The TerraCotta Group, LLC

Position Title/Short Description

Full Text of JOE Listing:

The Company
Founded in 2004, The TerraCotta Group is a premier private investment firm specializing in middle-market commercial real estate (CRE) credit. TerraCotta has an industry-leading investment track record of over 20 years, with no principal loss in any of its credit investments since its inception. TerraCotta has received numerous accolades, most recently being named to Pensions & Investments’ Largest Money Managers List.

TerraCotta's investor base, comprised of more than 80% institutional investors, features some of the world’s largest and most sophisticated institutional investors, including public pensions, global asset managers, and endowments.

TerraCotta’s recession-tested, data-driven, and evidence-based methodology leverages a unique blend of extensive real estate credit experience and predictive data analytics; the firm is proud to have pioneered the application of quantitative methods in CRE credit investments. Drawing on economic insights, TerraCotta employs classical statistical models alongside modern machine learning algorithms to systematically identify, quantify, and mitigate risks inherent to real estate credit.

The Position
TerraCotta is seeking a PhD-trained economist to join the TerraCotta Lab as a Research Director. The Lab is TerraCotta’s innovation and methodology hub, led by the firm’s founder, Dr. Tingting Zhang. This is a unique opportunity for an economist with deep expertise in relevant subspecialties, including Urban/Real Estate Economics and Labor Economics to lead research that transforms decision-making in the $4 trillion CRE credit market.

You will work alongside a diverse and intellectually ambitious research team to bring economic rigor and innovative modeling techniques to an industry that is ripe for disruption. The CRE credit space presents rich, real-world opportunities to apply econometrics and machine learning methods, and predictive analytics to improve underwriting, pricing, and portfolio allocation decisions.

At TerraCotta, original economic research is not siloed; it is central to the investment process. Your work will be supported by extensive proprietary datasets and a modern computing stack, and your models and methodologies will be prototyped, validated, and integrated into real-world decisions in short, impactful feedback loops. You will also have the opportunity to collaborate with top academic researchers and leading industry practitioners through TerraCotta’s external partnerships.

This is an ideal role for economists interested in applied, high-stakes research beyond academia, where methodological innovation meets market application.

The Culture
TerraCotta is a high-growth company with the track record of an established firm. We focus on fostering a collegial and merit-based environment that is governed by a culture that values intellectual honesty, a passion for learning, an unwavering commitment to the highest academic standards, and a strong belief in the application of quantitative methods in private investments. On a daily basis, the team explores new frontiers, learns together from successes and failures, and, step by step, delivers a substantive, game-changing impact on CRE credit investment through an interdisciplinary approach.

Responsibilities
- Your responsibilities will include but not be limited to the following:
- Participate in setting the research agenda in a team and individual setting;
- Present findings, proposals for methodology innovations, and potential inclusions in the investment system to the firm’s data and investment team;
- Liaise between the TerraCotta team and external joint venture partners on certain research projects;
- Attend conferences related to the firm’s pursuit;
- Write white papers and thought pieces.


Job Requirements
- Ph.D. in economics and finance, or a similar quantitative discipline;
- Advanced skills in modern analytical tools and techniques;
- Strong analytical and problem-solving skills;
- Drive for bridging the worlds of theory and practice and making a tangible impact in the CRE credit space;
- ‘Quick loops’ and ‘roll up your sleeves’ mindset;
- A strong sense of curiosity and a desire to learn continuously and expand one’s horizons;
- Strong verbal and written communication skills.


The base salary for the position is $200,000. Employees may be eligible for a discretionary annual bonus, with the amount depending on individual and organizational performance. The actual compensation offer made to a candidate may differ from the posted hiring salary, based on the candidate's work experience, education, and/or skill level. TerraCotta offers 401k contributions and a comprehensive benefits package.

Candidates are encouraged to apply as early as possible, since the position will be filled on a rolling basis.