The Organization
The Bush Foundation works to inspire and support creative problem-solving – within and across sectors – to make our region better for everyone.
To do this, we invest in great ideas and the people who power them in Minnesota, North Dakota, South Dakota, and the 23 Native nations that share this geography.
We work through our open grantmaking programs to support efforts to:
• Develop, test and spread great ideas that will make the region better for everyone
• Inspire, equip and connect people to more effectively lead change.
Established in 1953 by Archibald and Edyth Bush, the Foundation has granted more than $1.2 billion to individuals and organizations working to do good.
The Foundation operates with a staff of 35, stewards an endowment that has grown to $1.4 billion and has a combined operating and philanthropic budget for 2023 of $66 million.
Our Values
We believe that change happens through people and that the future of our region depends on what the people in it believe they can do and be. We consider every investment we make to be an investment in people, to think bigger and think differently about what is possible.
The Foundation’s operating values guide everything we do. We try to live them in every aspect of our grantmaking and our operations.
• Spread Optimism. We encourage individuals and organizations to think bigger and think differently about what is possible. We are positive and supportive in our internal and external interactions.
• Work Beyond Ourselves. We actively seek opportunities to work in true collaboration with others to have more impact. We are willing to both lead and follow. We candidly share what we learn with others.
• Everybody Matters. We are a champion for both excellence and equity inside and out of the Foundation. We have fair, open and inclusive processes. We work to raise the overall quality of life while also closing opportunity and achievement gaps.
• Steward Well. We demonstrate appreciation for the Foundation’s history and thoughtfully build on its legacy. We hold ourselves to high standards of integrity and accountability and conduct ourselves in a way we hope would make our founders proud.
• More Good. Every Year. We are a true learning organization and work to be smarter and more effective every year. We never lose sight of the reason we exist: to do the most possible good with the resources left to the community by Archibald G. Bush.
We have a deep organizational commitment to equity and we do our best to live out that commitment in both what we do and how we do it. We try to ensure we are accessible and relevant to people all around the region and we make sure that we are investing in communities with the greatest needs. We have a long-standing specific commitment to investing in Native Americans and the 23 Native nations in our region.
For more information about the Bush Foundation, please visit www.bushfoundation.org.
Investment Portfolio
The Foundation’s investment portfolio includes $1.4B spread across a wide variety of asset classes. Approximately 45% of the portfolio is invested in private equity investments. While the portfolio has performed well overall, this particular class of investment has performed particularly well and has grown as a percentage of overall portfolio value. The portfolio’s total return over multiple time periods has consistently been in the top 1% when compared against peers.
In addition to more traditional aligned investments, the portfolio includes Impact Investments including Mission Related Investments (MRIs) and Adjusted Risk Investments (ARIs). These investments, which seek social and/or environmental benefits that are measured in addition to financial return, represent a small but growing portion of the portfolio, with specific goals for increasing portfolio share over the next several years. As described in our Impact Investing Statement, the Foundation’s impact investing activity is focused on advancing equity in capital markets and supporting economic and community development in Minnesota, North Dakota, South Dakota and the 23 Native Nations we serve.
Position Overview
Position Summary
The Investment Officer advances the goals of the Bush Foundation by providing the analysis and judgement necessary to ensure that the Foundation’s resources are invested and used in accordance with the highest standards of stewardship and impact. The Investment Officer works alongside the Managing Director of Investments (MDI) and the Foundation’s investment consultant, Cambridge Associates. Thoughtful and effective investment management is core to our strategy. Aligning investment decisions with our mission is paramount.
Reports to: Carol Peterfeso, Managing Director of Investments
Other key relationships:
Chris Romano, Chief Operating Officer
Investment Consultant (Cambridge Associates)
External Investment Managers
All Bush Foundation Staff, especially Finance and Grantmaking teams
Position location: The primary office is located in St. Paul, MN. Bush is a place-based foundation with a focus on serving the people in Minnesota, North Dakota, South Dakota and the 23 Native nations that share that geography. All employees are required to live in the region that we serve. Three of the 35 current staff live outside the Twin Cities metro area.
Staff work in a hybrid environment, with a mix of virtual and in-person work to strike a good balance between connection and flexibility. Twin Cities-based staff work on-site every Wednesday, with one additional ‘connection and learning’ on-site day each month. Once a quarter, staff who live outside the Twin Cities travel to our St. Paul offices for those two on-site days. Everybody is welcome to work in the office more frequently if desired.
Starting salary: $180,500 annual salary, full-time exempt
Benefits: The Foundation offers excellent benefits, including health, dental, life and disability insurance; generous retirement contributions; professional development and vacation, sick and holiday leave.
Travel/Work Environment: This role may require schedule flexibility, and up to 15% travel to monitor and select the Foundation’s investments, attend manager meetings, investment conferences and industry events.
Key Responsibilities
Portfolio Structure and Management
• In partnership with our investment consultant, lead the monitoring of investment performance, working closely with the MDI to rebalance the portfolio to meet asset allocation targets and the Foundation’s short and long-term cash needs.
• Support and actively participate in strategic investment planning discussions with external investment consultants on topics including asset allocation, private investment commitment planning, and individual manager selection and removal across the portfolio.
• Develop a method for and implement risk analysis reporting across the portfolio, incorporating inputs from and working closely with internal partners and external consultants.
• Review economic data and stay current with general capital market and alternative asset developments.
• Support the MDI to source investment managers across all asset classes, building and maintaining a pipeline of prospective managers to ensure best-in class sourcing and the portfolio reflects the Foundation’s investing goals.
Investment Manager Due Diligence and Monitoring
• Lead due diligence on impact investments not covered by the Foundation’s investment consultant, including Program Related Investments (PRIs), across all asset classes; utilizing network connections developed regionally and nationally. Serve as a resource and technical expert to grantmaking staff on PRIs.
• Work closely with the MDI and Chief Operating Officer to develop materials, prepare analysis and present detailed investment recommendations and portfolio reviews for use by the Foundation’s Investment Committee and Board of Directors. In conjunction with the MDI and investment consultant, perform ongoing monitoring and due diligence on current investment managers, including evaluation of the diversity and ESG integration within their investment process.
• Assist in the annual analysis and reporting of impact investing work, aimed at illustrating progress towards the impact investing goals as defined by the Foundation’s Board of Directors.
• Prepare internal performance reporting on private and impact investment portfolios.
• Participate in the consultant relationship review and RFP processes for other ancillary services.
Organizational Participation
• Actively participate in and contribute to Investment Team, Finance Team, and cross-foundation work and learning that advances the Foundation’s overall strategic and organizational goals.
• Working closely with the Finance Team, support the Investment Team’s compliance processes and deliverables including the annual audit and any other interim reporting requirements.
• Represent the Foundation in relevant networks, events and professional organizations, adding to knowledge and expertise in the sector.
• Actively demonstrate the Foundation’s core organizational values in performing all duties.
Ideal Candidate Profile
The ideal candidate will possess a passion for institutional investing, a belief in the power of philanthropy to transform communities and an appreciation for the importance of aligning the Foundation’s investment activities with the organization’s mission and programming. Critical success factors include the ability to build collaborative relationships with key internal and external partners and authentically demonstrate a leadership style that conveys trust and confidence.
Competencies Expected:
• Functional Expertise: We are a small organization with big aspirations. We look for people who can do both big picture strategic thinking and the hands-on work to make it happen and those willing to be both a leader and a follower, able to speak up for less popular points of view while being receptive to and appreciative of other points of view.
• Cultural Competence: We have a strong organizational commitment to equity with a particular focus on advancing racial equity. We need a candidate who is able to work well with people from a wide range of cultural backgrounds, dedicated to racial equity, and will consider the equity implications of every decision so that everything we do works well for people of different backgrounds and abilities. We need leaders who are committed to anti-racism and are comfortable directly addressing issues of race and cultural difference.
• Inclusive Decision-Making: We are an inclusive organization, and we need people that model intellectual curiosity and collaborative problem solving. We need people who build capacity to evaluate ideas and information analytically, conceptually and critically and effectively shepherd recommendations and solutions. This includes the ability to build rapport and trusting relationships quickly.
• Fosters Collaboration: We are a very collaborative organization and nearly all our work is shared. This means we need people who are really good at intentional planning and decision making, eager and willing to seek out and learn from feedback and input. This means raising and resolving issues in inclusive ways, with good communications with internal and external stakeholders all along the way – while still able to move things forward.
• Emotional Intelligence: We need people who possess a high level of self-awareness, empathy, humility and social awareness. This means having people who effectively manage personal emotions and behaviors to foster productive relationships and influence others.
• Values Driven: We are a values-driven organization. We need people who are enthusiastic about the Foundation’s values and are willing to reflect, learn and act to do what it takes to live up to them. This includes the interest and ability to be part of building the organization’s impact investing capacity.
Skills, Experience and Qualifications
1. Compelled by the mission and purpose of the Foundation; demonstrates authentic commitment to aligning mission with position responsibilities and genuine interest in participating in cross-foundation activities, some of which are directly related to the investment work and some that are less directly aligned.
2. Inspired by our operating values; has a track record of advancing equity in community and/or workplace. Involvement in community activities is a plus.
3. Significant experience in institutional investment management with complex investment portfolios across multiple asset classes. This would usually require 5+ years of experience.
4. Demonstrated experience organizing, analyzing, and distilling investment data to support recommendations and performing due diligence on investment managers.
o Experience analyzing, reviewing or recommending some or all of these: Environmental, Social and Governmental (ESG) criteria, Program Related Investments (PRI), Mission Related Investments (MRI) and/or private equity investments
5. Experience selecting, monitoring, and building relationships with fund managers or working in adjacent environments.
6. Superior written, verbal and interpersonal skills and strong attention to detail.
7. Strong financial modeling, analysis, and technical skills using Excel, including familiarity with executing complex performance measurement calculations (IRR, TVPI, MOIC).
8. Strong PowerPoint skills for creating Board and Investment Committee presentations.
9. Relevant advanced degree(s) and certifications and/or evidence of pursuit of expertise including CFA, CAIA, etc.
10. Knowledge of the Foundation’s work or programmatic investments is desired including experience working with community organizations, either as a volunteer, staff person or board member.
To Apply
The Bush Foundation has prepared a video recording to provide more background and information on the Foundation and this role. You can view the recording after April 26, 2023 at https://www.bushfoundation.org/job-opportunities.
The Foundation has partnered with Doran Leadership Partners to lead this search. Please send your resume to Heidi.Westlind@DoranLeadership.com. Applications will be accepted until May 22, 2023, but review of candidates will begin right away. If your interest in this role is high, we recommend an early application for immediate attention.
Heidi Westlind
heidi.westlind@doranleadership.com
952.484.2108
Libby Doran
Libby.doran@doranleadership.com
612.840.8059