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.
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 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
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.
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.
How To Apply
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