Managing Director, Real Estate Credit

Purpose. Performance. People.

Joining CPP Investments means joining one of the world’s most admired and respected institutional investors to drive a single mandate: to deliver strong, sustainable returns for generations of Canadians.

With a long-term horizon and global reach, we deploy capital at scale across public and private markets. Our size, stability, and disciplined investment philosophy allow us to pursue complex opportunities and build enduring partnerships worldwide. 

For our people, this means meaningful work with tangible impact, real opportunity, and collaboration with exceptional colleagues who value partnership and performance.Here, you’ll contribute to outcomes that matter alongside team members committed to excellence and shared success.

The Role

As a Managing Director, Real Estate Credit, you will be a senior investment decision-maker responsible for shaping strategy, driving portfolio performance, and leading the origination, underwriting, execution, and management of public and private commercial real estate credit investments, primarily across North America with an emphasis on the United States.
You will apply deep real estate credit expertise and investment judgment to complex opportunities, develop senior relationships across the market, and lead and develop colleagues while contributing to the long-term success of the Real Estate Credit strategy.

The Team

Real Assets Credit (RAC) brings together CPP Investments’ expertise across real estate, infrastructure, and energy to invest in real asset credit opportunities globally. Managing approximately C$12 billion in assets, RAC seeks attractive risk-adjusted returns through proactive origination, rigorous fundamental analysis, and partnerships with experienced sponsors and co-lenders.

Within RAC, the Real Estate Credit team invests flexibly across the capital structure, primarily in private,below-investment-grade and structured credit secured by institutional-quality commercial real estate. The team invests across major property types and markets through B-notes, mezzanine loans, preferred equity and other structured capital, as well as selective first mortgage, whole-loan and subordinated CMBS opportunities.

Accountabilities

• Shape the strategic direction of Real Estate Credit and drive portfolio performance, applying sound investment judgment to portfolio construction, market opportunities, emerging risks, and capital prioritization.

• Originate investment opportunities and develop senior relationships with sponsors, borrowers, financial institutions, mortgage bankers and brokers, advisors, and other real estate capital market participants.

• Lead the evaluation, underwriting, structuring, investment committee process, negotiation, and execution of complex real estate credit investments, with accountability for investment decisions and outcomes.

• Direct due diligence and investment analysis, including property-level underwriting, financial modelling, valuation, scenario and recovery analysis, and the oversight of external legal, appraisal, engineering, environmental, tax, accounting, insurance, and market advisors.

• Lead investment recommendations and negotiations, applying judgment to pricing, leverage, structure, covenants, downside protections, intercreditor rights, position sizing, and complex transaction documentation.

• Oversee portfolio performance and credit management, including amendments, extensions, refinancings, restructurings, workouts, enforcement actions, and exits, responding proactively to changing risks and opportunities.

• Build and develop a high-performing investment team, fostering accountability, inclusion, collaboration, and talent development while building strong relationships across Real Assets Credit and CPP Investments.

What You Bring

• An undergraduate degree or college diploma in a relevant field; an advanced degree or professional designation such as the CFA is an asset.

• 10+ years of relevant experience, ideally within an established real estate credit investment manager, opportunity fund, mortgage REIT, insurance company, bank, or investment bank.

• Significant commercial real estate investment or credit experience, preferably focused on North America and the United States, with a track record of originating, underwriting, structuring, and executing large-scale, complex investments.

• Deep experience with structured or subordinated real estate credit, with exposure to first mortgages or whole loans, B-notes, mezzanine debt, preferred equity, and CMBS highly valued.

• Advanced property-level underwriting, financial modelling, valuation, debt-sizing, scenario and recovery analysis capabilities, combined with strong knowledge of real estate debt and equity capital markets.

• Significant relationship management and negotiation experience, including working with senior external stakeholders, sponsors, partners, advisors, and other market participants through complex investment processes.

• Demonstrated investment judgment and strategic thinking, with strong communication, collaboration, and leadership skills and experience developing investment professionals.

You are motivated to contribute to something larger than yourself, approach complex challenges with rigor, and hold yourself to  high standards in a collaborative, performance-driven environment.

We provide colleagues with cutting-edge AI tools, dedicated learning time, and practical support to help them deliver with greater impact.

Inclusion & Accessibility

CPP Investments is committed to equitable access to employment and building a workforce that reflects diverse talent and perspectives. If you require accommodation at any stage of the recruitment process, please let us know and we will work with you to meet your needs.

Attention: Protect Yourself from Fraud

CPP Investments is committed to a secure and transparent recruitment process. We will never ask candidates for payment or financial information at any stage of hiring. All legitimate opportunities are posted on our careers page, and communications will come from our applicant tracking system, Workday. 

CPP Investments may use AI tools to help screen and assess applicants by analyzing resumes and applications for relevant skills and experience. These tools support, but do not replace, human decision-making.

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