Portfolio Manager - Real Estate

About the job We are seeking a seasoned Real Estate Portfolio Manager to take full ownership of monitoring, managing, and reporting on an approximately $1 billion portfolio of real estate investments. The portfolio spans third-party managed funds, co-investment Special Purpose Vehicles (SPVs), and a selective number of directly held assets, with a pronounced focus on commercial real estate—principally hospitality—complemented by selective residential exposure. This is not a transaction origination role. The focus is portfolio oversight, manager accountability, asset performance monitoring, and investment committee support. This is a high‑ownership, high‑visibility role. The successful candidate will serve as the primary analytical and operational interface between the Investment Committee and the external ecosystem of fund managers, asset operators, development partners, and advisors. They will be expected to challenge assumptions with rigor, add value through independent judgment, and hold third parties to a standard of performance, transparency, and accountability commensurate with the capital at stake. The successful candidate must be comfortable independently challenging fund managers, operators, consultants, and valuation assumptions—including when views differ from consensus. Responsibilities Portfolio Monitoring & Fund Oversight

Fund oversight, performance and benchmarking: Act as the primary point of accountability for all third‑party managed fund relationships. Review monthly reporting packages and fund’s information with a critical eye—tracking key metrics, benchmarking performance, identifying emerging risks, and escalating material deviations from plan. Assumption challenging & pipeline review: Actively challenge underwriting assumptions presented by fund managers and operating partners—cap rates, exit yields, rent growth, occupancy assumptions, development timelines and construction budgets. Leverage market data and comparable evidence to validate or challenge key projections and investment decisions.

SPV & Direct Investment Management

Financial oversight and liquidity monitoring: Review and challenge budgets, liquidity forecasts, cash flow projections and capital requirements prepared by local operating partners and SPV management teams. Monitor cash positions, funding requirements and drawdown schedules, escalating potential liquidity constraints, cost overruns or capital call requirements to the Investment Committee and Treasury as appropriate. Performance monitoring and variance analysis: Perform rigorous monthly and quarterly variance analysis of actual performance vs. budget, producing clear and actionable IC commentary.

Development Project Monitoring

Project monitoring and site visits: Conduct structured site visits to active development projects to assess physical progress against approved business plans and timelines. Review and challenge project schedules, milestone achievement, cost‑to‑complete estimates and delivery risks, producing site visit reports with clear findings, photographic evidence and recommended actions. Cost control & risk management: Review project cost reports, construction drawdown requests and change order logs—challenging unjustified cost escalations and ensuring contingency utilisation is properly documented. Maintain and update a project‑level risk register covering planning, construction, market and operational risks, with clearly assigned mitigants.

Third‑Party Relationship Management

Stakeholder management & governance: Serve as the main day‑to‑day interface with fund managers, asset managers, property managers, development companies, hotel operators and advisors. Participate actively in advisory boards, investor committees, representing Tether’s interests and ensuring key outcomes are documented and tracked. Reporting standards & manager accountability: Establish and enforce reporting standards, timelines and information requirements across third‑party managers and operators. Hold counterparties accountable against agreed budgets, KPIs, timelines and business plans, escalating material concerns where appropriate. Board representation: As required, act as a director, board observer or shareholder representative on portfolio companies, subsidiaries, SPVs and other investment vehicles, fulfilling governance responsibilities and protecting Tether's interests.

IC Reporting & Decision Support

Portfolio reporting & dashboards: Prepare high-quality IC reports on a monthly, quarterly and ad hoc basis—covering performance, key developments, risks and recommended actions. Develop and maintain asset‑level and portfolio‑level dashboards tracking KPIs (occupancy, RevPAR, GOP, etc.) against business plan targets. Forward‑looking analysis & investment recommendations: Provide scenario analysis and sensitivity testing around refinancing cliffs, exit timing and market value movements. Author and support investment memoranda for new commitments and follow‑on investments, ensuring the IC has a thoroughly researched, independently verified view before committing capital.

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. 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. Experience attending and contributing to investment committees, board meetings or advisory committees. 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. 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 judgement to identify key issues and effectively brief counsel. Strong written and verbal communication skills, with the ability to distil complex operational, financial and valuation matters into concise recommendations and decision‑ready materials for senior management and Investment Committee audiences.

Important information for candidates

Apply only through our official channels. We do not use third‑party platforms or agencies for recruitment unless clearly stated. All open roles are listed on our official careers page: https://tether.recruitee.com/ Verify the recruiter’s identity. All our recruiters have verified LinkedIn profiles. If you’re unsure, you can confirm their identity by checking their profile or contacting us through our website. Be cautious of unusual communication methods. We do not conduct interviews over WhatsApp, Telegram or SMS. All communication is done through official company emails and platforms. Double‑check email addresses. All communication from us will come from emails ending in @tether.to or @tether.io. We will never request payment or financial details. If someone asks for personal financial information or payment at any point during the hiring process, it is a scam. Please report it immediately.

When in doubt, feel free to reach out through our official website. #J-18808-Ljbffr