Job Description

DIRECTOR OF REAL ESTATE

The Alaska Permanent Fund Corporation (“APFC”) manages the $80 billion Alaska Permanent Fund, a sovereign endowment established in 1976 to provide for all current and future generations of Alaskans. We are seeking a Director of Real Estate who will be responsible for guiding all aspects of the Real Estate program. The Director of Real Estate is a key member of APFC’s investment team and reports to the Deputy CIO – Private Markets and the Chief Investment Officer.

The successful candidate will bring:

Unquestionable personal and professional integrity.
Self-motivation, a collaborative mindset, and a strong commitment to teamwork.
A history of delivering results and making meaningful contributions to their organization.
Intellectual curiosity, adaptability, persistence, and a growth mindset.
A demonstrated ability to build and support strong relationships in a team setting, including mentoring, empowering, developing, and recruiting professionals.
A commitment to APFC’s vision and its shared values of integrity, stewardship, and passion.

REAL ESTATE PORTFOLIO OVERVIEW

Real Estate is a critical component of APFC’s institutional investment platform, with a portfolio invested primarily in direct ownership of residential, retail, industrial, and office buildings in the U.S. and abroad. The investment strategy targets a mix of investment styles, ownership structures, property life cycles, and property types to achieve diversification and return objectives. The team looks for opportunities to control decision-making from acquisition to final exit, including the execution of portfolio management decisions through the hiring of external advisors to improve operational effectiveness and value enhancement.

The Real Estate portfolio has a total value of approximately $9.5 billion spread across 76 direct equity investments managed by seven third-party advisors and five development partners. In addition, the portfolio includes seven equity funds, two debt funds, two debt SMAs and two REIT programs that collectively have hundreds of underlying investments.

The Real Estate team operates out of APFC’s headquarters in Juneau, Alaska, fostering a collaborative environment with four dedicated professionals: one Senior Portfolio Manager, two Portfolio Managers, and one Analyst. The team partners closely with consultants and advisors to provide asset management, operational support, market research, and due diligence. The proximity to both the executive leadership and the broader investment team fosters a dynamic and integrated approach to managing APFC’s Real Estate program.

KEY RESPONSIBILITIES

Develop and implement the investment strategy for APFC’s Real Estate portfolio.
Lead, manage and develop the investment team through regular coaching, feedback, and professional development opportunities.
Analyze, manage, and monitor APFC’s existing portfolio while conducting market and economic research, translating complex data into actionable insights.
Maintain internal performance models, tracking portfolio results against established benchmarks and annual operating and capital budgets.
Build relationships and work closely with the separate account managers, consultants, attorneys and other third parties leveraged by APFC.
Oversee ad-hoc projects and Real Estate initiatives, with a commitment to preserving and enhancing long term value.
Foster collaboration across asset classes and departments, encouraging the exchange of ideas and perspectives.
Synthesize results of screening and due diligence in investment memos and assist in the presentation of findings to the Investment Committee and/or APFC Leadership.
Work closely with APFC leadership and departments (Risk, Legal, Finance, Communications, Administration, Human Resources) to advance investments and organizational priorities.
Prepare and present materials for quarterly board meetings and other key engagements.

DESIRED QUALIFICATIONS

APFC seeks individuals who are highly motivated, collaborative, and committed to excellence. Desired qualifications include:

A bachelor’s degree in finance, Economics, Accounting, Business, or a related field (Master’s degree or CFA preferred).
At least 15 years of directly relevant professional experience including direct involvement in underwriting and analyzing institutional real estate investments and managing large scale real estate portfolios for institutional investors.
Experience in formal or informal supervision, with a focus on fostering effective team collaboration and development.
Deep knowledge of the real estate industry, market dynamics, investment structures, and current trends.
Exceptional attention to detail and strong technical writing, communication, and critical thinking skills.
Strong analytical and quantitative skills with a keen understanding of financial concepts (NPV, IRR, lease comparison, ROI, DCF modeling, financial statements, budgeting, etc.)
Familiarity with real estate law concepts, including purchase and sale contracts, leases, mortgages, appraisals, development contracts, and joint venture agreements.
Advanced knowledge of Argus, CoStar, Green Street, Yardi or similar software.
High proficiency in Excel, Word, and PowerPoint.
Ability to work at either APFC’s headquarters in Juneau, Alaska, or its office in Anchorage, Alaska.

Other Duties

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may be added, removed or changed at any time with or without notice.

AAP / EEO Statement

APFC provides equal employment and advancement opportunities to all. APFC follows all applicable Federal and State laws and does not discriminate in employment opportunities or practices on the basis of race, color, religion, gender, gender orientation, national origin, age, disability, or any other class protected by law.

Job Location: Juneau or Anchorage, Alaska

*Notice*

Applicants must submit a complete application, including a cover letter and a resume, to be considered for this position.

Due Diligence

Portfolio Management

Underwriting

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