CES
Website:
cesltd.com
Job details:
Greetings from CES Limited!!
We do have an opportunity for you as a Manager – FP&A position and below is the JD.
Position Summary
We are seeking a SME- FP&A to own the financial modelling backbone of our real estate private equity platform — underwriting models, distribution waterfalls, and investor-level performance reporting. This role sits at the intersection of FP&A, fund accounting, and advanced Excel engineering: you will build and maintain the calculation engines that determine how cash actually flows to LPs and GPs, translate operating agreement language into working formulas, and automate what is currently manual so the models stay accurate as deal terms and assumptions change.
Key Responsibilities
FP&A & Fund Reporting
• Own recurring and ad hoc FP&A deliverables across a portfolio of real estate investment vehicles — budget-to-actual variance, cash flow forecasting, and investor reporting packages.
• Partner with fund accounting and asset management to reconcile projected vs. actual distributions, capital calls, and fund-level cash positions.
• Support quarterly and annual close processes, ensuring model outputs tie cleanly to GL and fund administration records.
Waterfall & Distribution Modeling
• Build and maintain Excel-based distribution waterfall engines that implement each deal's Operating Agreement exactly — preferred return (simple or compounded, quarterly or otherwise), return of capital, GP promote / carried interest, and residual-split provisions (including multi-tier special allocations such as §6.1(c)-style carve-outs).
• Read and translate LLC Operating Agreements and side letters into precise formula logic, including edge cases (capital transfers, defaulting-member provisions, admission of new members, buy-sell mechanics).
• Maintain parallel “actual vs. hypothetical” waterfall views so the team can see both what an agreement technically requires and what the fund currently plans to distribute — and reconcile the two when they diverge.
• Correctly implement compounding mechanics (e.g., separating compounded vs. uncompounded preferred return buckets) rather than approximating them.
Performance & Returns Calculations
• Calculate and maintain fund- and investor-level IRR (XIRR), equity multiple (MOIC), and net profit across the full investment life, including mid-life contributions, actual-to-date cash flows, and projected exit proceeds.
• Build clean, presentation-ready IRR & MOIC summary tabs / dashboards for investor communications and internal decision-making, with fund-wide roll-ups and per-investor detail.
• Stress-test return metrics against changes in hold period, exit date, cap rate, and sale proceeds assumptions.
Excel Modeling & Automation
• Design dynamic, assumption-driven models — e.g., a single exit-date input in an Assumptions tab should automatically flow through the cash flow schedule, investor cash flow tabs, and waterfall calculations, with no manual re-linking.
• Build and audit complex formula chains (INDEX/MATCH, SUMIFS/SUMPRODUCT, dynamic ranges, array formulas) that hold up under changing assumptions and shifting date grids, rather than breaking on hardcoded ranges.
• Identify and eliminate hardcoded values, fragile lookups, and stale legacy formulas left over from prior model iterations; replace with self-consistent, formula-driven logic.
• Proactively test edge cases (blank periods, duplicate dates on the same column, capital fully returned, negative interim cash flow) and build in guardrails so models fail gracefully rather than silently producing wrong numbers.
• Where useful, extend automation beyond native formulas — Power Query, VBA/macros, or scripted validation checks — to reduce manual, repetitive rebuild work across similar deals.
Required Qualifications
• 7+ years of FP&A, fund accounting, or financial modeling experience, ideally in real estate private equity, fund administration, or institutional asset management.
• Advanced, hands-on Excel expertise: complex nested formulas, array/dynamic-array formulas, INDEX/MATCH, SUMIFS/SUMPRODUCT, and the ability to design multi-tab, formula-linked models from scratch.
• Demonstrated experience building or maintaining distribution waterfall models and calculating IRR/XIRR and equity multiple (MOIC) at both fund and investor level.
• Comfort reading legal/governing documents (LLC Operating Agreements, LPAs) and translating their distribution and allocation provisions into accurate model logic.
• Strong attention to detail and a rigorous, checks-first approach to model auditing — comfortable tracing a wrong number back through a long formula chain to its root cause.
Preferred Qualifications
• Experience with CRE underwriting models (multi-tab workbooks spanning Cash Flow, Income, Expense, Sources & Uses, Assumptions, and Waterfall tabs).
• VBA or Power Query experience for model automation beyond native formulas.
• Exposure to fund administration platforms and familiarity with GP/LP promote structures, catch-up provisions, and special allocation mechanics.
• Bachelor's degree in Finance, Accounting, or related field; CFA, CPA, or CAIA a plus.
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