Los Angeles, CA or Oakland, CA

Investment Associate, The California Wellness Foundation

The Organization

The California Wellness Foundation (Cal Wellness) is a private, independent foundation established in 1992 with a mission to protect and improve the health and wellness of the people of California. As one of the largest health-focused foundations in California, with over $1 billion in assets, Cal Wellness is a nationally recognized leader for its strategic core operating support for grantees; public policy grantmaking; and a focus on violence as a public health issue. It is Cal Wellness’ desire to promote equity and level the playing field so that everyone has access to good-paying jobs; healthy and safe neighborhoods; and quality health care services.

The foundation’s current Advancing Wellness grantmaking strategy includes four interrelated portfolios. Since its founding, Cal Wellness has awarded nearly 9,000 grants totaling more than $1 billion. As the foundation looks to the future, it is pursuing new and innovative strategies beyond its core grantmaking to advance its mission, including implementation of new technology systems, development of its public affairs capacity, and establishing mission- and program-related investment portfolio. Cal Wellness has a diverse staff of approximately 45 located in its Los Angeles and Oakland offices and a diverse 12-member Board located throughout the state of California. The foundation’s work underscores a belief that wellness requires social justice, a deep commitment to diversity, equity and inclusion (DEI), and sustained efforts to eliminate systemic barriers that prevent access to health care, education, employment, and safety.

Please visit http://www.calwellness.org for more information

Position Overview

The Investment Associate will join Call Wellness’ diverse and growing 5-person finance team headed by the Chief Financial Officer and will report directly to the Director of Investments. Finance oversees the foundation’s money, including our operating budget and our mission-related investments, and collaborates closely with other departments, including Operations and Grants Programs. The Investment Associate will add capacity to help maximize the endowment and PRIs and manage a larger, more mission-aligned, and more complex investment portfolio. The Investment Associate will have the opportunity to learn and grow within a supportive team as well as to interact with the CEO, the executive management team, and the Board of Directors, including presenting in Investment Committee meetings.


Investment Management:

  • Assist in all facets of endowment oversight, including annual reviews of Investment Policy Statement, asset allocation, impact reporting, and long-term planning.
  • Assist in monitoring existing managers, including meeting with investment managers on a regular basis.
  • Monitor consultant investment transactions to ensure compliance with policy.
  • Assist in planning and preparing Investment Committee materials.
  • Monitor portfolio return calculations, working with consultant and custodian to reconcile any differences.
  • Monitor and report on industry trends.

Program Related Investments (PRI):

  • Lead execution of new PRIs, including completing new investment documentation and all other related activity.
  • Manage investment documents (such as amendments, manager communication, etc.).
  • Assist in performing due diligence and evaluating PRI opportunities as an active member of the PRI Committee.
  • Assist in preparing PRI recommendations.
  • Coordinate ongoing portfolio monitoring with PRI consultant.
  • Execute capital calls and monitor payments.
  • Organize and file ongoing PRI documents and communication.

Investments Administration:

  • Finance/Accounting Support
  • Coordinate audit support reporting with financial custodian and investment consultant.
  • Develop and update audit support schedules.
  • Assist in researching any valuation reconciliation differences between custodian valuations and manager statements.
  • Complete investment surveys.
  • Complete all other required investment filings such as Foreign Bank and Financial Accounts (FBAR) and other foreign filings as needed.
  • Maintain investment timelines, documentation, and files to ensure timeliness and completeness for both new and existing investments.
  • Work with other team members on logistics of meetings, events, and conference calls as needed.
  • Assist with other administrative duties as needed.

Other Responsibilities:

  • Field Building Grantmaking:
    • Research and recommend potential grants to mission investing grantmaking.
    • Perform due diligence and draft recommendations.
  • Assist in developing and maintaining policies and procedures.
  • Assist with special projects, new initiatives, and other work as needed.
  • Respond to internal and external investment inquiries and communicate professionally with investees, consultants, and other partners.


The ideal candidates will be aligned with our mission and values; possess strong analytical and program management skills; demonstrate exceptional communications and relationship-building aptitude to respectfully develop genuine connections with internal team members and various external constituencies; and embody, through lived experience, applying a DEI lens to our work. Key experiences, expertise, and interests that will contribute to success in this role include:

  • Work experience in investments, financial advisory services, investment banking, venture capital, private equity, consulting, or other related client-serving fields is preferred; experience in impact or mission investing and/or working at or with a foundation is a plus.
  • Demonstrated ability to learn quickly through analysis, research, observation, asking questions, execution, and evaluation.
  • Innate curiosity with an interest in learning more about investments.
  • Aptitude for research and quantitative analysis, either generally or related to financial transactions.
  • Basic understanding of or aptitude to learn valuation and investment drivers behind various asset classes.
  • Basic knowledge of or aptitude to learn due diligence practices and investment performance monitoring.
  • Understanding of PRIs is a plus.
  • Advanced skill in Excel is a plus.
  • Demonstrated ability to work independently and prioritize duties with great attention to detail: must be able to balance multiple and competing demands, complete work accurately within stated due dates, and follow tasks through to completion.
  • Superb written and oral communication skills, including the ability to communicate effectively with diverse audiences; deliver clear and compelling presentations; and maintain high professional and ethical conduct including maintaining confidentiality and exercising discretion.
  • Excellent team player capable of working flexibly and collaboratively while taking on varied responsibilities within the Finance department, with other internal teams, and with external advisors, consultants, and other constituencies.
  • Entrepreneurial and solutions-oriented with experience or aptitude in creating and enhancing processes and systems.


The ideal candidate will embody Cal Wellness’ core competencies:

  • Live our Core Values: Respect, Integrity, Accountability, Equity, Stewardship, Excellence, Learning, and Trust.
  • Drive Towards Innovation: Be bold. Experiment and learn from both successes and failures.
  • Make a Difference: Yes, we can. Own our responsibilities and our ability to make positive change.
  • Contribute to One Team: We’re in this together. Our success is a collective effort.
  • Show Courage: Be thoughtful but act on your convictions. Be open to feedback.

How To Apply

Please upload a cover letter, resume, and list of three references (candidates will be notified in advance of any outreach to references) by 5:00 pm PT on Friday, May 6, 2022. The link to apply is on our website and here.

Resume review begins immediately. Those selected for advancement may be asked to participate in several rounds of interviews (virtual and/or in-person) and complete a writing assignment. If you require a reasonable accommodation to participate in our application process, please let us know.

The California Wellness Foundation is partnering with Walker and Associates Consulting – a Black- and woman-owned strategic management consulting and search firm located in Oakland – for this search. Questions or Nominations? Email us at calwellness@walkeraac.com.

The California Wellness Foundation is an equal opportunity employer and welcomes a diverse candidate pool. Additionally, we are a fair chance employer and welcome candidates with living experience with the criminal justice system.

The above job description is intended to describe the general nature and level of work performed and is not intended to limit the scope of potential work assignments. This is only a summary of the typical functions of the job and duties may differ from those as outlined above.

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