Associate – Funds & Advisory
Our Vision: To make New York City the global model for inclusive innovation and economic growth, fueled by the City’s diverse people and businesses.
Our Mission: Creating a vibrant, inclusive, and globally competitive economy for all New Yorkers.
POSITION OVERVIEW:
The Strategic Investments Group (“SIG”) creates and structures impact investments to drive inclusive economic development by enhancing access to capital, mobilizing private investment and supporting the acceleration of EDC initiatives and strategic projects. To realize the vision of equitable, sustainable prosperity, SIG structures and implements impact investments utilizing an array of financing solutions. SIG’s impact investment toolkit includes incentives, such as discretionary tax benefits, tax-exempt bond financing, and tax credits, as well as the deployment of catalytic investment capital.
SIG manages several programs to facilitate the creation of quality jobs across all five boroughs of New York City, including but not limited to:
- New York City Industrial Development Agency (NYCIDA) negotiates discretionary tax incentives on behalf of the City for job-generating commercial, industrial and food retail real estate projects.
- Build NYC Resource Corporation (Build NYC) is a bond issuing authority for tax-exempt financing for 501(c)(3) organizations and exempt facility projects.
- NYC Neighborhood Capital Corporation (NYCNCC) secures and deploys New Markets Tax Credits to catalyze projects in underserved areas.
- Funds & Advisory (F&A) originates, structures and manages multiple fund vehicles that make loans and equity investments that deliver financial, social and environmental outcomes. Additionally, F&A advises internal and external partners on the creation of financing structures that address policy outcomes.
These collective tools seek to provide much-needed investment and services to underserved areas, to generate high quality/accessible jobs, and to leverage billions of dollars of public and private sector investment.
The Associate will join the Funds & Advisory team within the Strategic Investments Group. The Associate will assist with all aspects of the impact investment process, including market research, pipeline sourcing, financial analysis, investment structuring, execution, and portfolio monitoring. As part of SIG’s Advisory function, the Associate will also advise inter-departmental working groups on the design and launch of new impact investment tools and strategies. This role is ideal for someone early in their career who is eager to build foundational experience in impact investing and economic development.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Cultivate and vet the pipeline of potential investees
- Lead due diligence in the form of market analysis, business model evaluation, and financial analysis
- Develop and maintain detailed financial models; includes the ability to isolate and manipulate model drivers
- Assist with investment structuring and valuation analyses, e.g., NPV, IRR, COC, DCF analyses
- Assist with transaction execution, including preparation of internal presentations and memorandums
- Present investment recommendations to deal teams, NYCEDC executive staff, and City officials to inform decision-making
- Review basic legal agreements, including term sheets
- Assist with fund monitoring and reporting, including portfolio financial and impact return analysis
- Prepare ad-hoc analyses to support the evaluation of new impact investment programs and strategic opportunities
- Foster and manage relationships with external parties, including startups, not-for-profits, real estate developers, CDFIs, private equity and venture capital firms, investment banks, consultants, industry associations, and other governmental agencies
- Perform other duties and special projects as assigned
QUALIFICATIONS:
- Undergraduate degree required
- 2-4 years of work experience in a relevant field (e.g., impact investing, investment banking, private equity, venture capital, public finance, real estate finance)
- Experience with financial modeling, underwriting, valuation, and bespoke quantitative analysis
- Advanced proficiency using spreadsheets and presentation applications
- Strong communication skills—both verbal and written
- Ability to effectively balance a portfolio of projects, with potentially competing demands and deadlines
- Ability to respond to dynamic organizational priorities
- Self-starter, independent with ability to work in a team-based environment
- Strong interest or experience in impact investing, economic development, public policy, New York City, and/or public-private partnerships a plus
- New York City residence is required within 180 days of hire
Salary Range
$72,000 - $74,000 USD
About Us: New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors, with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy.
NYCEDC is committed to offering competitive benefits to support employee health, happiness, and work-life balance. We offer comprehensive benefits and unique perks to ensure NYCEDC employees flourish in their professional and personal lives:
- Generous employer subsidized health insurance
- Medical, dental, and pharmacy plans
- Vision and hearing benefits
- Flexible spending accounts for healthcare and dependent care
- Short term and long-term disability coverage
- 100% employer covered life insurance and supplemental life insurance coverage
- Up to 25 vacation days
- Floating Holidays and Summer Fridays
- Parental leave - up to 20 paid weeks
- Retirement savings programs
- Company-paid 401(a) defined contribution plan
- 457(b) tax-advantaged retirement savings plan
- Tuition Reimbursement program
- Continuing education and professional development
- Public Service Loan Forgiveness (PSLF) eligible employer
- College savings plan
- Backup childcare
- Gym membership discounts
- A Calm.com membership for mindfulness and mental health support
- Employee discounts through Plum Benefits and much more
Benefits listed above may vary based on the length and nature of your employment with New York City Economic Development Corporation. These benefits are subject to be modified at any time, at the discretion of the organization.
The New York City Economic Development Corporation is an Equal Opportunity Employer. Our Diversity, Equity, and Social Responsibility Mission is to create a People First strategy by attracting, retaining, and engaging a diverse and talented workforce. Like the city of New York, NYCEDC knows our strength comes from each of our connected parts, making the fabric of our organization better and stronger because of our unique employees' talents.
For more information, visit our website at edc.nyc.
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