Portfolio Manager - Real Estate

Tether seeks a Senior Portfolio Manager for Real Estate in Zürich, working remotely. The role involves overseeing a ~$1 billion portfolio of commercial and residential real estate, including third-party funds, SPVs, and direct assets, with a focus on performance monitoring, risk management, and Investment Committee support.

This senior role carries full ownership of monitoring, managing, and reporting on a ~$1 billion real estate portfolio, primarily focused on commercial assets (especially hospitality) and selective residential exposure. It is not transaction-focused but centers on oversight, manager accountability, asset performance tracking, and supporting the Investment Committee. The position serves as the key analytical and operational link between the committee and external partners.

Responsibilities

• Serve as the main point of contact for third-party fund managers, reviewing monthly reports, tracking key metrics, benchmarking performance, identifying risks, and escalating issues.
• Challenge underwriting assumptions from fund managers and partners, including cap rates, exit yields, rent growth, occupancy, development timelines, and construction budgets.
• Review and assess budgets, liquidity forecasts, cash flow projections, and capital needs for SPVs and direct investments, monitoring cash positions and flagging liquidity risks.
• Conduct monthly and quarterly variance analysis comparing actual performance to budget, providing clear, actionable insights for the Investment Committee.
• Perform structured site visits to development projects to evaluate physical progress, project schedules, cost-to-complete estimates, and delivery risks, and produce detailed site visit reports with photos.
• Examine project cost reports, construction drawdown requests, and change order logs, challenging unjustified cost increases and maintaining a project-level risk register.
• Act as the primary liaison with fund managers, asset managers, property managers, development firms, hotel operators, and advisors, participating in advisory and investor committees.
• Set and enforce reporting standards, timelines, and data requirements for third-party managers and operators, holding them accountable to budgets, KPIs, timelines, and business plans.
• Serve as a director, board observer, or shareholder representative on portfolio companies, SPVs, and other investment vehicles, fulfilling governance duties.
• Prepare detailed Investment Committee reports monthly, quarterly, and as needed, covering performance, developments, risks, and recommendations, and develop asset- and portfolio-level dashboards.
• Conduct scenario and sensitivity analyses for refinancing events, exit timing, and market value changes, and draft investment memoranda for new and follow-on investments.

Requirements

• 8–12 years of experience in real estate investment management, asset management, or a related field.
• Proven experience managing or overseeing a real estate portfolio valued at over €500M.
• Experience with closed-end and/or open-end real estate fund structures, including LPAs, governance, capital calls, distributions, and GP/LP dynamics.
• Experience with SPV structures, direct investments, and third-party operating partners, including governance, reporting, and capital allocation.
• Demonstrated ability to oversee and challenge external fund managers, operators, development partners, and advisors against business plans, budgets, timelines, and performance goals.
• Experience attending and contributing to investment committees, board meetings, or advisory committees.
• Degree in Finance, Economics, Real Estate, Business Administration, or a related field.
• Expert-level financial modelling skills, including cash flow models, DCF valuations, and waterfall distribution models.
• Ability to read, interpret, and critically assess fund financial statements, NAV calculations, and asset valuations from independent appraisers.
• Strong grasp of real estate operating economics, budgeting, forecasting, and variance analysis, with ability to challenge business plans and operating assumptions.
• Experience with private real estate valuation processes, including collaboration with Finance, auditors, valuation advisors, and external stakeholders.
• Ability to read and interpret key commercial and investment documents such as LPAs, SPAs, SHAs, financing agreements, development management agreements, and operating contracts, with commercial judgment to identify key issues and brief counsel.
• Excellent written and verbal communication skills, capable of summarizing complex topics into clear recommendations for senior management and Investment Committee audiences.

Nice to have

• Prior experience in hospitality real estate, including hotel asset management, operator negotiations, or hotel-specific investment underwriting.
• Professional qualification such as CFA, MRICS, or equivalent.

About the company

Tether is pioneering a global financial revolution using blockchain technology to enable seamless integration of reserve-backed tokens across blockchains. The company emphasizes transparency, innovation, and a lean, fast-growing structure, operating as a remote-first global talent powerhouse.

• Pioneering a global financial revolution using blockchain technology.
• Transparency is foundational to all operations, ensuring trust in every transaction.
• Remote-first global team with a diverse talent base.
• Fast growth, lean operations, and leadership in the fintech industry.
• Committed to innovation and setting new standards in fintech.