Tax Counsel

Introduction to Yale Investments

Yale Investments manages Yale University’s $41 billion endowment, which provides a stable source of annual revenue for university operations while supporting Yale in perpetuity. Yale’s investment strategy is rooted in several first principles: a commitment the long term; an equity-oriented approach; a diversified portfolio to manage risk; and the alignment of Yale’s interests with those of its external investment partners via deep, long-lasting relationships.

Over the last several decades, Yale’s investment results have stood atop the institutional investment world, and many now emulate the "Yale model". The endowment’s investment results support many initiatives at Yale, including expanding access to financial aid, hiring excellent faculty members, and enabling world-class research.

Yale Investments is led by Chief Investment Officer Matt Mendelsohn, supported by over 50 professionals across its investment, operations, and legal teams. The investments team covers eight asset classes worldwide, with each asset class team led by a senior investor. These asset class teams, often comprised of four to six team members, drive the day-to-day investment work. The legal team is also part of Yale’s Office of General Counsel, led by Senior Vice President and General Counsel, Alex Dreier.

Yale Investments is seeking senior level tax professional (8+ years of experience) to advise and partner with the investment team managing Yale’s $41 billion endowment. This individual will be a member of the Office of General Counsel and Yale Investments, and given a broad mandate to:

• lead tax strategy across all investment activities;
• manage tax risk across the endowment portfolio, including vis‑à‑vis third‑party investment managers (in coordination with legal and operations teams); and
• partner with the university’s central finance department, including the tax department which oversees university tax compliance and planning

More detailed examples are set forth below; however, Yale Investments will place a premium on substantive expertise, sharp intellect / analytical thinking, quality of prior professional experience, proven dedication and initiative, good judgment, and mission orientation. Relevant substantive areas include taxation of exempt organizations, partnership tax, international tax, and tax structuring in the various asset classes in which Yale invests. Tax accounting and GAAP accounting expertise are additionally valued.

We expect the most successful candidates to have a J.D. degree but it is not a requirement as long as equivalent expertise has been attained.

Examples of work include:

• Incorporating tax analysis into significant investment decisions, whether specific transactions or exploring new investment strategies
• Assessing tax risk when presented with novel structures and/or new market developments
• Monitoring and interpreting legislative and regulatory developments in tax that could have an impact on the university’s investment activities; on select topics of high importance, supporting or engaging in advocacy through networks alongside the university’s government relations office
• Partnering with the legal team on tax‑specific issues arising from legal documentation and negotiations in the context of fund formations, co‑investments, material amendments, and other manager‑led requests and opportunities
• Advising and supporting operational due diligence on third‑party investment managers
• Partnering with the university’s tax department in the preparation of tax filings as they pertain to investment activities
• Delivering clear, practical, and timely advice to senior business and legal staff; identifying key areas for training and broader education within the Investments office

J.D. preferred and a minimum of 8 years’ experience in tax‑related areas. Although a broad skill set is desired, candidates with experience in investment management tax strategy is preferred. We are interested in meeting candidates with diverse tax law experience, especially in some or all of the following: tax‑exempt and investment tax issues, international tax,…