We’re building a world of health around every individual — shaping a more connected, convenient and compassionate health experience. At CVS Health®, you’ll be surrounded by passionate colleagues who care deeply, innovate with purpose, hold ourselves accountable and prioritize safety and quality in everything we do. Join us and be part of something bigger – helping to simplify health care one person, one family and one community at a time.
Position Summary
The VP, Real Estate & Impact Investments leads the strategy, production, and active management of the company’s investment real estate portfolio—including mortgage loans, mezzanine loans, real estate equity, and affordable housing (LIHTC/tax credit equity)—to meet total return, diversification, liquidity, and risk objectives set by the Chief Investment Officer. This role also co-leads the Impact Investment Strategy (IIS) agenda focused on affordable housing, ensuring investments deliver competitive risk-adjusted returns while maximizing health equity, ESG outcomes, and measurable business benefits (e.g., market growth, member retention, brand trust).
The portfolio will be positioned as an alternative to Fixed Income with defined risk parameters and a disciplined risk-rating and valuation framework, annual asset review cycle, and transparent forecasting. The leader will be highly visible externally (industry and policy circles) and internally (C-suite, business unit leadership), with a mandate to build, motivate, and retain a high-caliber, mission-driven team.
Scope of Accountability
- Investment AUM: Mortgage loans, real estate mezzanine loans, direct real estate equity, LIHTC/tax credit equity, and Aetna-owned investment properties
- Geography: National focus with prioritization of enterprise priority markets
- Investment Style: Core/Core+, select opportunistic, and mission-aligned investments
- Value Creation Lenses: Total return (IRR/ROE), capital preservation, diversification vs. public Finance FI, health equity and ESG outcomes, business unit enablement
- Performance: Meet (or exceed) minimum total return targets and represent an alternative Fixed Income investment versus the bond portfolio.
- Approval: Prepare Investment Committee (IC) packages
Key Responsibilities
1) Strategy & Portfolio Leadership
- Develop and execute a multi-year REI strategy (mortgage, mezzanine, equity, tax credit) aligned to CIO objectives and enterprise strategy.
- Maintain portfolio construction guidelines—sector/market/partner/concentration limits; duration and liquidity profile; diversification vs. bond portfolio.
- Own annual and quarterly portfolio plans, forecasts, stress tests, and scenario analyses.
2) Mortgage & Mezzanine Lending
- Lead production of new mortgage loans and real estate mezzanine loans (sourcing, underwriting, structuring, pricing, approvals).
- Oversee active portfolio management: covenants, waivers, workouts, extensions, refinancings, and potential problem loan identification and remediation.
- Ensure reserves methodology and risk rating migration integrity in collaboration with Finance/Risk.
3) Real Estate Equity & Aetna-Owned Properties
- Source, underwrite, negotiate, and execute direct real estate equity and programmatic partnerships.
- Provide strategic oversight of Aetna-owned properties (optimize returns via leasing, capex, disposition/monetization strategies, and asset enhancement).
4) Affordable Housing (LIHTC) & Impact Investing
- In tight collaboration with IIS, source, negotiate, and close LIHTC/tax credit equity investments via syndicators and direct developer partnerships.
- Ensure impact investing delivers risk-adjusted returns and quantifiable social outcomes (e.g., affordable units created/preserved, AMI levels served, SDOH linkages, proximity to priority markets).
- Establish impact measurement & reporting cadence aligned to ESG and health equity disclosures.
5) Risk, Valuation & Controls
- Maintain a loan risk rating system, annual asset reviews/valuations, fair value measurements, impairments, and concentration controls.
- Ensure policy, tax, accounting, and regulatory compliance (GAAP/STAT/NAIC as applicable), model governance, and SOX-aligned controls.
- Drive counterparty risk management and investment committee governance.
6) Leadership & Culture
- Build and lead a high-performing, purpose-driven team; ensure clear succession and career pathways.
- Model collaboration, transparency, and innovation; break down silos across Investments, IIS, and business units.
- Represent the company professionally and credibly at conferences, policy dialogues, with elected officials and community leaders.
7) Stakeholder & Business Integration
- Translate investments into enterprise value: market access, member/patient growth & retention, brand, and community trust.
- Partner with BU leaders to target priority geographies, aligning investments with growth, SDOH initiatives, and health equity goals.
- Coordinate with Tax to optimize LIHTC yields and timing; with Treasury for liquidity; with ESG for disclosure.
Required Qualifications
- 12+ years in institutional real estate investments across debt and equity; direct LIHTC/tax credit equity experience preferred.
- Demonstrated excellence leading high-caliber teams, with a track record of portfolio outperformance and exemplary risk management.
- Mastery in underwriting, credit, valuation, and workout disciplines; adept with portfolio construction and scenario analysis.
- Known/respected in affordable housing or impact investing circles, effective public speaker, and enterprise advocate.
- Exceptional stakeholder management and executive communication; proven ability to operate at and influence the C-suite.
- Hartford, CT - Ability to work Hybrid Model (in office Tuesday / Wednesday / Thursday)
Preferred Qualifications
- CFA and/or CPA strongly preferred.
Education
- Advanced degree (MBA, MS Finance, MPA or related) required.
The typical pay range for this role is:
Minimum: $270,000.00
Maximum: $370,000.00
This pay range represents the base hourly rate or base annual full-time salary for all positions in the job grade within which this position falls. The actual base salary offer will depend on a variety of factors including experience, education, geography and other relevant factors. This position is eligible for a CVS Health bonus, commission or short-term incentive program in addition to the base pay range listed above. This position also includes an award target in the company’s equity award program.
In addition to your compensation, enjoy the rewards of an organization that puts our heart into caring for our colleagues and our communities. The Company offers a full range of medical, dental, and vision benefits. Eligible employees may enroll in the Company’s 401(k) retirement savings plan, and an Employee Stock Purchase Plan is also available for eligible employees. The Company provides a fully-paid term life insurance plan to eligible employees, and short-term and long term disability benefits. CVS Health also offers numerous well-being programs, education assistance, free development courses, a CVS store discount, and discount programs with participating partners. As for time off, Company employees enjoy Paid Time Off (“PTO”) or vacation pay, as well as paid holidays throughout the calendar year. Number of paid holidays, sick time and other time off are provided consistent with relevant state law and Company policies.
For more detailed information on available benefits, please visit jobs.CVSHealth.com/benefits.
Pay Range
The typical pay range for this role is:
$0.00 - $0.00
This pay range represents the base hourly rate or base annual full-time salary for all positions in the job grade within which this position falls. The actual base salary offer will depend on a variety of factors including experience, education, geography and other relevant factors. This position is eligible for a CVS Health bonus, commission or short-term incentive program in addition to the base pay range listed above. This position also includes an award target in the company’s equity award program.
Our people fuel our future. Our teams reflect the customers, patients, members and communities we serve and we are committed to fostering a workplace where every colleague feels valued and that they belong.
Great benefits for great people
We take pride in our comprehensive and competitive mix of pay and benefits – investing in the physical, emotional and financial wellness of our colleagues and their families to help them be the healthiest they can be. In addition to our competitive wages, our great benefits include:
Affordable medical plan options, a 401(k) plan (including matching company contributions), and an employee stock purchase plan.
No-cost programs for all colleagues including wellness screenings, tobacco cessation and weight management programs, confidential counseling and financial coaching.
Benefit solutions that address the different needs and preferences of our colleagues including paid time off, flexible work schedules, family leave, dependent care resources, colleague assistance programs, tuition assistance, retiree medical access and many other benefits depending on eligibility.
For more information, visit https://jobs.cvshealth.com/us/en/benefits
We anticipate the application window for this opening will close on: 04/01/2026
Qualified applicants with arrest or conviction records will be considered for employment in accordance with all federal, state and local laws.
