Impact Investing at MassMutual seeks to make attractive financial returns and have a positive social and/or environmental impact that is measurable. Philanthropy alone cannot solve our society’s problems – institutional capital can and should play a role. There are clear societal and global needs to address the wellbeing and prosperity of people and the health of the planet. By adding an impact lens to our investment process, we can evaluate our investment outcomes and their social and environmental additionalities.
MassMutual’s commitment to diversity, equity and inclusion is at the heart of impact investing’s investment thesis and operational practices.
At MassMutual we know the best talent can come from anywhere and there is tremendous opportunity in the companies and funds that are currently being filtered out in status quo investment practices. Impact Investing is building innovative approaches and alternatives in deal sourcing, selection, diligence and underwriting to identify high potential investments that have the additional benefit of reducing structural inequities and advancing racial equity. Within our Direct Impact Investing program, we are applying two approaches to this work:
- MassMutual Catalyst Funds (MMCF) MMCF I is a $50 million fund that makes direct investments into high potential overlooked Massachusetts based startups. There are two sleeves of capital: a $25 million Growth sleeve to target equity and debt investments in Black-owned, founded or managed businesses across Massachusetts and a $25 million Technology & Sustainability sleeve to target equity investments in companies based outside of Boston to fuel innovation happening in other cities and rural parts of the Commonwealth. MassMutual Catalyst Fund II will be launching in Q2 2023.
- MassMutual First Fund Initiative (First Fund) is a $150 million commitment from MassMutual to invest catalytic capital in Black, Latinx, Indigenous emerging managers to advance racial equity. For context Black, Latinx and Indigenous people make up one third of the US population yet less than 4% of General Partners (GPs) in Funds. First Fund’s allocation strategy centers on funds that are systematically overlooked by financial institutions and have a differentiated investment thesis with the ability to generate positive social impact as well as risk-adjusted market rate returns.
The Impact Investment Analyst (the “Impact Analyst”) will be a key member of the Impact Investing team. The Impact Analyst will report to the Head of Impact Investing, and work with the Head of Impact Investing and the Lead Portfolio Manage[AJ1] r, on investment operations and processes to underwrite, close, monitor and report upon investments for the MassMutual Impact Investing. This responsibility extends to evaluating what is proven effective and what requires further innovation as we seek to build up, evolve and expand both the MassMutual Catalyst Funds in addition to the First Fund Initiative.
Given the comparatively immature nature of the target companies for the MassMutual Catalyst Fund, the Impact Investing Team’s responsibilities will include coaching of, and advising and consulting with, the entrepreneurs leading these portfolio companies. As such, the Impact Analyst will need, under the mentorship of the Head and the Lead Portfolio Manager, to be able to work with emerging entrepreneurs in a constructive and consultative to help those entrepreneurs identify and solve their respective business problems and funding needs. In addition, the Impact Analyst will have responsibility to monitor existing investments in our predecessor direct impact fund, the Springfield Venture Fund (“SVF”).
MassMutual’s goal is to be integrated into, and integral to, the Massachusetts impact investing community. This proactive approach to sourcing is critical to sourcing those under-represented entrepreneurs for the Catalyst Fund that have the requirements, with the application of capital, to succeed. As part of the Direct Impact team’s representation of MassMutual and the Catalyst Fund within that community, the Impact Analyst is expected to observe and evaluate emerging minority-led fund managers working with the community and investing in BIPOC-led companies, both within the Commonwealth and more broadly. Where the Impact Analyst finds such managers that the Impact Analyst expects to deliver both substantial economic and impact returns, the Impact Analyst, under the supervision of the Head and Lead Portfolio Manager will originate, underwrite, close, monitor and report upon those investments for the MassMutual First Fund.
As a critical member of the Impact Investment team, you will work in an innovative, impact driven, fast paced, collaborative environment to drive financial returns and social change. A consultative, hands on, culturally competent approach coupled with demonstrated experience of startup financing, venture capital, private equity and/or alternative investments are required daily to source, analyze, negotiate, model, underwrite and provide human capital to entrepreneurs and emerging fund managers.
- Under the direction and guidance of the Head of Impact Investing and the Lead Portfolio Manager, support all aspects of investment sourcing, analysis, due diligence process, financial and impact return models, operations and reporting for direct impact investments for the MassMutual Catalyst Funds and fund investments for the First Fund initiative.
- Perform ongoing monitoring, analysis and reporting of investments’ financial results and impact contributions.
- Conduct market and industry research and be informed about current and developing sector trends.
- Under the supervision of the Head and the Lead Portfolio Manager, provide mentorship, advisory capacity, network expansion, and human capital support to assigned portfolio companies and funds.
- Test, create, optimize and share 2.0 strategies, processes and metrics to continuously improve the process from deal generation to selection, to due diligence, to structuring & underwriting and to monitoring and realization so as to analyze our successes and failures and to evolve and innovate our current direct impact programs for future expansion.
The Minimum Qualifications
- Minimum of 1+ year of work experience. Venture, start-up and/or fund investing experience preferred
- Undergraduate Bachelor's degree
- Excellent proficiency in Microsoft PowerPoint, Excel and other data systems
The Ideal Qualifications:
- Prior experience with completing due diligence on direct and/or fund investments
- Prior experience underwriting direct impact investments to entrepreneur-led businesses
- Experience working with diverse and inclusive teams, startups, companies, and cultures
- Motivated to generate positive, measurable social and/or environmental impacts
- Strong analytical and written/verbal communication skills, including synthesizing research and concepts into actionable insights and investor-facing deliverables in a timely manner.
- Intellectually, relentlessly curious self-starter with a strong aptitude for quantitative and qualitative analysis
- Critical thinking skills, creativity, and out of the box problem solving skills
- Team-oriented and organized, self-motivated with the proven ability to manage multiple projects with a broad range of stakeholders to deliver results in a dynamic environment
- Accountable, with a strong sense of ownership and attention to detail.
- High degree of professionalism, integrity, and maturity
What to Expect as Part of MassMutual and the Team
- Regular meetings with the Impact Investing Team
- Focused one-on-one meetings with your manager
- Access to mentorship opportunities
- Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, Veteran and disability-focused Business Resource Groups
- Access to learning content on Degreed and other informational platforms.
- Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits