Description:
Overview:University Counsel and Director of Investment Legal Services, Princeton University
Princeton University is seeking to add an experienced attorney to its Office of the General Counsel (OGC) to provide dedicated inhouse support to the Princeton University Investment Company (Princo) on matters related to its investment activities. This is a newly created position and the candidate selected will be an integral part of the Princo team and sit with the Princo staff while practicing under the professional supervision of the University's Vice President & General Counsel.
Position Overview:
OGC and Princo seek to hire an attorney, who will be a member of OGC and sit with Princo, to support OGC in providing dedicated legal services to Princo. This person will serve as Princo's lead attorney and advise staff on pertinent legal and compliance matters related to Princo's investment activities. The position will involve significant responsibility for reviewing and negotiating legal agreements with investment managers, prime brokers, and other vendors that provide services directly related to Princo's investment activities. Additional responsibilities will include managing legal workflows, as well as designing and overseeing regulatory and compliance practices at Princo.
Given Princo's lean organizational structure, the successful candidate will have the opportunity to engage in a broad range of substantive legal and operational matters related to Princo's investment activities, contribute to process improvement initiatives, and help ensure that Princo operates effectively and is aligned with Princeton's fiduciary responsibilities and long-term investment objectives.
This new position will require collaboration with Princo staff and OGC, other University departments, and external counterparties, including investment managers, outside counsel, brokerage firms, and custody providers. To be successful, the University Counsel and Director must fully understand the University's and Princo's business and legal needs, drivers, strategies, goals and expectations, and provide thoughtful leadership and guidance on all investment legal matters.
This position will have a dual reporting structure, reporting directly to the University's Vice President and General Counsel (or her designee) with a reporting line to Princo's Managing Director of Operations, Administration, and Technology as well. Day to day functional supervision will be provided by the Managing Director, with legal and ethical oversight provided by the Vice President & General Counsel in a manner consistent with Rule 5.1 of the New Jersey Rules of Professional Conduct.
Responsibilities:
Principal Duties and Responsibilities:
- Work closely with investment staff to lead the legal review for investments in investment funds (e.g., venture capital, private equity, hedge fund and real estate funds), primary investments (e.g., direct securities), and co-investments including: advising on legal and market terms at the early negotiating term sheet stage, reviewing offering materials such as limited partnership agreements and private placement memoranda, preparing detailed comment memos with key business points and legal/due diligence inquiries, negotiating such points with manager's counsel, and balancing the dual goals of promoting the best interests of Princeton while developing a collaborative, partnership dynamic with the manager and, if available, its operations team. Delegate portions of the review to outside counsel, as needed. Extra care, attention, support, and relationship building is required for Princeton's investments in emerging managers, including sourcing and maintaining relationships with Princeton's recommended third-party service providers, and evaluating non-U.S. regulatory requirements.
- Identify issues and consult with other OGC attorneys, Princo's Tax Director, external tax, compliance, and derivatives counsel as needed for various projects to resolve unique, complex, or critical legal matters. Research various legal and compliance issues, particularly related to U.S. securities filings and compliance requirements. Present relevant findings/practical impacts to investment and operations teams and collaborate with such teams on the creation and implementation of any new structural investment opportunities, necessary compliance enhancements, or operational capabilities.
- Lead the legal review, negotiation and execution of agreements with trading counterparties (such as prime broker agreements, ISDAs, and collateral agreements) and associated service providers (such as custodians and administrators), liaise with internal stakeholders and clients regarding contract terms, strategic enhancements, trading-related responsibilities, approvals and queries related to such agreements, and advise on compliance with the legal terms contained therein. Counsel on the legal assessment and implementation of Princo's trading needs in close collaboration with operations colleagues and, as appropriate, other University departments.
- Spearhead legal efforts for Princo's periodic review and opportunistic sale of illiquid investments (i.e., secondary sales process), including: serving as the legal point person for Princo's third-party advisor and various investment staff to prepare portfolio for sale, supervising the preparation and maintenance of the legal materials required to be uploaded to the data room, working with external counsel to coordinate negotiation, and review of all legal documentation.
- Collaborate with operations colleagues on initial and periodic operational due diligence of external investment managers.
- Regularly attend and contribute to weekly OGC attorney meetings.
- Regularly attend and contribute to Investment Committee meetings and weekly investment team meetings.
- Maintain and update key terms and other documentation templates, manage record-keeping and document databases for all contracts under the attorney's purview, and ensure relevant reports, policies, and procedures are regularly reviewed and updated, taking into account pertinent University policies to ensure alignment.
- Oversee staff compliance with Princo's personal trading policies.
- Identify and implement process efficiencies and training opportunities. Arrange for or provide training to the Princo team in coordination with other OGC attorneys.
Qualifications:
- Have at least 10+ years of relevant legal practice experience in a law firm or in-house legal department with extensive experience reviewing both public and private investment fund documents. Experience at an investment office of a university, foundation or other nonprofit, or an asset management firm is highly desired.
- Have a J.D. from an ABA accredited law school and excellent academic credentials.
- Be a licensed attorney in good standing, who is either licensed in, or willing and able to become licensed in, the State of New Jersey.
- Have demonstrated outstanding judgment, the highest ethical standards (including close adherence to the Rules of Professional Conduct), and the capacity to deal effectively with a widely varied array of legal issues in the investment and asset management sector.
- Excellent oral and written communication skills, and a willingness to engage in clear and transparent dialogue about both legal and non-legal issues.
- Advanced problem-solving skills, resourcefulness, and a creative approach to resolving ambiguous, complex, and multi-variable problems.
- Intrinsically motivated with the ability to work independently. Meticulous attention to detail, and strong organizational, project, and time management skills. A sense of urgency and responsiveness, and an ability to organize and manage multiple projects and prioritize competing needs of the office.
- Positive, energetic attitude with demonstrated commitment to operating in a team environment and working collaboratively on cross-functional teams. The ability to perform effectively, calmly, and collegially under pressure.
- Excellent relationship management skills. The ability to balance a partnership-oriented style with strong legal representation of Princeton's interests.
- Strong Microsoft Office skills, and a facility with other technology tools and systems, including emerging legal AI products in a manner consistent with the Rules of Professional Conduct and University and OGC policies.
- Successfully complete the University's background check.
Location:
Princo has offices in Princeton, NJ and in New York City but operates as one team. The team currently meets together in Princeton on Mondays and Tuesdays, but employees can work out of either location later in the week.