Ontario Teachers' Pension Plan
OTPP’s Investment Finance Department oversees the valuations of over 500 privately held investments with a market value in excess of $50 billion, incorporating private equity, fund investments, infrastructure, timber, real estate and private debt.
The Candidate will be responsible for supporting the execution of the valuation function within the Finance Department at OTPP with a focus on privately held investments mainly infrastructure, timber, real estate, private equity and private debt, representing over $35 billion in market value. This position will also be responsible, to an extent, for training and coaching junior staff in Finance to be used in the valuation process during peak periods.
- 1. Managing and supporting the planning and execution of the quarterly and year end valuation processes for the infrastructure, real estate, private debt and private equity valuation:
- Prepare and oversee the review of “fair value” valuations prepared by OTPP’s Investment teams including the preparation of analysis and summary memorandums in respect thereof
- Review the fair value valuations prepared by external valuation agents
- Develop recommendations of fair value to be used for the purposes of OTPP’s financial statements
- Support the senior manager in the development, tracking and reporting of plans and timelines to ensure an effective and efficient valuation process
- Communicate noted issues with respect to the valuation process or specific investment valuations to the Senior Manager on a timely basis
- Develop the standards for reviews and the corresponding processes to be followed by the staff involved in the valuation process
- Respond to queries/information requests from OTPP’s external auditors with respect to the private investment valuations
- Contribute to OTPP board reporting with respect to the results of the year end private investment valuation process
- 2. Managing the process around the use of external advisors including:
- Ensuring internal information required by external advisors is provided by both the Investment Division and Investment Finance in accordance with established timelines
- Reviewing and incorporating the external advisor recommendations/findings into OTPP’s recommendations on fair value
- Communicating noted issues to the senior manager, on a timely basis
- Ensuring exceptional service is provided by external parties
- 3. Interface with the Investment Division with respect to the valuations including:
- Coordinating processes and deliverables to facilitate the execution of a smooth quarterly and year end valuation process
- Communicating noted issues with respect to the process and/or issues identified with respect to infrastructure, real estate and other private investment valuations
- Ensuring exceptional service is provided to the Investment Division with respect to private investment valuations
- Responding to inquiries and requests from the Investment Division including consultation on new transactions where required
- 4. Training, coaching and Supervision of junior staff
- 5. Ensure OTPP’s valuation policies and practices remain best practice
- Be involved in the hiring of junior staff and co-op students
- Develop training material for junior staff
- Provide on the job coaching and train of junior staff with respect to valuation standards, practices and internal process requirements to ensure the execution of effective and efficient valuation processes
- Review and monitoring of external best practice valuation standards and practices
- Be involved in the annual review and update of OTPP’s valuation policies including recommending changes based on changes in best practice valuation guidelines and practices
- Prepare any required OTPP board reporting with respect to any recommended policy changes
- Valuation Knowledge – Experience in the application of various valuation approaches as it might relate to infrastructure, real estate and other private equity investments.
- Project Management Skills – OTPP’s valuation process involves the completion of an extensive number of valuation reviews and coordination across multiple departments and teams including within Investment finance. Effective planning and project management skills to set priorities, coordinate tasks, supervise junior staff and meet deadlines are essential.
- Analytical Thinking and Financial Modeling Skills – Strong analytical thinking, variance analysis, and financial/cash flow modeling skills are important to the execution of the valuation review process. Having a comfort level in reviewing large and complex financial models is important.
- Written Communication Skills – This position requires the preparation and oversight of written memorandums and analysis of valuations prepared by Front office (i.e. deal teams). Strong written communication skills are required to ensure Finance’s memorandums are written clearly and concisely, address the key valuation risks identified and adequately support Finance’s recommendation of fair value.
- Verbal Communication Skills – This position requires interaction with internal and external senior management for the purpose of completing the valuation review. The nature of the relationship with these parties requires a high degree of professionalism.
This position carries responsibility for helping develop and execute valuation methodologies and processes for the infrastructure, timber, real estate, private debt and private equity investments at OTPP which have a significant financial impact on the Fund.
The individual must possess strong valuation technical knowledge and communication skills, both written and verbal.
Knowledge and Experience:
- Experience in private business valuations, infrastructure valuations and/or real estate valuations is strongly recommended (minimum 5 years)
- A Chartered Business Valuator (CBV) designation or working towards CBV is an asset
- A professional finance / accounting degree (CFA,CA, CGA, CMA) is strongly preferred
- Relevant university degree
- Familiarity with Argus program is an asset
- Previous experience in coaching, training and developing staff
- Experience interacting with senior management and external advisors is critical
- Team Player
- Ability to project manage
- Agile to change
- Takes Initiative
- Detail oriented
- Open Minded
- Ability to multi-task
- Results oriented