Private Markets Risk Senior Research Intern

Remote

4-6 months

The United Nations Secretary-General is responsible for the investment of the assets of the United Nations Joint Staff Pension Fund (UNJSPF). The Secretary-General has delegated this responsibility to the Representative of the Secretary-General for the investment of the assets of the UNJSPF (RSG). The RSG heads the Office of Investment Management (OIM), which manages approximately $100+ billion multi-asset class, global investment portfolio, about 80% of which is actively managed in-house. Asset classes under management comprise global equities, fixed income, foreign exchange, private equity, real estate, infrastructure, timber and commodities. OIM’s staff are all based in New York but come from over 30 countries. For more information please visit OIM's website at https://oim.unjspf.org/. This internship position is located in Investment Risk and Performance within Risk and Compliance of the Office of Investment Management (OIM), United Nations Joint Staff Pension Fund. The Investment Risk and Performance team provides independent risk analysis, performance oversight and challenge across OIM’s investment activities, including the assessment and monitoring of portfolio, market, liquidity, valuation, manager and private-market investment risks. The incumbent reports to the Chief, Investment Risk and Performance. This is a part-time, fully remote internship. Private Markets Investment Risk Research and Framework Development The intern will support the Investment Risk and Performance team in strengthening its independent assessment and monitoring of private-market investments. The work will focus on developing a practical and repeatable approach for assessing specialized industries, investment managers and complex private-market transactions, and for linking pre-investment assumptions with ongoing risk and performance monitoring. Tasks will include:

• researching the economics, value chains, competitive dynamics and principal risk and return drivers of specialized industries;
• identifying material industry and business-model risks, including technological, regulatory, commercial, financing and execution risks;
• researching approaches for assessing private-market transactions, including valuation, leverage, liquidity, capital structure, downside risk and exit assumptions;
• reviewing investment underwriting assumptions and identifying factors that could materially weaken or invalidate the original investment thesis;
• researching approaches to investment-manager assessment, including investment process, portfolio construction, diversification, governance, valuation practices and monitoring;
• supporting the development of a Private Markets Risk Assessment Framework for evaluating industry, company, manager, portfolio and transaction-specific risks;
• developing practical due-diligence questions to support independent risk review and challenge of new industries, strategies, managers and transactions;
• identifying quantitative and qualitative risk and performance indicators that connect investment assumptions, business fundamentals and subsequent performance;
• developing potential early-warning indicators and monitoring triggers to identify deterioration in an investment thesis before it is fully reflected in reported valuations or performance;
• applying the proposed methodology to a specialized industry as an initial case study and identifying lessons that may be applied to other private-market industries and transactions;
• documenting methodologies, findings and recommendations in analytical materials and a final research paper and presentation; and
• participating in periodic virtual knowledge-transfer and working sessions with relevant Risk and Compliance staff.

Applicants must meet one of the following requirements: (a) be enrolled in, or have completed, a graduate school programme (second university degree or equivalent, or higher); (b) be enrolled in, or have completed, the final academic year of a first university degree programme (minimum bachelor’s degree or equivalent). Applicants who have graduated as defined in (a) or (b) above, if selected, must commence the internship within a one-year period of graduation. Applicants to the UN Internship Programme are not required to have professional work. experience. However, a field of study that is closely related to the type of internship that you are applying for is required. Applicants must be a student in the final year of the first university degree (bachelor or equivalent), Master’s or Ph.D. Programme or equivalent, or have completed a Bachelor’s, Master’s or PH.D. Programme. Do you meet any of the above criteria? If yes, please indicate which one and attach proof to the application. Please note that you will have to provide an official certificate at a later stage. Applicants must have good knowledge of standard software applications, especially MS Word, MS PowerPoint. Academic study, research or demonstrated interest in investment management, finance, economics, risk management, private markets or a field relevant to the internship is desirable Knowledge of investment analysis, private markets, investment risk, portfolio analysis, valuation or investment-manager assessment is desirable. Ability to conduct independent research, critically assess complex information and communicate analytical findings clearly in written reports and presentations is desirable.

English and French are the working languages of the United Nations Secretariat. Fluency in spoken and written English is required for the internship. Knowledge of an additional official UN language is an advantage. Arabic, Chinese, English, French, Russian and Spanish are the official languages of the United Nations Secretariat.

Not available.

Interns are not financially remunerated by the United Nations. Costs and arrangements for travel, visas, accommodation and living expenses are the responsibility of interns or their sponsoring institutions. Interns who are not citizens or permanent residents of the country where the internship is undertaken, may be required to obtain the appropriate visa and work/employment authorization. Successful candidates should discuss their specific visa requirements before accepting the internship offer.

THE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.