Portfolio Manager - Real Estate

As a Portfolio Manager for Real Estate at Tether, you take full ownership of monitoring, managing, and reporting on an approximately $1 billion portfolio of real estate investments. The portfolio spans third-party managed funds, co-investment Special Purpose Vehicles (SPVs), and directly held assets, with a focus on commercial real estate, principally hospitality, complemented by selective residential exposure. This is a high-ownership, high-visibility role where you serve as the primary analytical and operational interface between the Investment Committee and the external ecosystem of fund managers, asset operators, development partners, and advisors.

What you'll do

• Review monthly reporting packages from third-party managed funds with a critical eye, tracking key metrics, benchmarking performance, identifying emerging risks, and escalating material deviations from plan
• Actively challenge underwriting assumptions presented by fund managers and operating partners, including cap rates, exit yields, rent growth, occupancy assumptions, development timelines, and construction budgets, using market data and comparable evidence to validate projections
• Review and challenge budgets, liquidity forecasts, cash flow projections, and capital requirements prepared by local operating partners and SPV management teams, monitoring cash positions and escalating potential liquidity constraints or capital call requirements
• Perform rigorous monthly and quarterly variance analysis of actual performance versus budget, producing clear and actionable Investment Committee commentary
• Conduct structured site visits to active development projects to assess physical progress against approved business plans and timelines, reviewing and challenging project schedules, cost-to-complete estimates, and delivery risks
• Review project cost reports, construction drawdown requests, and change order logs, challenging unjustified cost escalations and ensuring contingency utilisation is properly documented
• Maintain and update a project-level risk register covering planning, construction, market, and operational risks with clearly assigned mitigants
• Serve as the main day-to-day interface with fund managers, asset managers, property managers, development companies, hotel operators, and advisors, participating actively in advisory boards and investor committees
• Establish and enforce reporting standards, timelines, and information requirements across third-party managers and operators, holding counterparties accountable against agreed budgets, KPIs, timelines, and business plans
• Act as a director, board observer, or shareholder representative on portfolio companies, subsidiaries, SPVs, and other investment vehicles as required, fulfilling governance responsibilities
• Prepare high-quality Investment Committee reports on a monthly, quarterly, and ad hoc basis covering performance, key developments, risks, and recommended actions
• Develop and maintain asset-level and portfolio-level dashboards tracking KPIs such as occupancy, RevPAR, and GOP against business plan targets
• Provide scenario analysis and sensitivity testing around refinancing cliffs, exit timing, and market value movements, and author investment memoranda for new commitments and follow-on investments

What you bring

• Seasoned experience as a real estate portfolio manager or equivalent role managing institutional-scale real estate portfolios
• Proven ability to independently challenge fund managers, operators, consultants, and valuation assumptions with rigour and sound judgment
• Strong analytical and financial modelling skills, including variance analysis and scenario testing
• Deep knowledge of commercial real estate fundamentals, including hospitality, and familiarity with KPIs such as RevPAR, occupancy, and GOP
• Experience with third-party fund oversight, SPV management, and direct asset monitoring
• Excellent English communication skills

About Tether

Tether is a global fintech leader best known for USDT, the world's most trusted stablecoin. The company also operates Tether Power (energy and Bitcoin mining solutions), Tether Data (AI and peer-to-peer technology infrastructure including KEET), Tether Education (digital learning), and Tether Evolution (emerging technology initiatives). Tether operates a remote-first global team.