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Direct Impact Portfolio Manager

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TITLE:

 

LEAD DIRECT IMPACT PORTFOLIO MANAGER

 

Alternative Investments – Impact Investments

(Full-Time, Springfield/Boston)

We're growing and our clients deserve the best. One way is through our Impact Investing efforts. We are building a dynamic Direct Impact Investing program that makes direct investments in small & medium companies in Massachusetts as well as fund investments with minority-led emerging fund managers that are themselves investing in companies led by Black, Indigenous and people of color (BIPOC) owners.

 

The Opportunity:

Impact Investing: Creating Financial and Social Returns

 

Impact Investing at MassMutual seeks to make market rate financial returns and have a positive social and/or environmental impact that is measurable. Philanthropy alone cannot solve our society's problems - institutional capital can and should play a role. There are clear societal and global needs to address the wellbeing and prosperity of people and the health of the planet. By adding an impact lens to our investment process, we can evaluate our investment outcomes and their social and environmental additionalities.

 

MassMutual's commitment to diversity, equity and inclusion is at the heart of impact investing's investment thesis and operational practices.

 

At MassMutual we know the best talent can come from anywhere and there is tremendous opportunity in the companies and funds that are currently being filtered out in status quo investment practices. Impact Investing is building innovative approaches and alternatives in deal sourcing, selection, diligence and underwriting to identify high potential investments that have the additional benefit of reducing structural inequities and closing the racial wealth gap. Within our Direct Impact Investing program, we are applying two approaches to this work:

 

  • MassMutual Catalyst Fund is a $50 million fund that makes direct investments into high potential overlooked Massachusetts based startups. There are two sleeves of capital: a $25 million Growth sleeve to target equity and debt investments in Black-owned, founded or managed businesses across Massachusetts and a $25 million Technology & Sustainability sleeve to target equity investments in companies based outside of Boston to fuel innovation happening in other cities and rural parts of the Commonwealth.
  • MassMutual Emerging Manager Program is a $50 million initiative that invests in underrepresented first time or emerging fund managers. There are two sleeves of funding: $25 million to invest in Black led funds and $25 million to invest in LatinX and Indigenous led funds, in each case where investing in BIPOC (Black, Indigenous, and people of color) led companies is part of the fund's investment thesis.

 

The Role:

 

The Direct Impact Investing Portfolio Manager (the “Portfolio Manager”) will be a key member of the Direct Impact Investing team and a thought-leader integral to the development of MassMutual's strategy to get capital to qualified, but under-represented Massachusetts entrepreneurs. The Portfolio Manager will report to, and have shared responsibility with, the Head of Direct Impact Investing to originate, underwrite, close, monitor and report upon direct investments for the MassMutual Catalyst Fund. This responsibility extends to evaluating what is proven effective and what requires further innovation as we seek to build up, evolve and expand the MassMutual Catalyst Fund.

 

Given the comparatively immature nature of the target companies for the MassMutual Catalyst Fund, the Portfolio Manager's responsibilities will include significant coaching of, and advising and consulting with, the entrepreneurs leading these portfolio companies. As such, the Portfolio Manager will need to be highly-seasoned at working with emerging entrepreneurs and possess the judgment and experience to help those entrepreneurs identify and solve their respective business problems. In addition, the Portfolio Manager will have responsibility to monitor existing investments in our predecessor direct impact fund, the Springfield Venture Fund (“SVF”), to recommend when SVF portfolio companies merit follow-on investments and provide similar coaching and consulting relative to portfolio companies of SVF.

 

MassMutual's goal is to be integrated into, and integral to, the Massachusetts impact investing community. This proactive approach to sourcing is critical to sourcing those under-represented entrepreneurs for the Catalyst Fund that have the requirements, with the application of capital, to succeed. As part of the Portfolio Manager's representation of MassMutual and the Catalyst Fund within that community, the Portfolio Manager is expected to observe and evaluate emerging minority-led fund managers working with the community and investing in BIPOC-led companies, both within the Commonwealth and more broadly. Where the Portfolio Manager finds such managers that the Portfolio Manager expects to deliver both substantial economic and impact returns, the Portfolio Manager will originate, underwrite, close, monitor and report upon those investments for the MassMutual Emerging Manager

 

Program.

As a senior member of the Impact Investment team you will work in an innovative, impact driven, fast paced, collaborative environment to drive financial returns and social change. You will be formally presenting your investment recommendations to the Investment Committee of the Catalyst Fund and/or to MassMutual's investment approval committees. A consultative, hands on, culturally competent approach coupled with demonstrated experience of startup financing, venture capital, private equity and/or alternative investments are required daily to source, analyze, negotiate, model, underwrite and provide human capital to entrepreneurs and emerging fund managers.

 

Responsibilities:

In collaboration with the Head of Direct Impact Investing and other team members, co-lead all aspects of investment sourcing, analysis/selection, due diligence process, negotiating deal terms, financial and impact return models and investment recommendation generation for direct impact investments for the MassMutual Catalyst Fund and fund investments for the MassMutual Emerging Manager program investments.

Complete ownership of relationship, experience and progression of assigned companies/funds from application phase through maturity of the investment, unless the investment is rejected, as an ambassador for MassMutual with awareness that the Portfolio Manager may be providing the first institutional capital experience for founders and emerging fund managers.

Perform ongoing monitoring, analysis and reporting of investments' financial results and impact contributions.

Conduct market and industry research and be informed about current and developing sector trends.

Provide mentorship, advisory capacity, network expansion, MM board representation and human capital support to assigned portfolio companies and funds.

Test, create, optimize and share 2.0 strategies, processes and metrics to continuously improve the process from deal generation to selection, to due diligence, to structuring & underwriting and to monitoring and realization so as to analyze our successes and failures and to evolve and innovate our current direct impact programs for future expansion.

 

The Minimum Qualifications

  • At least 10 years of work experience in some combination of private equity investing, venture capital investing, angel investing, impact investing, business consulting or community organizing focused on capital formation
  • At least 3 years of work experience in angel or venture investing.
  • Experience working with diverse and inclusive teams, startups, companies and cultures.
  • Demonstrated track record of underwriting direct (as versus fund) investments.
  • Experience presenting investment recommendations to a Board or Investment Committee.
  • Excellent proficiency in Microsoft PowerPoint, Excel and other data systems.
  • Undergraduate degree.
  • Willingness to relocate to Massachusetts.

 

The Ideal Qualifications:

  • Prior experience underwriting direct impact investments to entrepreneur-led businesses.
  • Strong analytical and written/verbal communication skills, including synthesizing research and concepts into actionable insights and investor-facing deliverables in a timely manner.
  • Intellectually, relentlessly curious self-starter with an equally strong quantitative and qualitative mindset.
  • Critical thinking skills, creativity and out-of-the-box problem solving skills.
  • Chartered Financial Analyst or similar qualification.
  • Team-oriented and organized, self-motivated with the proven ability to manage multiple projects with a broad range of stakeholders to deliver results in a dynamic environment.
  • Accountable, with a strong sense of ownership and attention to detail.
  • High degree of professionalism, integrity, and maturity.

 

(#LI-SE1)

 

MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

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What are MassMutual Perks + Benefits

MassMutual Benefits Overview

At MassMutual, employees have the opportunity to earn a competitive salary and bonus, enroll in an
array of benefits, and participate in programs and services that support healthy lifestyles, assist them
in building financial security for themselves and their families and help them live well-balanced lives.

Culture
Volunteer in local community
Every action supporting a common cause is meaningful, and our employees make a difference in their own communities through our Matching Gift, Matching Time and Volunteer Time Off Programs.
Partners with nonprofits
Every year, MassMutual and the MassMutual Foundation invest more than $20 million focused on advancing economic opportunity. https://www.massmutual.com/about-us/corporate-responsibility/foundation
Open door policy
OKR operational model
Team based strategic planning
Open office floor plan
Employee resource groups
Employee-led culture committees
Hybrid work model
In-person all-hands meetings
Employees can either attend the in-person all-hands meeting, watch live via Zoom, or watch the recording. All employees are invited to submit questions.
Employee awards
Flexible work schedule
Flexible work arrangements, including telecommuting, are available in many departments across the company.
Remote work program
In addition to two remote days per week, MassMutual offers employees four full remote weeks of their choice per year.
Diversity
Documented equal pay policy
Dedicated diversity and inclusion staff
Highly diverse management team
More than half of our Board of Directors are comprised of women and people of color, making it one of the most diverse groups in the industry.
Mandated unconscious bias training
Diversity manifesto
Diversity employee resource groups
Hiring practices that promote diversity
Diversity recruitment program
Health Insurance & Wellness Benefits
Flexible Spending Account (FSA)
A health care flexible spending account (FSA) allows employees to save money on a before-tax basis for eligible medical, dental and vision expenses, subject to IRS limits.
Disability insurance
For details on short term and long term disability insurance please visit https://www.massmutual.com/-/media/files/employee_benefits.pdf
Dental insurance
Basic Dental covers preventive and basic restorative care; Major Dental covers all that Basic covers, plus restorations and orthodontia (limits apply).
Vision insurance
Health insurance
To learn more about our Health and Welfare Benefits please visit: https://www.massmutual.com/-/media/files/employee_benefits.pdf
Life insurance
For more information about our Life Insurance Benefits please visit: https://www.massmutual.com/-/media/files/employee_benefits.pdf
Pet insurance
Wellness programs
Team workouts
Mental health benefits
Transgender health care benefits
Wellness days
Abortion travel benefits
Our general medical travel benefit covers abortion-related travel.
Financial & Retirement
401(K)
In addition to our 401(k), MassMutual a cash balance plan that provides an account-based pension benefit based on accruals of pay credits and interest credits.
401(K) matching
Performance bonus
Charitable contribution matching
Every action supporting a common cause is meaningful, and our employees make a difference in their own communities through our Matching Gift and Matching Time Programs.
Pay transparency
Child Care & Parental Leave Benefits
Childcare benefits
Dependent care flexible spending account to allow you to set aside before tax dollars to pay for certain eligible child care expenses.
Generous parental leave
Leave for birth mothers of 18 weeks of fully paid leave. Non-birth mothers, fathers and adoptive parents eight weeks of fully paid parental leave.
Family medical leave
Caregiver leave: Up to two weeks paid leave to care for a loved one. Bereavement Leave: 15 days of paid time off to grieve the loss of a loved one with the employee defining who the loved one is.
Adoption Assistance
Company sponsored family events
MassMutual offers many opportunities for family events, from group volunteer experiences and chances to attend Red Sox games to business resource group-sponsored outings like annual pride parades.
Fertility benefits
Vacation & Time Off Benefits
Generous PTO
Paid holidays: 9 fixed and 1 floating. Vacation: starts at 19 vacation and personal days per calendar year, with increases at 5-year service intervals.
Paid volunteer time
Three days of paid time off is available to employees annually to give back to their communities, by sharing their time and talent with a cause close to their heart.
Paid holidays
Paid sick days
Occasional illness: up to 5 days per calendar year.
Flexible time off
Floating holidays
Bereavement leave benefits
Hardship benefits
320 hours of caregiver leave to take of loved ones when it matters most.
Office Perks
Commuter benefits
Free daily meals
Free snacks and drinks
Some meals provided
Onsite office parking
Recreational clubs
Relocation assistance
Fitness stipend
Home-office stipend for remote employees
MassMutual's wellness wallet is a stipend available to all employees, and can be used for myriad wellness-related purchases, including home-office purchases.
Meditation space
Mother's room
Onsite gym
Professional Development Benefits
Job training & conferences
Tuition reimbursement
Lunch and learns
Promote from within
Mentorship program
Continuing education stipend
Continuing education available during work hours
Online course subscriptions available
Customized development tracks
Paid industry certifications
Personal development training
Virtual coaching services

Additional Perks + Benefits

To learn more about our comprehensive benefits please visit: https://www.massmutual.com/-/media/files/employee_benefits.pdf

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