Morningstar

Lead Investment Analyst

United States · Work style not stated · Full time

Apply on the employer’s site ↗See how well you match this job

You apply directly with the employer. ROLIVA does not submit applications from this page and is not the employer.

About the role

Description from the employer’s posting. Check the employer’s page for the current version.

EmployerMorningstar
LocationUnited States
Work styleWork style not stated
Employment typeFull time
Employer posted8 Sep 2026

The Team:

Morningstar Retirement works with financial institutions to help defined contribution investors reach their retirement goals. We support more than $300 billion in assets under management and advisement across automated portfolio management, target date funds, and consulting.

The Role:

We are hiring an Investment Analyst to help lead asset manager due diligence and research on private markets investments used in our multi-asset portfolios. You will own coverage of private equity, private credit, infrastructure, and real assets, and you will be the person the team relies on for how these vehicles should be evaluated and sized in long-horizon portfolios.

The role suits someone who works independently, forms and defends their own views, and writes clearly.

It is based in our Chicago headquarters. We are working in-office 4 days/week.

Responsibilities:

Show full description

Research and issue opinions on managed investments for use in multi-asset portfolios, with an emphasis on private markets and semiliquid vehicles.
Source, evaluate, and recommend investment opportunities across private equity, private credit, infrastructure, and property.
Lead due diligence and financial analysis on target investments, including cash flow, liquidity, and valuation modeling.
Develop and refine the protocols we use to evaluate and allocate to private vehicles in long-horizon portfolios.
Monitor fund performance and liquidity and conduct periodic meetings with private asset managers.
Serve as a subject-matter expert on portfolio construction, investment modeling, and risk for private markets exposures.
Work with product, distribution, and other teams to keep them apprised of research’s activities and help ensure that they are aligned with business needs.

Qualifications:

Bachelor’s degree in finance, economics, or another quantitative discipline (or foreign equivalent) and 5+ years of relevant experience; or a graduate degree and 2+ years.
Experience in multi-asset portfolio management.
Experience conducting due diligence and research on private investment vehicles at an endowment, foundation, family office, OCIO, or similar institution.
Working knowledge of private equity, private credit, infrastructure, and real assets, including the risk and return dynamics of each.
Applied experience with statistical and econometric methods used in finance, including numerical optimization and multiple regression.
Ability to develop new methodologies and defend them to an internal audience.
Proficiency in Excel and working knowledge of Python.
Clear written and verbal communication.
Experience working with colleagues and stakeholders across locations and time zones.

Preferred:

CFA and/or MBA.
Familiarity with private markets data tools such as PitchBook.

Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

Financial Health

100% 401k match up to 6% of salary

Stock Ownership Potential

Company provided life insurance - 1x salary + commission

Physical Health

Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages

Additional medical Wellness Incentives - up to $300-$600 annual

Company-provided long- and short-term disability insurance

Emotional Health

Trust-Based Time Off

6-week Paid Sabbatical Program

6-Week Paid Family Caregiving Leave

Competitive 8-24 Week Paid Parental Leave

Adoption Assistance

Leadership Coaching & Formal Mentorship Opportunities

Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses

Tuition Reimbursement

Social Health

Charitable Matching Gifts program

Dollars for Doers volunteer program

Paid volunteering days

15+ Employee Resource & Affinity Groups

Total Cash Compensation Range

$147,550.00-226,233.33

Inclusive of annual base salary and target incentive

If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.

Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.

002_MstarAssocLLC Morningstar Investment Management LLC Legal Entity

See how well you match this job Apply on the employer’s site ↗

Check your resume against this job Free, no sign-up. Nothing you paste is stored.

Staying safe while you apply

Never pay to apply, interview or accept an offer. ROLIVA never asks you for payment to apply to a job.
Apply only through the official “Apply on the employer’s site” button, on the employer’s own site, and check that a recruiter’s email uses that employer’s own domain rather than a free email address.
Be cautious of an offer made with no real interview, or pressure to decide quickly or share financial details early.

Does something look wrong with this listing? Use “Report broken link” in the role details, or read ROLIVA’s full job-safety guidance ↗.

Preparing for this role with ROLIVA

Check the fit.
Compare the requirements with the experience you have confirmed, including gaps.
Prepare honestly.
Build interview stories and application drafts from your own evidence.
Keep track.
Save the role and record your own application status and follow-ups.

Create a free workspace or log in.