Portfolio Manager, Fund of Funds

About Equi

Equi is an investment management firm building institutional-quality alternative investment solutions. We operate a unique business model: in addition to offering Equi-branded funds, we build white label fund of funds products for some of the top independent multi-family offices and financial advisory firms in the country. We combine deep manager selection expertise with sophisticated portfolio construction to deliver differentiated outcomes for our clients and partners. The firm is at an inflection point, our AUM is scaling rapidly, we've signed an LOI to launch an additional fund of funds product, and we expect to sign more LOIs in the coming months. We're assembling a small, high-caliber team that can grow with the platform and take on increasing responsibility as we scale.

About The Role

Equi is seeking a high-trajectory investment professional with a genuine passion for investing who wants to develop alongside a rapidly growing firm building differentiated products in the alternatives space. You will report directly to the Chief Investment Officer and serve in a leadership role on the Investment Committee.

This role combines rigorous manager due diligence with portfolio construction, risk management, and team leadership, offering a clear path to expanded responsibility as the platform grows.

• You will work closely with the CIO to source, underwrite, and monitor hedge fund managers while contributing to portfolio construction and optimization decisions.
• You will also manage a junior quant researcher, directing analytical projects and developing talent as part of building out the investment team.
• Equi accesses managers through a mix of pooled funds, separately managed accounts (SMAs), and swap structures, requiring nuanced navigation of varying liquidity terms, transparency levels, and operational requirements.

Culture

Equi is a team-first environment where transparency and healthy debate are integral to our success. We operate with a flat structure, ideas win on merit, not seniority, and every member of the investment team is expected to contribute to the conversation. We value intellectual honesty, rigorous thinking, and the humility to change your mind when the evidence warrants it.

Own

What is this person singularly responsible for?

Manager Selection & Due Diligence

• Lead comprehensive due diligence on hedge funds, hybrid strategies, and private credit managers—evaluating investment edge, team quality, risk management, and operational infrastructure
• Source proprietary deal flow through industry relationships and systematic market mapping
• Develop and present investment recommendations to the CIO and Investment Committee with clear thesis articulation and risk assessment
• Build and refine data-driven frameworks for manager evaluation and selection
• Monitor existing manager relationships through regular engagement, performance evaluation, and strategic alignment reviews

Portfolio Risk

• Own the portfolio risk function—developing and maintaining risk frameworks, factor exposure analysis, and concentration monitoring across the fund of funds
• Design and execute stress testing scenarios including liquidity stress tests, market drawdown simulations, and correlation breakdown analysis
• Manage gate risk and redemption queue scenarios—modeling portfolio liquidity under stress conditions and maintaining appropriate liquidity buffers
• Build and maintain risk dashboards including performance attribution, drawdown analysis, and exposure reporting

Liquidity & Operations

• Manage liquidity across a complex structure of pooled funds, SMAs, and swap exposures—each with distinct redemption terms, notice periods, and operational requirements
• Track and forecast cash positioning across fund structures, ensuring redemption capacity aligns with investor terms and subscription/redemption cycles
• Coordinate with fund administrators, custodians, and swap counterparties on operational execution

Team Leadership

• Manage and mentor a junior quant researcher—setting priorities, directing analytical projects, and developing their capabilities
• Define research agenda and delegate quantitative analysis, data projects, and manager screening tasks
• Build team processes and infrastructure as the investment team scales

Assist

What will this person be involved in, or collaborating with other individuals and teams on?

• Serve as a member of the Investment Committee, contributing to portfolio construction, manager sizing, strategy allocation, and risk budgeting decisions
• Develop capital allocation recommendations and flag rebalancing considerations based on evolving conviction levels and portfolio needs
• Partner with the CIO on vehicle selection decisions—evaluating trade-offs between pooled funds, SMAs, and swaps based on liquidity needs, transparency requirements, and fee structures
• Collaborate with product and engineering on proprietary tools for portfolio management, risk analytics, and liquidity forecasting
• Collaborate with legal and compliance on governance frameworks for manager relationships and investment vehicles
• Support sales and client-facing teams with investment insights, risk reporting, and due diligence materials
• Represent the firm with managers, allocators, and industry stakeholders
• Contribute to new product development initiatives as the platform expands

Knowledge

What experience does this person need to possess?

5+ years of experience in hedge fund allocation, either as an allocator (fund of funds, endowment, pension, family office) or in a senior advisory/consulting role

Track record of successful manager evaluation and investment recommendations

Deep understanding of hedge fund strategies, fund structures, liquidity terms, and operational requirements across pooled vehicles, SMAs, and swap structures

Strong liquidity management experience—understanding of fund-level redemption terms, notice periods, gates, lock-ups, and how to construct portfolios that balance return optimization with liquidity needs

Experience with portfolio risk management including stress testing methodologies, scenario analysis, and managing through periods of market stress or fund-level gates

Investment operations knowledge including subscription/redemption processes, NAV reconciliation, capital call management, and coordination with fund administrators and custodians

Experience with portfolio analytics, factor analysis, and performance attribution

Prior experience managing or mentoring junior team members

Strong AI proficiency, ability to leverage AI tools to enhance research, analysis, and workflow efficiency

Strong analytical capabilities and ability to synthesize complex information into actionable recommendations

Excellent communication skills, able to articulate investment theses and risk considerations clearly to both sophisticated investors and internal stakeholders

Genuine passion for investing and markets—intellectually curious, always learning, and deeply engaged with investment ideas

Master's degree in Finance, Economics, or related quantitative field preferred

CFA or CAIA designation a plus

Trading experience a plus, particularly for management of portable alpha or overlay strategies

Strong technology aptitude; coding or data analysis experience a plus

Compensation Range: $170K - $230K