Managing Director, Listed Real Estate (Contract - London or Toronto)

Joining CPP Investments means joining one of the world's most admired and respected institutional investors to drive a single mandate: to deliver strong, sustainable returns for generations of Canadians. With a long-term horizon and global reach, we deploy capital at scale across public and private markets. Our size, stability, and disciplined investment philosophy allow us to pursue complex opportunities and build enduring partnerships worldwide.

For our people, this means meaningful work with tangible impact, real opportunity, and collaboration with exceptional colleagues who value partnership and performance. Here, you’ll contribute to outcomes that matter alongside team members committed to excellence and shared success.

Role Summary

The Managing Director, Listed Real Estate, plays a leadership role in making investment decisions within global listed real estate securities by leveraging deep domain expertise across property sectors, markets, and regions. Responsibilities include:

• Generating investment ideas
• Conducting fundamental research
• Assessing investment opportunities
• Exercising investment judgement to make (or recommend) investment decisions
• Executing transactions
• Monitoring portfolio holdings
• Managing the portfolio within established risk guidelines

The role also involves developing and managing relationships with company management teams, industry experts, sell-side analysts, and banking partners.

Listed Real Estate, which sits within the Real Asset Department, manages a global investment portfolio of around 10 billion across multiple sectors and geographies. The primary objective of the Listed Real Estate program is to deliver alpha above its benchmark and enhance the risk-return profile of CPP Investments’ overall real estate portfolio.

We are seeking a high-performing Equity Analyst / Portfolio Manager to join our Listed Real Estate team. This role offers the opportunity for a deeply analytical individual with a passion for investing and with Listed Real Estate experience (preferably North America and/or UK and Europe) to work on a high-growth and strong investment platform. This is a long-only investment strategy with a concentrated portfolio of high conviction positions. The position entails rigorous fundamental analysis and deep valuation expertise.

You will be part of a small, collaborative and high performing team where your research and recommendations will directly inform portfolio construction and investment decisions. The ideal candidate thrives in a collaborative environment, working closely with colleagues across Public and Private markets to generate shared insights and robust investment theses.

Accountabilities

• Conduct detailed fundamental research and financial modelling to evaluate investment opportunities in the listed infrastructure universe, with lead responsibilities for specified countries and sectors.
• Undertake company-level valuation analysis using long-term cash flow forecasts and relative value frameworks.
• Identify causes of dislocations and catalysts for value crystallization.
• Monitor industry trends, market dynamics, and company-specific events to inform investment strategy and recommendations.
• Produce high-quality investment memos and updates for internal committees.
• Oversee planning and execution of fundamental research, triage the ideas, define investment thesis, ensure analytical rigor of research insights, assess market expectations.
• Make (or recommend) investment decisions (entry and exit) by synthesizing thesis, insights, evidence, reward, and risk into relative value decisions.
• Accountable for buy/sell decisions, position sizing, timing of entry/rebalancing/exit trading, and resulting investment returns/alpha.
• Make ongoing portfolio decisions based on underlying fundamental company performance, shifts in market expectation and relative value opportunities.
• Manage portfolio within mandate guidelines, make portfolio construction and risk management decisions, by weighing relative returns and assessing idiosyncratic and other risks; build relationships with the company management teams, industry experts, sell-side analysts and banking partners.
• Collaborate with colleagues across Private Infrastructure, Active Equities, and Listed Real Assets to develop cross-platform insights and enhance capital allocation.

Qualifications

• Undergraduate degree or college diploma in relevant field.
• An advanced degree or certification (CFA) is an asset.
• Commensurate equity research or investment experience with buy-side coverage of listed real estate in North America, UK and Europe.
• Strong track record of delivering investment returns above benchmark.
• Passion for investing and a disciplined, fundamentals-driven approach to valuation.
• Proven strength in financial modelling, accounting, and equity valuation techniques.
• High intellectual curiosity with the ability to filter noise and focus on key drivers.
• Adaptability to a structured process and openness to learning and applying the team's valuation and investment framework.
• Demonstrated humility, collaboration, and a willingness to support team goals.
• Significant relationship management experience including primary responsibility for managing relationships with company management, sell-side analysts, industry experts, banking partners.
• Strong research, analytical, financial modeling, valuation, problem solving skills and ability to think creatively.
• Excellent analytical and communication skills, with the confidence to express ideas clearly and constructively.

You are motivated to contribute to something larger than yourself, approach complex challenges with rigor, and hold yourself to high standards in a collaborative, performance-driven environment.

Inclusion & Accessibility

CPP Investments is committed to equitable access to employment and building a workforce that reflects diverse talent and perspectives. If you require accommodation at any stage of the recruitment process, please let us know and we will work with you to meet your needs.

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