| Location | St. Paul, MN |
| Salary | $80.25–$113.75 Per Hour |
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About the State Board of Investment:
Established in 1885, the Minnesota State Board of Investment (SBI) serves the State of Minnesota by investing the assets of state and local employee benefit plans, other public retirement savings plans, tax-advantaged savings plans, and non-retirement assets. The SBI manages more than $170 billion in assets, making it one of the largest public pension fund investors in the United States. Governed by a board consisting of the four constitutional officers of the State of Minnesota, the SBI is widely regarded as a best-in-class institutional investor and a model of sound public investment management, led by a highly skilled, dedicated, professional staff that operates with a strong culture of fiduciary excellence, integrity, and collaboration.
Job Details
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 youll 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.
Job Summary
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.
Qualifications
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:
Application Details
How to Apply
Select "Apply for Job" at the top of this page. If you have questions about applying for jobs, contact the Careers Help Desk at 651-259-3637 or email careers@state.mn.us. For additional information about the application process, go to http://www.mn.gov/careers.
Contact
If you have questions about this position, contact Sally Spreeman at sally.spreeman@mnretire.gov or 651-284-7879.
Working together to improve the state we love.
What do Minnesotas State employees have in common?
Benefits
As an employee, youll have access to one of the most affordable health insurance plans in Minnesota, along with other benefits 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:
Employee Assistance Program (EAP) for work/life support:
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 651-259-3637 or email careers@state.mn.us and let us know the support you need.