Portfolio Manager - Real Estate
Remote
Job Summary
Monitor and manage a $1 billion real estate portfolio spanning third-party funds, SPVs, and directly held assets, with a focus on commercial hospitality and selective residential exposure. Act as the primary interface between the Investment Committee and external fund managers, operators, and advisors, rigorously challenging underwriting assumptions, cap rates, and exit yields while enforcing reporting standards and holding counterparties accountable. Conduct site visits to active development projects to assess physical progress against business plans, review cost reports and change orders, and maintain a project-level risk register. Prepare high-quality monthly and quarterly IC reports, dashboards tracking KPIs such as occupancy and RevPAR, and author investment memoranda supporting new commitments. Serve as a director or board observer on portfolio companies as required to protect Tether's interests.
Required Qualifications
- Minimum of 8–12 years of progressive experience in real estate investment management, asset management, or a closely adjacent field (fund of funds, real estate private equity, or institutional asset management)
- Demonstrable experience managing or overseeing a real estate portfolio of significant scale — ideally in excess of €500M in aggregate value
- Strong track record working with closed-end and/or open-end real estate fund structures, with a solid understanding of fund structures, LPAs, governance frameworks, capital calls, distributions, and GP/LP dynamics
- Experience overseeing SPV structures, directly held investments and third-party operating partners, with a strong understanding of governance, reporting and capital allocation considerations
- Demonstrated ability to oversee and challenge external fund managers, operators, development partners, and advisors, holding counterparties accountable against agreed business plans, budgets, timelines, and performance targets
- Experience attending and contributing to investment committees, board meetings, or advisory committees
- Expert-level financial modelling capability: construction and interrogation of cash flow models, DCF valuations, waterfall distribution models
- Ability to read, interpret, and critically assess fund financial statements, NAV calculations, and asset valuations prepared by independent appraisers
- Strong understanding of real estate operating economics, budgeting, forecasting, and variance analysis, with the ability to critically assess and challenge business plans and operating assumptions
- Experience reviewing and supporting private real estate valuation processes, including interaction with Finance teams, auditors, valuation advisors, and external stakeholders
- Ability to read and navigate key commercial and investment documentation, including LPAs, SPAs, SHAs, financing agreements, development management agreements, and operating contracts, with sufficient commercial judgment to identify key issues and effectively brief counsel
- Strong written and verbal communication skills, with the ability to distill complex operational, financial, and valuation matters into concise recommendations and decision-ready materials for senior management and Investment Committee audiences
Desired Qualifications
- Prior exposure to hospitality real estate — whether through hotel asset management, operator negotiations, or hotel-specific investment underwriting — is strongly preferred and will be weighted heavily
- Academic background: Degree-level education in Finance, Economics, Real Estate, Business Administration, or a related discipline
- A professional qualification such as CFA, MRICS, or equivalent is viewed favourably
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