USAA Real Estate

Senior Associate Portfolio Management

Job Location US-TX-San Antonio
# of Openings

Company Overview

Along with its affiliate companies, USAA Real Estate invests across the risk spectrum for a global client base, managing over $36 billion in net assets under management within a diversified portfolio across North America and Europe.  USAA Real Estate provides strategic equity and debt capital, including to capitalize on the accelerating demand for technology-driven real estate assets, to meet the critical need for housing solutions, and for other market and capital structure opportunities exhibiting compelling risk-return characteristics.  For more information, visit


USAA Real Estate is the brand name that applies to its affiliates and subsidiaries, including US Equity Advisors and Square Mile Capital Management, both of which are registered with the U.S. Securities and Exchange Commission as investment advisors.

Job Description

The role of the Senior Associate is to assist the portfolio management team manage the critical operations of the USAA Real Estate Eagle Fund (“Fund”), USAA Real Estate’s (“USAA RE”) flagship open-ended core-plus fund.  The role is high profile and provides broad exposure interacting with stakeholders across the asset management, investment (development and acquisition), accounting, investor reporting and capital raising departments of USAA RE. 


Fund Management

  • Provide Fund and asset-level forecasting, sensitivity and ad-hoc analysis including hold/sell analysis and income and appreciation forecasts.
  • Assist in the management of Fund-level debt including lines of credit and levered feeders.
  • Work closely with development and asset management to ensure capital draw projections, updated budgets, and project completion dates as well as updated leasing and financial projections are materially correct and is reflected in the quarterly valuations and incorporated in the Fund’s cash management and capacity forecasts.
  • Assist with the Fund’s compliance requirements and ensure governing documents and investor side letter requirements are met. Including as it relates to new investor, acquisitions, dispositions, co-investments and re-occurring Fund level constraints including debt, development, and Fund Sponsor contributions.

Deal Sourcing

  • Assist in negotiation, coordination and execution of joint venture and other partnership agreements with operating partners including modeling waterfalls and promote crystallizations.
  • Participate in the drafting and review of investment committee materials including impacts to fund performance and attributions.

Deal Execution

  • Coordinate with investment team, capital markets and operating partner on the placement of asset-level debt (construction or acquisition) prior to closing.
  • Monitor and assist, where necessary, with development process including both internal and development partners.
  • Coordinate with asset management to provide updated leasing and vetted financial projections and which incorporated in the quarterly valuations and in the Fund's cash management and capacity forecasts.
  • Work closely with disposition team in review of offering materials, consolidation of diligence materials, drafting and review of disposition briefs, and monitor sales process.



  • Assist in the coordination with legal counsel, along with USAA RE’s capital raising and investor relation departments, on the drafting, updating, revising Fund-level documents including the Fund’s LPA, PPM and investor slide letters.
  • Assist in the development of all Fund materials relating to the reporting process, including flash and quarterly reports, investor updates, marketing decks and bespoke presentation materials. Draft speaking points for capital raising staff.
  • Work closely with accounting and performance teams on the review of quarterly fund attribution reports and draft speaking points to Portfolio Manager.
  • Work closely with investor reporting on investor messaging, investor and consultant questionnaires, and ad-hoc questions.
  • Assist in obtaining approval of third-party asset managers and meeting compliance requirement of international feeder(s).
  • Assist with any other Fund-related operational tasks and projects as they arise.
  • Additional duties, as assigned.

At USAA Real Estate our employees enjoy generous benefits packages including comprehensive medical, dental and vision plans, 401k, educational and professional designation assistance, business casual dress attire and much more! Qualified applicants must successfully complete a pre-employment background and drug screen.  The above description reflects the details considered necessary to describe the principal functions of the job and should not be construed as a detailed description of all the work requirements that may be performed in the job.


USAA Real Estate is an Equal Opportunity and Affirmative Action Employer of Females, Minorities, Veterans and Disabled.


Minimum Qualifications:

  • Bachelor’s degree in Finance, Accounting, Economics, or related business field. Master’s degree preferred.
  • 5+ years of work experience in institutional private equity real estate.
  • Strong business writing and presentations skills.
  • Proficiency with Microsoft Office Suite and Argus.
  • Excellent interpersonal skills for a multi-department team-oriented environment.
  • Extreme attention to detail and follow-though including ability to deliver a wide variety of tasks on a timely basis.
  • Excellent analytical skills.
  • Excel in a fast-paced environment where extended hours may be necessary.
  • Must be willing to work on-site and show proof of COVID-19 vaccination (or request and receive an authorized exemption).
  • Qualifications may warrant placement in different job title.


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