Telework Eligible: Yes

Division/Unit: State Board Of Investment (SBI) / Legal

Education Verification

Working Title: Investment Analyst Sr/Investment Officer, Legal and Policy Services
Job Class: Investment Analyst Sr/Investment Officer
Agency: Investment Board

Job ID: 97863

Location: St. Paul

Telework Eligible: Yes

Full/Part Time: Full-Time

Regular/Temporary: Unlimited

Who May Apply: Open to all qualified job seekers

Date Posted: 10/23/2026

Closing Date: 11/12/2026

Hiring Agency/Seniority Unit: Investment Board / Investment Board-Managerial

Division/Unit: State Board Of Investment (SBI) / Legal

Work Shift/Work Hours: Day Shift

Days of Work: Monday - Friday

Travel Required: 10%

Investment Officer Salary Range: $80.25 - $113.75 / hourly; $167,562 - $237,510 / annually

Investment Analyst Senior Salary Range: $68.88 - $92.85 / hourly; $143,821 - $193,870 / annually

Listed salary ranges reflect total cash compensation. Note that the SBI compensation structure features a fixed, cash-based model that does not include incentive compensation.

Classified Status: Unclassified

Bargaining Unit/Union: 220 - Manager/Unrepresented

FLSA Status: Exempt - Professional

Designated in Connect 700 Program for Applicants with Disabilities: No

The work you'll do is more than just a job.

At the State of Minnesota, employees play a critical role in developing policies, providing essential services, and working to improve the well‑being and quality of life for all Minnesotans. The State of Minnesota is committed to equity and inclusion, and invests in employees by providing benefits, support resources, and training and development opportunities.

The SBI is conducting a search for an experienced and mission‑driven Investment Analyst Senior or Investment Officer to support its Legal and Policy Services Division.

This position reports to the General Counsel and delivers legal advice, analysis, and support on a wide range of investment matters such as reviewing and negotiating investment agreements, guiding investment manager compliance, and analyzing certain elements of investment risk. This position will also provide legal support for assigned proxy voting matters, shareholder engagement initiatives, and legislative matters.

Primary Responsibilities

Private Markets Investment Management: The Investment Analyst/Officer will support private markets staff by conducting investment diligence, assessing governance and risk issues, and providing recommendations to relevant deal team members. Responsibilities include reviewing and negotiating relevant transaction documents; evaluating the legal elements of investment risks; participating in diligence to address governance, risk, and opportunities, and engaging with managers throughout the life of each fund.

Public Markets Investment Management: The Investment Analyst/Officer will work closely with public markets managers on investment strategy, contractual terms, and ongoing diligence, providing informed recommendations to relevant team members. The role includes drafting investment management agreements that address key risks and opportunities, monitoring compliance with SBI’s public markets policies and guidelines, and supporting the drafting, monitoring, and development of SBI investment policy at the direction of the Executive Director/CIO.

Proxy Voting Advisement: The Investment Analyst/Officer will be required to review proxy voting adviser reports and help develop summaries of the investment implications of proxy votes. The role will stay current on governance issues affecting SBI-managed assets.

General Legal Matters: The Investment Analyst/Officer will provide general legal guidance to SBI staff and review a wide range of investment documents and negotiating terms with minimal supervision. The role includes reviewing vendor agreements for compliance with Minnesota and other applicable laws, ensuring the legal sufficiency of agency forms and publications,



and advising on administrative policies and procedures to meet federal and state requirements. The Investment Analyst/Officer will assist with obtaining necessary approvals from the Attorney General’s Office and other state agencies, monitor securities and class‑action litigation as assigned, and advise on data practices requirements, public disclosure of investment materials, and related policies and procedures.

Legislative Matters: The Investment Analyst/Officer will assist in developing proposed legislation to advance SBI policy and meet agency needs under the direction of the General Counsel and will help secure passage of SBI legislation by arranging and attending meetings with legislators as requested by the Executive Director and Chief Investment Officer. The role includes researching and analyzing assigned bills, preparing explanatory summaries for the Executive Director, monitoring bill progress through the House and Senate, and helping guide them through the legislative process. The Investment Analyst/Officer will also research and prepare assigned fiscal notes for the Minnesota Management and Budget office, outlining the cost impact of legislative proposals.

Minimum Qualifications
Candidates must meet all of the following minimum qualifications to be considered for this position:

Education: A Juris Doctorate (J.D.) from an ABA accredited law school

Experience

Three (3) years relevant legal experience

Licensed to practice law in the State of Minnesota and current with continuing education requirements, or must obtain a license to practice law in Minnesota within 12 months of beginning employment

Successful completion of or active enrollment in the Chartered Financial Analyst (CFA) program will be encouraged of the successful applicant.

Experience Of Candidates Considered Must Include

Experience in one or more of the following areas of law: investments, finance, tax, procurement, complex commercial transactions, qualified retirement plans (ERISA or Non‑ERISA), data practices, or ethics.

Experience providing legal advice to senior management or executives.

Demonstrated ability to effectively collaborate with peers, superiors, and staff and to work both within the agency and among other agencies and organizations to identify legal issues and resolve problems effectively and efficiently.

Demonstrated strong communication and management skills.

Excellent legal analysis and writing skills.

Proven ability to work successfully with diverse populations.

Preferred Qualifications
Preference will be given to candidates who possess one or more of the following:

Five (5) years relevant legal experience

Experience handling issues related to public pension or other institutional investments

Experience analyzing and negotiating contracts for complex commercial transactions

Experience working with the Minnesota Attorney General’s Office and State government agencies

Knowledge of the legislative process and drafting legislation

Knowledge of the Minnesota Governmental Data Practices Act, Minnesota Public Pension Fiduciary Duty laws

Knowledge of federal laws impacting investors, including but not limited to the Investment Advisers Act of 1940; Securities Exchange Act of 1934; and the Internal Revenue Code

Experience in litigation practices and techniques, assessment of legal risk, knowledge of negotiation and settlement strategies and techniques, and legal consideration related to setting or compromising lawsuits and claims.

Additional Requirements
The SBI does not sponsor applicants for work visas. All applicants must be legally authorized to work in the United States.





All employees must successfully complete the SBI’s background investigation prior to employment.

The Background Check May Consist Of The Following Components

SEMA4 Records Check (applies to current and past State employees only)

Criminal History Check

Employment Reference Check

Social Security and Address Verification

Education Verification

Driver's License Check

Contact
If you have questions about this position, contact Sally Spreeman at [email protected] or (phone hidden).

Working together to improve the state we love.
What do Minnesota's State employees have in common?

A sense of purpose in their work

Connection with their coworkers and communities

Opportunities for personal and professional growth

Benefits
As an employee, you'll have access to one of the most affordable health insurance plans in Minnesota, along with other advantages to help you and your family be well.

Your Benefits May Include

Paid vacation and sick leave

12 paid holidays each year

Low-cost medical, dental, vision, and prescription drug plans

Fertility care, including IVF

Diabetes care

Dental and orthodontic care for adults and children

6 weeks paid leave for parents of newborn or newly adopted children

Pension plan that provides income when you retire (after working at least three years)

Employer paid life insurance to provide support for your family in the event of death

Short-term and long-term disability insurance that can provide income if you are unable to work due to illness or injury

Tax-free expense accounts for health, dental, and dependent care

Resources that provide support and promote physical, emotional, social, and financial well‑being

Support To Help You Reach Your Career Goals

Training, classes, and professional development

Tuition reimbursement

Federal Public Service Loan Forgiveness Program (Some positions may qualify for the Public Service Loan Forgiveness Program. For more information, visit the Federal Student Aid website at studentaid.gov)

Employee Assistance Program (EAP) For Work/life Support

A voluntary confidential program that helps employees and their families with life challenges that may impact overall health, personal well‑being, or job performance

Common sources of stress can be addressed through the EAP: mental health, relationship challenges (personal and work), grief and loss, finances, and legal issues

Daily Living/Convenience Services: Chore services, home repair, trip planning, child/elder care

Programs, resources and benefits eligibility varies
based on type of employment, agency, funding availability, union/collective bargaining agreement, location, and length of service with the State of Minnesota.

EQUAL OPPORTUNITY EMPLOYERS
Minnesota state agencies are equal opportunity, affirmative action, and veteran‑friendly employers. State agencies are committed to creating a workforce that reflects the diversity of the state and strongly encourages persons of color and Indigenous communities, members of the LGBTQIA2S+ community, individuals with disabilities, women, and veterans to apply. The varied experiences and perspectives of employees strengthen the work we do together and our ability to best serve Minnesotans.

All qualified applicants will receive consideration for employment without regard to race, color, creed, religion, national origin, sex (including pregnancy, childbirth, and disabilities related to pregnancy or childbirth), gender identity, gender expression, marital status, familial status, age, sexual orientation, status regarding public assistance, disability, veteran status or activity in a local Human Rights Commission or any other characteristic protected by law.

Applicants With Disabilities
Minnesota state agencies make reasonable accommodations to their employees and applicants with disabilities. If you have a disability and need assistance in searching or applying for jobs with the State of Minnesota, call the Careers Help Desk at (phone hidden) or email [email protected] and let us know the support you need.

#J-18808-Ljbffr

📌 Investment Analyst Sr/Investment Officer, Legal and Policy Services (New Brunswick)
🏢 Minnesota Direct Care and Treatment
📍 New Brunswick