Impact Investing Associate (TCE)

Position Summary

The California Endowment (TCE), established in 1996, is a $3.5B private, statewide health foundation with a mission to expand access to affordable, quality health care for underserved individuals and communities, and to promote fundamental improvements in the health status of all Californians.

In its efforts to change systems affecting the health of low-income populations across California, TCE recognizes that mission impact is maximized when combining its grant-making strategy with mission investing.  Over the last decade, TCE has made over $100MM in impact investments to complement its grant-making and catalyze opportunity and health equity for all Californians.  Impact investments include Program-Related Investments (PRIs) and Mission Related Investments (MRIs). TCE defines PRIs as flexible, often below market-rate investments structured to generate significant social impact. TCE defines MRIs as investments that are aligned with TCE’s mission and values broadly and generate market level rates of return.

In August 2019, the institution deepened its commitment to impact investing through increasing its allocation to PRIs from $100MM to $200MM and bringing its PRIs and MRIs together under one impact investing team (MRI allocation is currently being defined). 

As such, The California Endowment is looking to expand its impact investing team with an associate with primary responsibilities for growing and managing its Mission-Related Investments. This is an exciting opportunity for an individual who wants to be on the front-end of defining and implementing an emerging Mission-Related Investments program. The associate will have three key responsibilities: 1) identifying, evaluating and monitoring impact venture capital, private equity, affordable housing fund managers; 2) supporting program-related investments; and 3) identifying new types of investments products in the field.  In addition, this position offers the unique opportunity to work across different internal and external stakeholders to braid various impact investing tools together (MRIs, PRIs, grants) to drive change for low-income communities across California.

The ideal candidate is a deeply mission committed individual with top tier investment expertise that seeks an entrepreneurial opportunity to grow and manage a significant impact investing portfolio. The position will report to the Director, Impact Investing.


Key Responsibilities Include

  • Originate and close MRIs that are aligned with TCE’s mission and values
  • Perform in-depth investment due diligence on impact private equity/VC/affordable housing fund managers (financial analysis, modeling, industry market research, manager performance, etc.) and conduct financial and impact monitoring of investments
  • Support MRI program and strategy development
  • Develop MRI impact measurement framework which includes racial equity and impact for the communities TCE serves
  • Identify emerging impact investing trends and innovations in the field and develop TCE approach to new investment products and trends
  • Contribute to program-related investments through performing due diligence and portfolio management activities
  • Partner with internal program staff and external organizations to implement the impact investing strategy and develop the pipeline
  • Represent TCE and impact investing in the broader impact investing field
  • Effectively communicate results through board materials including financial and social performance reporting and exposure analysis



  • Experienced in both originating and evaluating fund managers, with an emphasis on private equity, venture capital and affordable housing
  • Familiarity with impact investing and community development
  • Ability to collaborate effectively across diverse departments and organizations to drive business results; demonstrated multi-sector capacity
  • Above average written and oral communication skills; effective in formal and informal presentation settings with diverse constituents
  • Results and detail oriented; demonstrated ability to establish and achieve goals with rigor and insight
  • Strong business acumen in working with diverse constituencies
  • Ability to travel and work independently as a team partner


  • Bachelor’s degree in Accounting/Finance preferred

Minimum Experience:

  • Undergraduate Business degree or related degree (Finance, Urban Planning, Business Administration, etc.)
  • Four to five years of experience in private equity, real estate, venture capital and/or a related field.



We offer attractive salaries and benefits, and a progressive work environment.

We have a dedicated staff working throughout the state, headquartered in Los Angeles, with additional offices in Sacramento, Oakland, Fresno, and San Diego.  The California Endowment is an equal opportunity employer and places a high value on diversity, equity, inclusion and to creating a work environment where the individual is valued and respected.

About The California Endowment

The California Endowment, a private, statewide health foundation, was established in 1996 to expand access to affordable, quality health care for underserved individuals and communities, and to promote fundamental improvements in the health status of all Californians. Headquartered in downtown Los Angeles, The Endowment has regional offices in Sacramento, Oakland, Fresno and San Diego, with program staff working throughout the state. The Endowment challenges the conventional wisdom that medical settings and individual choices are solely responsible for people's health. The Endowment believes that health happens in neighborhoods, schools, and with prevention. For more information, visit The Endowment’s Web site at

Application Process

Please submit your resume and a cover letter to [email protected]. and reference “Impact Investing Associate” in the subject line.  Your cover letter should describe your interest in The California Endowment and your experience in impact investing. 



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