Job Description Summary
The Medical University of South Carolina (MUSC) is South Carolina’s only comprehensive academic health system, with a unique mission to preserve and optimize human life in South Carolina through education, research, and patient care.
To further support its mission, MUSC’s related entities, 1824 Health Ventures and Mainsail Health Ventures, have created two corporate venture funds that invest in pre-seed and seed stage companies. 1824 Health Ventures has been created through the Medical University of South Carolina Foundation (“Foundation”) and is missioned to support innovations stemming from MUSC. Mainsail Ventures is the corporate investing arm of the MUSC Health and has created a fund to support South Carolina based healthcare innovation. While separate entities and funds, there is close alignment of purpose and portfolios, and the entities are seeking an experienced managing director to lead 1824 Health Ventures and the Mainsail fund.
The managing director’s position is responsible for all aspects of corporate venture capital investing, including originating, evaluating, structuring, and recommending strategic investment opportunities to the appropriate investment committee. This position will be involved with external research on projects/assets/companies, working with sophisticated financial, legal, and strategic advisors, entrepreneurs, investment banks, and other external parties. The position will also work closely with the Chief Innovation Officer, the Zucker Institute (ZI) - MUSC’s affiliated technology commercialization organization, as well as MUSC Health Solutions and its Chief Administrative Officer. This position will be responsible for all aspects of portfolio management, including potential participation on boards of directors as an observer or member.
This position dual reports to the Chief Executive Officers of the Foundation of MUSC Health.
The position is full-time and hybrid.
Job Description
Sourcing and Due Diligence:
- Originate strategic investment opportunities through various means, including direct interface with ZI and Health Solutions, utilization of professional networks, participation in industry events, and review of appropriate databases and other potential deal sources.
- Fully evaluate opportunities, including industry landscape, market and competitive analysis, technical risk analysis, business model and financial modeling.
- Manage all stages of the diligence process and negotiate deal terms.
- Develop full business cases in support of potential investments, and present business case to the 1824 Health Ventures Investment Committee and/or Mainsail Ventures Board for approval.
- Direct investment closing process, including working directly with legal counsel to ensure proper legal documentation and risk mitigation.
Portfolio Management:
- Assist in management and governance of portfolio companies, including serving as board member and/or observer as appropriate.
- Assist in development of business unit strategy and processes.
- Develop relationships with venture capital firms and strategic buyers and help negotiate further equity investments from outside sources into the Fund's portfolio companies.
- Produce quarterly financial and business reports for each fund.
- Present to executive management and boards quarterly.
- Other various administrative duties as assigned.
Management of 1824 Health Ventures:
- Oversee the investment, finance, and administrative activities of 1824 Health Ventures.
- Manage the activities of the Venture Investment Committee, foster the engagement of VIC members, ensure the quality of presentation and due diligence materials.
Education and Experience Requirements
A bachelor’s degree in business, engineering, science, or a similar field is required. An advanced degree and/or designation such as MBA, MS, JD, CFA, etc. is preferred. Must demonstrate at least seven years of relevant consulting and investing experience including pre-seed and seed stage life science and healthcare companies; experience closing strategic transactions; a demonstrated record of identifying and securing additional venture funding; and experience managing a fund in excess of $10M. Preferred experience working as an observer and/or member of a corporate board of directors. Experience working with university-founded startups and in the healthcare industry is preferred.
Skills, Knowledge, and Abilities Required
- Substantial professional network of investors active in early-stage investments and ability to expand that network to include MUSC, healthcare advisors, and healthcare-focused venture capital firms.
- Advanced ability to work with forward-looking analyses is often characterized by a high degree of uncertainty and to draw reasonable conclusions from imperfect information.
- Advanced financial modeling ability.
- Strategic mindset that sees the big-picture, potential barriers, and potential solutions, with a commitment to charting a path to success.
- Solid understanding of accounting principles.
- Ability to manage multiple projects and priorities simultaneously while adhering to strict deadlines and to work effectively both independently and in less structured environments.
- Excellent organizational skills and diligence.
- Solid ability to work through traditional institutional barriers to change.
- Advanced written and verbal communication skills.
- Collaborative mentality.
Boilerplate
As the health care system of the Medical University of South Carolina, MUSC Health is dedicated to delivering the highest-quality and safest patient care while educating and training generations of outstanding health care providers and leaders to serve the people of South Carolina and beyond. Patient care is provided at 16 hospitals (includes owned or governing interest), with approximately 2,700 beds and four additional hospital locations in development, more than 350 telehealth sites and nearly 750 care locations situated in all regions of South Carolina. In 2023, for the ninth consecutive year, U.S. News & World Report named MUSC Health University Medical Center in Charleston the No. 1 hospital in South Carolina.
As part of MUSC, the Medical University of South Carolina Foundation (“Foundation”) was charted in 1966 as a charitable, educational foundation to support the education, research, patient care, and other programs at MUSC. The Foundation is a 501(c)(3) tax-exempt organization, contributions to which are tax-deductible. Since its beginning, the Foundation has encouraged such worthwhile academic enterprises as endowed professorships, scholarships, the acquisition, and development of campus facilities to serve student, teaching, research or clinical needs, and awards in honor of academic excellence. In addition, it has encouraged achievements in biomedical research.
If you like working with energetic enthusiastic individuals, you will enjoy your career with us!
The Medical University of South Carolina is an Equal Opportunity Employer. MUSC does not discriminate on the basis of race, color, religion or belief, age, sex, national origin, gender identity, sexual orientation, disability, protected veteran status, family or parental status, or any other status protected by state laws and/or federal regulations. All qualified applicants are encouraged to apply and will receive consideration for employment based upon applicable qualifications, merit and business need.
