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Impact Investing Investment Officer: Program Related Investment

Website The California Endowment


The California Endowment (TCE) is seeking an mission driven Impact Investing Investment Officer with a focus on Program Related Investments to join the Impact Investing team. This is a hybrid role with weekly onsite requirements at one of five offices across the state (Los Angeles, Oakland, Fresno, Sacramento, and San Diego).

Who we are :

The California Endowment is a $4B+ private, statewide health foundation established in 1996 whose mission is to expand access to affordable, quality health care for underserved individuals and communities, and to promote fundamental improvements in the health status of all Californians. We’re changing the narrative around health to ensure health and justice for all. And each day we, along with our community partners, seek ways to improve the state of health in California.

Headquartered in downtown Los Angeles, we have regional offices in Sacramento, Oakland, Fresno and San Diego, with program staff working throughout the state. We challenge the conventional wisdom that medical settings and individual choices are solely responsible for people’s health. Instead, we believe that health happens in neighborhoods, schools and with prevention.

Position Summary :

The California Endowment is committed to utilizing its investment capacity in alignment with its mission and values.

Through our $250 million commitment to impact investing, we seek to use our power as investors to provide strategic capital that lifts up vulnerable and disinvested communities in California and supports a world where capital is aligned with our mission and values. Our Impact Investing toolkit includes Program-Related Investments and Mission-Related Investments.

TCE’s $200MM commitment to PRIs is deployed as flexible, often below-market-rate loans, structured to generate significant social impact in the California community development field. Typical partners include CDFIs, affordable housing intermediaries and other community focused organizations. TCE’s $50MM commitment to MRIs is deployed as investments aligned with TCE’s broad mission and values and generate market-level rates of return. In addition, we have a commitment to advancing racial equity across our entire Impact Investing program.

The Impact Investing Officer: Program-Related Investments is a senior member of the Impact Investing team. In this role, the Impact Investing Officer will be the principal steward for managing TCE’s $200MM PRI portfolio. This position works with the Managing Director, Impact Investing as well as multiple internal and external stakeholders to originate and develop PRIs and larger-scale programmatic initiatives that utilize a blend of PRIs and grants. The ideal candidate will have a finance, banking or investments background, an understanding of the social/impact investing sector and a passion to use capital to make a difference. Strong experience in partnerships with CDFIs, affordable housing intermediaries and other community focused organization in California desired. The candidate must have strong written and oral presentation skills with familiarity in working with a Credit or Investment Committee.

This position supervises the team’s Portfolio Manager and may supervise other staff members on transactions. This position reports to the Managing Director, Impact Investing.

Position Duties And Responsibilities

  • Serves as a steward of the PRI program, ensuring that the program aligns with TCE’s mission and strategy and meets the financial parameters outlined by the PRI Policy Statement
  • Leads full PRI transaction cycle which includes pipeline development, due diligence, preparation of underwriting memos, presenting to the credit committee and legal negotiations on approved transactions
  • Deepens TCE’s commitment to advancing racial equity through full transaction lifecycle and PRI program portfolio management and policies
  • Ensures program meets ongoing financial reporting, valuation and audit responsibilities through managing the team’s portfolio management activities and operations
  • Supports mission-related investments as needed, with support through any portion of the MRI transaction lifecycle
  • Collaborates with internal TCE teams and external partners to develop pipeline opportunities, large-scale programmatic initiatives and to strengthen the alignment of PRIs with TCE’s mission and values
  • Monitors community development/impact investing fields and markets for pipeline, opportunities and trends. Pro-actively recommends any changes to TCE’s PRI program, policies and strategies based on this knowledge
  • Serves as a thought leader in the broader community development and impact investing field and represents TCE at industry conferences and events
  • Communicates results through board materials including financial and social performance reporting and exposure analysis

Minimum Education, Qualifications, and Experience:

This is a leadership position within the impact investing field and at TCE. It is critical that this person have the right blend of hard and soft skills, analytical and people skills, and is grounded in a passion for TCE’s mission.


  • Deep commitment to TCE’s misson and values and using capital to advance racial equity
  • Experience managing transactions across the full transaction lifecycle from origination to legal closing and ongoing portfolio management.
  • Strong transaction due diligence capabilities including underwriting financial transactions, analyzing financial statements, understanding of accounting principles and evaluating organizational and management strength
  • Familiarity with capital markets, impact investing and community development, with a strong preference for familiarity with community development
  • Ability to collaborate effectively across diverse departments and organizations to drive results; demonstrated ability to cultivate strong relationships with internal teams, external investees/borrowers and co-investors
  • Prior experience managing direct reports
  • Excellent written and oral communication skills; effective in formal and informal presentation settings
  • Results and detail oriented; demonstrated ability to establish and achieve goals
  • Ability to travel and work independently as a team partner.

Minimum Education:

  • Undergraduate Business degree or related degree.
  • 7-10+ years of experience in investments or related field.
  • MBA a plus.

Salary Range:

Full Range: $140,000 – $210,000/annual

Target Hiring Range: $140,000 – $175,000/annual

Application Process:

Cover letter including the candidate’s interest in the TCE and the role, experience in impact investment and/or community development finance is highly recommended.

The California Endowment is an equal opportunity employer committed to diversity and to creating a work environment where the individual is valued and respected. The Endowment welcomes applicants from diverse backgrounds and seeks to hire qualified staff reflecting the rich diversity of the communities we serve. We define diversity in broad terms to include race, ethnicity, age, gender, religion, sexual orientation, gender identity and expression, disability, geography, and socio-economic status.

For more information about the California Endowment, please visit