual volunteer day.
General Info The target base salary pay range for this role is $152,000-$160,000*
*Target full-time equivalent base salary range is based on relevant market data. The actual salary offered will depend on applicable market data for hiring location and relevant candidate knowledge, skills/experience. This salary range is not inclusive of applicable discretionary incentives.
