Sophisticated Work. In a Great City. Making a Difference.
The State of Wisconsin Investment Board (SWIB) manages more than $178 billion in assets, including those of the fully-funded Wisconsin Retirement System (WRS). SWIB operates at a level more often seen in top-tier global asset managers than in typical public pension funds. SWIB is a home for top talent. Approximately 61 percent of SWIB’s investment professionals are Chartered Financial Analyst (CFA) charterholders.
The City of Madison, the state capitol and home of Wisconsin’s flagship university, makes regular appearances on lists of best places to live, eat, and play. SWIB offers a modern workspace, hybrid work options, and competitive compensation and benefits.
Serving over 703,000 WRS beneficiaries, SWIB is driven by a clear mission: securing the financial future of those who serve Wisconsin. When you work at SWIB, you know your work matters.
Job Description:
The Opportunity
SWIB is seeking an experienced investment management attorney to join its Legal Division, with primary responsibility for supporting SWIB’s hedge fund and external manager investment activities. This attorney will work directly with portfolio managers and other investment professionals on the legal diligence, structuring, negotiation, execution, and ongoing management of sophisticated alternative investment relationships. The role also will provide cross-asset support on complex investment transactions based on the attorney’s background and SWIB’s evolving needs.
This is an investor-side role with substantial responsibility and direct exposure to investment decision-makers. The successful candidate will combine deep private-funds expertise with practical judgment, strong negotiation skills, and the ability to distinguish material legal and structural risk from issues that can be managed efficiently. The attorney will join a collaborative legal team supporting a sophisticated institutional investment platform.
Key Responsibilities and Job Functions
Hedge Funds and External Manager Investments – Primary Focus
Serve as a lead legal advisor to SWIB’s hedge fund and external manager investment programs, including investments in commingled hedge funds, funds of one, separately managed accounts, and other customized or strategic investment arrangements.
Lead legal due diligence and the review, drafting, and negotiation of investment documentation, including offering memoranda, limited partnership and LLC agreements, subscription agreements, side letters, investment management agreements, managed account agreements, and related ancillary documents.
Negotiate investor protections and institutional terms relevant to a large governmental investor, including provisions addressing transparency and reporting, fees and expenses, liquidity and withdrawal rights, key-person and change-of-control events, conflicts, indemnification, confidentiality and public-records considerations, regulatory matters, and compliance with SWIB policies and applicable law.
Manage side-letter and most-favored-nation processes, including evaluating available elections and coordinating implementation of negotiated rights with investment, operations, compliance, tax, and other internal teams.
Advise on amendments, restructurings, liquidity events, redemptions and withdrawals, transfers, wind-downs, manager or strategy changes, and other matters arising during the life of an investment.
Identify and evaluate legal, structural, regulatory, tax-sensitive, counterparty, and operational issues in proposed investments and provide clear, practical advice to investment professionals regarding material risks and potential solutions.
Support the structuring and negotiation of new or bespoke external-manager relationships and investment strategies, including arrangements that cross traditional hedge fund, public market, credit, and private market boundaries.
Broader Investment and Capital Markets Support
Based on experience and team needs, advise…