The Team:
Morningstar Retirement works with financial institutions to help defined contribution investors reach their retirement goals. We support more than $300 billion in assets under management and advisement across automated portfolio management, target date funds, and consulting.
The Role:
We are hiring an Investment Analyst to help lead asset manager due diligence and research on private markets investments used in our multi-asset portfolios. You will own coverage of private equity, private credit, infrastructure, and real assets, and you will be the person the team relies on for how these vehicles should be evaluated and sized in long-horizon portfolios.
The role suits someone who works independently, forms and defends their own views, and writes clearly.
It is based in our Chicago headquarters. We are working in-office 4 days/week.
Responsibilities:
- Research and issue opinions on managed investments for use in multi-asset portfolios, with an emphasis on private markets and semiliquid vehicles.
- Source, evaluate, and recommend investment opportunities across private equity, private credit, infrastructure, and property.
- Lead due diligence and financial analysis on target investments, including cash flow, liquidity, and valuation modeling.
- Develop and refine the protocols we use to evaluate and allocate to private vehicles in long-horizon portfolios.
- Monitor fund performance and liquidity and conduct periodic meetings with private asset managers.
- Serve as a subject-matter expert on portfolio construction, investment modeling, and risk for private markets exposures.
- Work with product, distribution, and other teams to keep them apprised of research’s activities and help ensure that they are aligned with business needs.
Qualifications:
- Bachelor’s degree in finance, economics, or another quantitative discipline (or foreign equivalent) and 5+ years of relevant experience; or a graduate degree and 2+ years.
- Experience in multi-asset portfolio management.
- Experience conducting due diligence and research on private investment vehicles at an endowment, foundation, family office, OCIO, or similar institution.
- Working knowledge of private equity, private credit, infrastructure, and real assets, including the risk and return dynamics of each.
- Applied experience with statistical and econometric methods used in finance, including numerical optimization and multiple regression.
- Ability to develop new methodologies and defend them to an internal audience.
- Proficiency in Excel and working knowledge of Python.
- Clear written and verbal communication.
- Experience working with colleagues and stakeholders across locations and time zones.
Preferred:
- CFA and/or MBA.
- Familiarity with private markets data tools such as PitchBook.
Compensation and Benefits
At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:
Financial Health
100% 401k match up to 6% of salary
Stock Ownership Potential
Company provided life insurance - 1x salary + commission
Physical Health
Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
Additional medical Wellness Incentives - up to $300-$600 annual
Company-provided long- and short-term disability insurance
Emotional Health
Trust-Based Time Off
6-week Paid Sabbatical Program
6-Week Paid Family Caregiving Leave
Competitive 8-24 Week Paid Parental Leave
Adoption Assistance
Leadership Coaching & Formal Mentorship Opportunities
Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
Tuition Reimbursement
Social Health
Charitable Matching Gifts program
Dollars for Doers volunteer program
Paid volunteering days
15+ Employee Resource & Affinity Groups
Total Cash Compensation Range
$147,550.00-226,233.33Inclusive of annual base salary and target incentive
If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.
Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.
002_MstarAssocLLC Morningstar Investment Management LLC Legal EntitySkills Required
- Bachelor’s degree in finance, economics, or another quantitative discipline, or foreign equivalent
- 5+ years of relevant experience with a bachelor's degree, or 2+ years with a graduate degree
- Experience in multi-asset portfolio management
- Experience conducting due diligence and research on private investment vehicles at an endowment, foundation, family office, OCIO, or similar institution
- Working knowledge of private equity, private credit, infrastructure, and real assets, including their risk and return dynamics
- Applied experience with statistical and econometric methods used in finance, including numerical optimization and multiple regression
- Ability to develop new methodologies and defend them to an internal audience
- Proficiency in Excel
- Working knowledge of Python
- Clear written and verbal communication
- Experience working with colleagues and stakeholders across locations and time zones
- CFA and/or MBA
- Familiarity with private markets data tools such as PitchBook
What the Team is Saying
What We Do
We are a global investment research and financial data company with 40-plus offices across North America, Europe, Australia, and Asia. Our products and services are used daily by individual investors, financial advisors, asset managers, retirement plan providers, and institutional investors. We provide data, research, and analysis across managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. The financial system can have real barriers—hidden information, friction that can slow decisions, and forces that can limit transparency and access. We work to remove them, bringing independent research, connected data, and investor-first tools to a system that needs more clarity. The people doing this work span research, technology, design, product, sales, and functional areas. We build many of our products in-house, so the work can connect directly to the tools investors use to make real financial decisions.
Why Work With Us
Morningstar’s missing is to empower investor success. We can only do that if our people feel empowered. That means finding people who think independently, bring a wide range of backgrounds with analytical rigor and genuine intellectual curiosity to the work.
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Hybrid Workspace
Employees engage in a combination of remote and on-site work.
Across most of our offices globally, employees work four days a week in the office and one day from home. We recognize that life doesn't always fit a fixed schedule and offer programs that can help provided increased workplace flexibility.
