Portfolio Manager: Private Markets

Let's Write Africa's Story Together!

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

The Portfolio Manager: Private Markets will lead the strategy and oversight of the private markets programme for Old Mutual's With-Profit Policyholder (WPP) funds. This is one of largest institutional private markets portfolios in South Africa, encompassing private equity, infrastructure, development finance, natural resources and other private asset classes.

The role covers the strategy, portfolio construction and ongoing oversight of the full private markets book, including sub-asset-class allocation, commitment sizing and pacing, due diligence on new investments, representation of the funds' interests in governance forums, and holding the underlying managers to account for performance and value. This is one of the senior investment roles in a compact, specialist team that sits within the broader Symmetry platform and can draw on its wider investment capabilities.

The team is newly established within Symmetry and is in build mode, so the Portfolio Manager will help shape the private markets function, its processes and its standards from the start. Symmetry is looking for an experienced, rigorous investor with expertise in private markets, proven judgement in fund due diligence and portfolio strategy, and the credibility to represent the funds in governance forums and hold managers to account.

Key Responsibilities

• Lead the strategy, allocation and portfolio construction for the private markets portfolios across private equity, infrastructure, development finance and other private asset classes.
• Set commitment pacing plans and integrate private markets cash-flow forecasts into total-portfolio liquidity planning with the team's asset allocation and modelling specialist.
• Bring strategy recommendations and reviews to the Private Markets Committee (PMC) and POLIC, including innovative, well-evidenced proposals for new private markets opportunities that improve the funds' ability to meet their objectives.

Private Markets Strategy and Portfolio Construction

• Lead the strategy, allocation and portfolio construction for the private markets portfolios across private equity, infrastructure, development finance and other private asset classes.
• Set commitment pacing plans and integrate private markets cash-flow forecasts into total-portfolio liquidity planning with the team's asset allocation and modelling specialist.
• Bring strategy recommendations and reviews to the Private Markets Committee (PMC) and POLIC, including innovative, well-evidenced proposals for new private markets opportunities that improve the funds' ability to meet their objectives.

Due Diligence and Implementation

• Lead comprehensive due diligence on new private markets fund commitments, scrutinising strategy, team, track record, terms and legal agreements.
• Ensure implementation is compliant and tax-efficient in policyholders' interests, engaging the relevant control functions (including Group Tax and Group Legal).

Oversight and Stewardship

• Conduct rigorous ongoing oversight of the private markets managers and funds, internal and external: performance, valuations, fees and underlying portfolio developments.
• Represent the WPP Funds' interests at a senior level on LPACs, boards and investment committees where required.
• Monitor the specialist impact and development finance investments, assessing both financial returns and social impact.

Governance and Reporting

• Own the team’s deliverables to the PMC: committee packs, strategy reviews and regular reporting; contribute private markets content to POLIC reporting.
• Take accountability for the performance and risk management of the entire private markets allocation.

Relationships and Collaboration

• Own the senior relationships with general partners, internal affiliate managers and key external parties.
• Benchmark internal managers objectively against external alternatives on capability, performance and fees, holding internal and external managers to the same standards of accountability.
• Document processes and contribute to the resilience, depth and high-performance culture of a compact team.

These responsibilities offer an overview and a general outline of the role and are not exhaustive.

Qualifications and Experience Required

• A degree in finance, investments, economics, actuarial science or a related field; postgraduate study and/or professional designations (e.g. qualified Actuary; CFA/CAIA) would be advantageous.
• Solid institutional investment experience (as a guide, around six or more years), with meaningful exposure to private markets or other complex or illiquid asset classes.
• Demonstrated ability to master complex investments: rigorous analysis, commercial sense, and comfort working through the legal and commercial terms of fund agreements.
• Strong risk orientation and familiarity with South African life/asset-management regulatory contexts.
• Advantageous, but not required: a fund due diligence track record; LPAC or investment committee exposure; experience with valuations of unlisted assets.

Key Skills and Competencies

• Action Planning, Analytical Thinking, Budget Management, Client Management, Client Needs Assessments, Computer Literacy, Database Reporting, Data Classification, Data Compilation, Data Controls, Evaluating Information, Information Retrieval, Legal Practices, Numerical Aptitude
• Business Insight, Collaborates, Customer Focus, Ensures Accountability, Financial Acumen, Instills Trust, Manages Complexity, Optimizes Work Processes

Education

NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

23 July 2026, 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.