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Managing Director, Capital Investment

Req Number: UA539
Location: New York New York
Posted: 6/22/2021
Category: Financial : Consumer/Commercial Banking
Job Type: Permanent

Company Background

Primary Care Development Corporation (PCDC) is a mission-driven, nationally recognized 501(c)(3) organization and U.S. Treasury certified Community Development Financial Institution (CDFI) that catalyzes excellence in primary health care through strategic community investment, capacity building, and policy initiatives to achieve health equity. PCDC believes that quality primary care is transformational and a cornerstone of healthy, thriving communities.

The organization has an annual budget of $13M and just under $300M of assets under management. PCDC has approximately 50 employees with offices in New York City (headquarters) and Los Angeles, as well as a few staff who work remotely. (Since the onset of the pandemic, all staff have been working remotely.) The organization is experiencing significant growth in staff, assets under management and portfolio. Of note, PCDC recently received a $10M impact investment from philanthropist MacKenzie Scott, among other ongoing and new grants and investments.

PCDC’s Capital Investment Practice invests in communities by providing flexible, affordable capital along with financial advisory services that are tailored to transforming and expanding primary health care. We are excited by innovative and place-based approaches to bringing services into disinvested communities, including through combining primary care with housing, social services, and senior centers. In addition to capital, PCDC also provides strategic advice to help organizations prepare for growth and expansion of services or to plan facility development projects. We offer a variety of affordable and flexible short-term and long-term loan solutions to support capital projects as well as other business and service expansions.

To fund our loans, PCDC raises impact investment capital from a variety of sources, including banks, foundations, public agencies, and New Markets Tax Credit equity financing. We partner with other community development lenders to ensure we can meet a client’s needs, regardless of project size. From our beginning in 1993, we have invested over $1.3B into the primary care and behavioral health safety net in New York City, New York State, California, and around the country. PCDC has an AERIS four-star impact performance rating with Policy Plus and an AA financial strength and performance rating.

PCDC’s Clinical and Quality Partners Practice offers deep expertise in operations, staff development and growth of community-based health care. Through training, technical assistance and advisory services, the team supports organizations – including independent practices, FQHCs, physician groups, and health systems – to integrate services, expand programming, increase revenue capture and government incentives, improve employee engagement, improve quality, and streamline operations. Our work is supported by federal agencies, state governments, health plans, philanthropy, and through fee-driven contracts.

PCDC’s Strategy and Public Affairs division works with primary care providers, policymakers, industry leaders, and other advocates to advance policies that increase access, quality, affordability, better outcomes and reduced cost, while promoting and increasing health equity. We conduct applied research and publish data and analyses that examine disparities in access to and availability of primary care in the context of health equity and social determinants of health. We also develop, shape, and promote a narrative that shifts hearts and minds and changes norms in support of a progressive health care system and a vision of true health equity.

Position Overview

The COVID-19 pandemic and the public health and economic crises that ensued have had ongoing and widespread effects on the health care system. This multilayered crisis has exacted a disproportionate toll on individuals and communities who are Black, Indigenous and People of Color, as well as other marginalized communities around the country, and its impact on health outcomes has mapped all too clearly along lines of privilege and disadvantage. Now is a critical time – and an exciting opportunity for PCDC – to ensure the long-term sustainability of high quality, accessible and comprehensive primary care and to move the country along a much-needed pathway to health equity.

PCDC seeks a mission-oriented, dynamic, strategic lending professional to lead the Capital Investment Practice and build the enterprise. This individual will manage a dynamic and growing division of 14 lending professionals. PCDC’s five-year business plan envisions a 30% growth in lending activity (direct lending and NMTC deployment) and a 50% increase in assets under management. Accordingly, throughout the next several years, the focus of this division will be to leverage and grow the portfolio of health care lending (e.g. with Federally Qualified Health Centers, behavioral health organizations, safety net hospitals) and expand to other types of primary care (e.g., independent primary care practices as well as “primary care adjacent sectors” including housing, senior services, and social services with a primary care focus), in under-resourced and disinvested communities. The ideal candidate will have a mix of health care or other mission-focused lending experience and CDFI experience. New York and/or California experience will be highly valued.

Key Responsibilities

Enterprise and Team Leadership and Management:

▪ Lead the development and implementation of innovative and successful capital solutions and products to build an equitable, accessible, and high-quality primary care system

▪ Oversee all aspects of PCDC’s lending, including business development and credit and portfolio management, both on- and off-balance sheet

▪ Loan fund capital management, loan underwriting, set and adhere to policy and regulation

▪ Lead team to accomplish and exceed goals for loan production, budget, and other activities

▪ Essential member of PCDC’s Executive Team, building a vision, setting priorities and policies, and building PCDC’s expertise, brand, and reputation

▪ Staff Board of Directors Loan Committee and NMTC Advisory Committee

Strategic Planning & Execution:

▪ Drive PCDC’s Strategic and Business Plans by developing and executing activities to achieve impact, foster PCDC’s stability and growth, and manage risk

▪ Closely collaborate with other PCDC divisions

▪ Establish, work towards, monitor, forecast, and evaluate strategic and annual goals and budget for enterprise and division

▪ Help build and lead PCDC’s approach to health equity and racial justice

Market Expertise & Relationships:

▪ Maintain knowledge trends in federal and state programs including NMTC, CDFI Fund, HRSA loan guarantee, etc. as well as trends in capital markets, CDFI lending and healthcare financing to build PCDC’s strategic approach

▪ Maximize PCDC’s ability to access key capital sources including the CDFI Fund, banks, philanthropy, and impact investors

▪ Develop, manage, and maintain relationships with the CDFI community, including other CDFIs, the Opportunity Finance Network, various coalitions (e.g., Lenders Coalition for Community Health Centers, CDFI coalitions, NMTC Coalition, etc.), banks, health care institutions, and trade associations

▪ Develop and expand robust and meaningful relationships with the health care sector and current and potential borrowers

▪ Lead staff to provide technical assistance to clients, identify appropriate resources, assess project feasibility and financing requests, develop strategic and innovative financing strategies and structures

▪ Identify financing opportunities and creatively solve problems

▪ Maintain a robust pipeline

PROFESSIONAL EXPERIENCE/QUALIFICATIONS

▪ A passion for the mission and deep appreciation for community development finance work

▪ A track record of driving production and growth in a business unit

▪ A minimum of 7 to 10 years of leadership experience

▪ Entrepreneurial orientation with the ability to bring structure and drive to a growing organization

▪ Excellent communication and public speaking skills to influence and promote the impact of PCDC to larger and broader audiences

▪ A track record of creativity, agility, and innovation across a person’s career

▪ Experience and existing networks with leading CDFI’s, foundations, and impact investors; prior experience with private credit, banking institutions, and/or national industry organizations preferred

▪ Proven experience collaborating internally and externally to grow products and services that produce catalytic change

ESSENTIAL TRAITS AND DRIVERS

▪ Lead with strength, humility, and a sense of humor

▪ Commitment to actively participate in, help implement, and model PCDC’s work on health equity and racial justice

▪ Model authority, responsibility, and accountability

▪ Collaborative leader and colleague, ability to participate in and convene across the enterprise

EDUCATION

▪ A Bachelor’s degree from an accredited four-year college or university is required, ideally with major course work in finance, economics, public policy, or health care

▪ An advanced degree in business, law, public policy, finance or equivalent professional experience and qualifications demonstrating impact investment knowledge is preferred

COMPENSATION

Compensation will be competitive and commensurate with experience.

UA539

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