Senior Portfolio Manager at Parallel18 in San Juan, Puerto Rico at Puerto Rico Science Technology & Research Trust
Job Description
Job Title: Senior Portfolio Manager
Reports to: Executive Director (Parallel18)
Location / Hours: San Juan, Puerto Rico / Full-Time
Type of Contract: Regular Position (Probationary Period)
Overview of the Organization
The Puerto Rico Science, Technology and Research Trust (“PRSTRT” or “Trust”) is a private non-profit organization created in 2004 to encourage and promote innovation, transfer, and commercialization of technology and creation of jobs in the technology sector. We contribute to Puerto Rico’s public policy for science, technology, research, and development. The Trust’s mission is to invest, facilitate and build capacity to continually advance Puerto Rico's economy and its citizens’ well-being through innovation-driven enterprises, science, technology, research, and public health. Our vision is that Puerto Rico is a globally recognized innovation hub.
Parallel18 a program of the Puerto Rico Science, Technology, and Research Trust is a top-level, performance-driven international startup program with a social mission: offering entrepreneurs from all over the world access to high-quality business training, funding, and networks to help them scale globally while working to position Puerto Rico as a unique hub for innovative businesses and technology.
Purpose
We are seeking a seasoned investment professional to serve as the Trust’s central point of accountability for its investments, leading three connected mandates: supporting as portfolio manager for the Venture Capital Access Program (VCAP), from sourcing and due diligence through Investment Committee approval, closing, and compliance; oversight of the Parallel18 Ventures portfolio and all other investment holdings of the Trust, including monitoring, valuation, follow-on and exit decisions, and value creation; and leading the Trust’s tax credit and structured-finance transactions, including New Markets Tax Credits and research and development tax credits, from structuring through closing and post-closing compliance.
The ideal candidate combines sound venture investing judgment with the discipline to steward public and philanthropic capital and works in close partnership with the Capital Formation & Investor Relations Senior Manager.
Key Responsibilities and Duties
Activities under this position include, but are not limited to:
- Serve as Senior Portfolio Manager for the Venture Capital Access Program (VCAP), with accountability for investment strategy execution, capital deployment pacing, reserve planning, and fund-level performance.
- Lead the end-to-end investment process, including sourcing, due diligence, financial modeling and valuation, term negotiation, investment memoranda, and closing documentation (SAFEs, convertible notes, priced rounds, side letters) in coordination with legal counsel.
- Prepare and present investment recommendations to the Investment Committee, and maintain committee materials, minutes, and approvals.
- Ensure compliance with program requirements, including U.S. Treasury State Small Business Credit Initiative (SSBCI) rules on private-capital matching, conflicts of interest and insider restrictions, eligibility, use of proceeds, and reporting, including documentation of the private-capital match for transactions syndicated with the Capital Formation & Investor Relations Senior Manager.
- Serve as the primary point of accountability for the Trust’s entire investment portfolio, including Parallel18 Ventures, Parallel18 funds, VCAP, and all other equity, debt, fund, and program investments of the Trust, covering portfolio health, data integrity, risk, and performance.
- Build and maintain a consolidated investment register and reporting system across all Trust investments, including capitalization tables, instrument terms, conversion events, reserves, and key dates.
- Lead periodic portfolio reviews and fair-value assessments, and recommend follow-on, exit, and write-off decisions, in coordination with the Trust’s finance team and external auditors.
- Lead the investment components of the Trust’s annual audit and any fund audits, including valuation support, confirmations, and audit schedules.
- Oversee portfolio company reporting, including financial statements, capitalization tables, operating KPIs, and economic impact metrics.
- Execute follow-on, pro rata, conversion, consent, and exit transactions for portfolio holdings, in coordination with legal counsel.
- Lead structured financings, including New Markets Tax Credit (NMTC) transactions and similar blended-capital initiatives, including financial modeling, sources-and-uses analyses, and negotiations with Community Development Entities, tax credit investors, lenders, and counsel, through closing.
- Manage post-closing compliance for NMTC and other tax credit transactions over their full compliance periods, including covenant monitoring, investor and Community Development Entity reporting, community impact reporting, and exit or unwind planning.
- Manage federal and Puerto Rico research and development tax credits, Puerto Rico Incentives Code (Act 60) programs, and similar incentives, both for the Trust’s own projects and in support of portfolio companies, including eligibility analysis, applications, monetization, and coordination with tax advisors and government agencies.
- Structure, close, and manage compliance for the tax credit and structured-finance components of capital sourced by the Capital Formation & Investor Relations Senior Manager and other Trust initiatives.
- Present portfolio performance and investment matters to the Executive Director, the Investment Committee, and provide portfolio data for investor reporting prepared by the Capital Formation & Investor Relations Senior Manager.
- Supervise and develop analysts, associates, fellows, or interns, as assigned.
- Perform other duties as assigned by the Executive Director.
Since our organization is going to change to meet the needs of new designations, you can expect, anticipate, and assume that your job description will change to meet this challenge.
Qualifications & Technical Job Requirements
- Experience in deal flow, investor relations, limited partner reporting, or fund development within a venture capital firm, accelerator, or fund management platform.
- Demonstrated ability to build relationships with institutional investors, allocators, and co-investment partners.
- A strong work ethic, high personal, ethical, and professional standards, and an outgoing and positive personality.
- Ability to work independently and in cross-functional teams, prioritize under pressure, meet deadlines, and follow protocols with close attention to detail.
- Advanced proficiency in Microsoft Office, particularly Excel and PowerPoint.
- Experience managing multiple concurrent programs, cohorts, or transactions.
- Demonstrated ability to design and implement operational processes, reporting systems, and process improvements.
- Full professional proficiency in English and Spanish, written and oral, including producing reports with minimal revisions.
- Strong financial modeling, valuation, and analytical skills.
- Ability to interact with the public, industry, and personnel of federal, state, and local government agencies.
- Must be able to work outside regular business hours and travel regularly throughout the island and internationally, mainly to the United States and Latin America.
- Must hold a valid Puerto Rico driver’s license.
Preferred:
- Experience managing capital from government or public-private programs (e.g., SSBCI, SBIC, state-sponsored venture funds), including related compliance and reporting.
- Experience with New Markets Tax Credits, research and development tax credits, Puerto Rico Incentives Code (Act 60) programs, or other structured-finance transactions.
- Experience with fair-value valuation frameworks (e.g., IPEV Guidelines, ASC 820) and fund audits.
- Established relationships across United States, Latin American, and Puerto Rican diaspora investor communities.
- Familiarity with deep tech, hardware, life sciences, or climate technology sectors.
- Professional designations such as CFA or CAIA, or relevant securities licenses.
Experience & Educational Requirements
- Bachelor’s degree in finance, economics, business, or a STEM field required; graduate degree (e.g., MBA, MS in Finance, or advanced STEM degree) preferred. Equivalent venture capital or fund management experience may substitute for the graduate degree.
- Minimum of five (5) years of experience in venture capital, private equity, investment banking, fund management, or structured finance, including at least three (3) years with direct investment or portfolio management responsibility.
- Minimum of three (3) years supervising analysts, associates, or cross-functional teams.
- Proven track record investing in and supporting early-stage venture-backed companies.
“The Trust is an equal opportunity employer; we strive to maintain a workplace atmosphere that is free from discrimination. To those ends, the Trust provides equal employment opportunities without regard to race, color, sex, sexual orientation, age, marital status, national origin, social status, political affiliation, religion, physical or mental disability, veteran status, perceived or real domestic violence victim status, sexual harassment victim status, stalking victim status, and/or any other basis protected by law.”
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