Careers

Portfolio Manager

Each member of the team has the opportunity to add value to our mission at every stage of the investment process, with the level of responsibility dependent on the prior experience, expertise, and dedication that each individual brings to the team.

For the Portfolio Manager position, qualified candidates will likely have 8-10 years or more of work experience in the financial markets with transaction expertise in one or more real asset sectors. Those with a degree in engineering, science, or finance and experience working in a private equity firm, pension fund, Sovereign Wealth Fund, endowment, or consultant firm may be best positioned to excel in this role. An advanced degree (e.g. MBA, MS) or certification (e.g. CFA, CAIA) may be advantageous, but not required.

Experience the NCIA Difference:

• Building a new organization committed to executing best practices in governance and investing
• Committed to investing in its team through ongoing training and professional development.
• Provides career growth opportunities for motivated employees.
• Market based compensation, including an Incentive Compensation Plan.
• Raleigh consistently ranks high in quality-of-life assessments. It was recently placed in the top 5 of U.S. News and World Report's "Best Places to Live for Quality of Life" for 2024-2025, highlighting its family-friendly atmosphere and a cost of living that is on par with the national average (source: Raleigh NC Is Ranked Top 5 Places to Live in the US | New Home Inc.)
• Help with relocation costs.
• Currently, hybrid positions require on-site work 4 days a week in our Raleigh, NC office. Employees may work remotely one day a week. Hybrid schedule is subject to change.
• Offer a mandatory pension and supplemental retirement plans.
• Affordable health insurance: NC OSHR: Benefits
• Total Compensation Calculator: NC OSHR: Total Compensation Calculator
• Learn more at NCIA Website

Compensation and benefits are based on market comparable and dependent on level of experience and performance. Interested candidates should send a letter of interest and resume to: NCIAResumes@NCinvest.gov

Investment Analyst

Each member of the team has the opportunity to add value to our mission at every stage of the investment process, with the level of responsibility dependent on the prior experience, expertise, and dedication that each individual brings to the team.

For the Investment Analyst position, qualified candidates will likely have 1-5 years of experience working in a corporate, financial, or operations role and is prepared to assume immediate responsibility in support of NCIA's mission. Ideal candidates will have demonstrated superior academic performance from a competitive college or university and a desire to excel within the asset management industry.

Experience the NCIA Difference:

• Building a new organization committed to executing best practices in governance and investing
• Committed to investing in its team through ongoing training and professional development.
• Provides career growth opportunities for motivated employees.
• Market based compensation, including an Incentive Compensation Plan.
• Raleigh consistently ranks high in quality-of-life assessments. It was recently placed in the top 5 of U.S. News and World Report's "Best Places to Live for Quality of Life" for 2024-2025, highlighting its family-friendly atmosphere and a cost of living that is on par with the national average (source: Raleigh NC Is Ranked Top 5 Places to Live in the US | New Home Inc.)
• Help with relocation costs.
• Currently, hybrid positions require on-site work 4 days a week in our Raleigh, NC office. Employees may work remotely one day a week. Hybrid schedule is subject to change.
• Offer a mandatory pension and supplemental retirement plans.
• Affordable health insurance: NC OSHR: Benefits
• Total Compensation Calculator: NC OSHR: Total Compensation Calculator
• Learn more at NCIA Website

Compensation and benefits are based on market comparable and dependent on level of experience and performance. Interested candidates should send a letter of interest and resume to: NCIAResumes@NCinvest.gov

Assistant General Counsel – Investments

The Assistant General Counsel “AGC” role functions as embedded counsel to one or more investment teams and supports the full lifecycle of investment activities, including sourcing, diligence, execution, governance, and ongoing management. The AGC is expected to operate with a high degree of independence, exercising sound legal and business judgment in a complex, fast-paced institutional investment environment.

Key Responsibilities

Investment & Transactional Support

• Advise on direct investment opportunities, fund structures, co-investments
• Provide legal counsel across a broad range of asset classes, including:
  • Public equities and fixed income
  • Private equity and venture capital
  • Real assets (real estate, infrastructure, natural resources)
  • Hedge funds, private credit, and other alternative investments
• Draft, review, and negotiate:
  • Corporate transaction documents, including share purchase agreements, JV agreements, investor rights agreements, and similar
  • Limited partnership agreements
  • Side letters and subscription documents
  • Investment management agreements
  • Custody, advisory, and service provider agreements

Governance & Advisory

• Serve as legal advisor to internal investment committees and senior leadership
• Support Board and committee activities, including preparation and review of materials
• Provide guidance on fiduciary duties, conflicts of interest, and governance best practices
• Ensure compliance with:
  • North Carolina public funds laws
  • Federal securities laws and regulations
  • Open meetings and public records requirements

Regulatory & Compliance

• Interpret and apply statutory and regulatory frameworks impacting public investments
• Partner with compliance and risk teams to support:
  • Policy development
  • Internal controls
  • Regulatory reporting
• Monitor legal developments affecting institutional asset owners

Cross-Functional Collaboration

• • Work closely with:
  • Investment professionals
  • Risk and compliance teams
  • Operations team
  • External counsel and advisors
• Support enterprise initiatives involving capital allocation, risk management, and operational
  infrastructure

Policy, Legislative & Strategic Initiatives

• Assist in drafting:
  • Investment policies and governance frameworks
  • Legislative proposals and regulatory comments
• Provide legal support on strategic initiatives and new program development

Minimum Qualifications

• Juris Doctor (JD) from an accredited law school
• Active membership in the North Carolina State Bar (or ability to obtain promptly)
• 8 - 10+ years of relevant legal experience in:
  • Corporate transactions and direct investments
  • Private investment fund investments
  •  Asset management / institutional investing

Core Competencies

• Strategic thinker with strong business judgment
• Ability to translate complex legal issues into practical advice
• High level of professionalism and discretion
• Strong stakeholder management and communication skills

Additional Focus:

In addition to core investment responsibilities, the Assistant General Counsel will support and manage direct investments in operating companies, joint ventures, mergers, acquisitions, and complex strategic transactions involving NCIA-managed assets and investment platforms. 

Direct Investments/ M&A / Strategic Transaction Responsibilities

• Provide legal support/manage:
  • Direct acquisitions and dispositions of portfolio companies or assets
  • Co-investment and joint venture transactions
  • Secondary market transactions and fund restructurings
• Conduct and oversee legal due diligence, including:
  • Corporate structure and governance
  • Regulatory and compliance risks
  • Material contracts and liabilities
• Negotiate and draft key transaction documents, including:
  • Purchase and sale agreements
  • Shareholder and joint venture agreements
  • Confidentiality and exclusivity agreements
• Coordinate with:
  • External counsel
  • Investment managers
  • Financial advisors and consultants
• Advise on transaction structuring, risk allocation, and post-closing integration
  considerations

Fund Investments

• Advise on private fund investments, including structuring, negotiating investments, and
  drafting relevant agreements

Governance & Risk in Transactions

• Ensure alignment with fiduciary obligations and statutory mandates
• Advise on approval processes involving internal committees and Boards
• Evaluate and mitigate legal and reputational risks in complex transactions

Experience the NCIA Difference:

• Building a new organization committed to executing best practices in governance and investing
• Committed to investing in its team through ongoing training and professional development.
• Provides career growth opportunities for motivated employees.
• Market based compensation, including an Incentive Compensation Plan.
• Raleigh consistently ranks high in quality-of-life assessments. It was recently placed in the top 5 of U.S. News and World Report's "Best Places to Live for Quality of Life" for 2024-2025, highlighting its family-friendly atmosphere and a cost of living that is on par with the national average (source: Raleigh NC Is Ranked Top 5 Places to Live in the US | New Home Inc.)
• Help with relocation costs.
• Currently, hybrid positions require on-site work 4 days a week in our Raleigh, NC office. Employees may work remotely one day a week. Hybrid schedule is subject to change.
• Offer a mandatory pension and supplemental retirement plans.
• Affordable health insurance: NC OSHR: Benefits
• Total Compensation Calculator: NC OSHR: Total Compensation Calculator
• Learn more at NCIA Website

Compensation and benefits are based on market comparable and dependent on level of experience and performance. Interested candidates should send a letter of interest and resume to: Tushara.kemp@ncinvest.gov.

Public Equity Fundamental Research Portfolio Manager

The North Carolina Investment Authority (“NCIA”) is actively seeking Public Equity Fundamental Research Portfolio Manager candidates with at least 5 years of Fundamental Equity Research expertise.  The ideal candidate would have an established background in either traditional fundamental equity research and/or consolidated research (credit, equity, etc.) having worked within an investment management firm, investment bank, consulting firm, third-party research firm, pension plan, foundation or endowment. 

As a Public Equity Fundamental Research Portfolio Manager, you will conduct extensive research and analysis of various market and industry segments and contribute to the team’s views and recommendations.  In addition to coverage of differentiated market themes, the team will occasionally vet a number of private company opportunities for potential follow-ons and IPOs and will periodically support individual public company research.  The candidate will work closely alongside other internal team members in all aspects of the research process, from idea generation to modeling, and contribution to investment recommendations.  Responsibilities would include:

• Demonstrate strong industry knowledge and business judgement.
• Closely follow and understand market, industry and company specific activity and where possible, seek out new, differentiated sources of information.
• Develop key themes through interaction with internal team members, third-party research services, and a network of investment manager contacts.
• Conduct fundamental, bottom-up equity research across U.S. markets and assigned sectors/industries and originate regular industry and company reports to identify opportunities and risks related to companies, industries or financial instruments.
• Perform complex financial modeling and valuation work by analyzing detailed financial models, valuation analyses and earnings forecasts.
• Engage with company management teams via earnings calls, onsite visits, & conferences as well as participate in client meetings and events to build relationships and facilitate information flow with contacts and key opinion leaders.

Qualifications:

• Bachelor’s degree or equivalent years of experience. Advanced degree/MBA is preferred. CFA desired or other relevant professional certifications is a plus. 
• At least 5 years of industry experience in a non-academic setting focusing on equity research, investment analysis and portfolio management within a particular sector/industry via investment management, investment banking, pension plan, endowment/foundation or investment consulting.
• Possess a basic understanding of economics, macroeconomic factors, international affairs, and policy/politics.
• Advanced knowledge of financial modeling, accounting and valuation skills.  Credit skills are a plus.
• Demonstrated ability to generate compelling investment ideas through fundamental research and enjoy working with industry databases, websites, and performing desktop and field research.
• Advanced Excel, AI and Bloomberg proficiency

Interested candidates should send a letter of interest and resume to: NCIAResumes@NCinvest.gov

Risk Investment Analyst

For the Risk Investment Analyst position, qualified candidates will have the following education, experience, and skills:  

• Education and experience: Bachelor’s degree in finance, accounting, economics, business, statistics, investments, or a related field, plus at least two years of relevant investment experience. 
• Risk analytics platform support: Help implement and maintain the organization’s investment risk-management and analytics platform, including data quality, model management, and system processes. 
• Reporting and process improvement: Use internal and external databases to produce recurring and ad hoc reports while improving performance- and risk-reporting workflows. 
• Investment analysis: Evaluate financial and investment data through performance measurement, attribution analysis, risk metrics, and other quantitative techniques. 
• Portfolio oversight: Prepare total-plan cash forecasts, monitor investment exposures and cash flows, and support economic and business-condition forecasting. 
• Manager and compliance due diligence: Participate in meetings with current and prospective investment managers and complete compliance reviews for potential investments, including supporting charts and visual analysis. 
• Stakeholder communication: Develop reports and presentation materials for senior leadership, the Investment Committee, Board of Trustees, plan participants, and other internal and external stakeholders. 
• Management Preferences: Advanced proficiency in Excel, PowerPoint, Word, FactSet, MSCI Burgiss Private i, and Bloomberg; preference for candidates with investment analytics, statistics, or financial mathematics experience who are pursuing a CFA, CAIA, or FRM designation

Interested candidates should send a letter of interest and resume to: NCIAResumes@NCinvest.gov