Operating Partner Private Equity Jobs (NOW HIRING)

Position Title: Private Equity Associate, Joint Ventures

Company: Reef Capital

Salary: $120,000-140,000 + Bonus

Location: Lehi, UT; On-Site Position

Reef is a Utah-based vertically integrated investment and development firm founded in 2005. Reef's team is currently involved in some of the most prominent development transactions in Utah and other targeted geographies across the United States.

Built on two decades of success, our investment approach combines proven expertise with purposeful innovation. Reef's team has completed more than 500 transactions across all lines of business. In addition to our real estate investment strategy, Reef and/or affiliates own and operate various businesses that add significant long-term value to its projects. We have grown rapidly, growing from about 25 employees to well over 400, with managed assets on behalf of over 750 institutional and individual partners worldwide.

With the motto "Expect the Best," Reef's most prominent developments include Black Desert Resort, a $2 billion luxury resort in Ivins, Utah; Marcella, a luxury private golf community in Park City, Utah; Tributer Resort, Virginia's newest premier private lakeside golf destination; Cornerstone Club, a 5,000-acre residential community, private club, and resort in Telluride, Colorado; Sweetens Cove, a renowned and evolving golf destination nestled in the Tennessee Valley; and the restoration of the historic Coco Palms Resort in Wailua, on the island of Kauai, Hawaii.

Our culture is defined by a shared set of principles that guide how we think, collaborate, make decisions, and pursue success together. This mindset serves as the foundation for the five principles that define how we work together: first, we are One Reef, always prioritizing the success of the whole over individual agendas; we speak candidly and respond collaboratively; we move in solidarity once a decision is made; we take full accountability for outcomes in our domain; and we refuse to settle for anything less than extraordinary. These aren't aspirational values posted on a wall. They are the behaviors we hire for, develop, reward, and exhibit each day. Candidates who thrive at Reef bring energy, ownership, and a genuine commitment to raising the bar on everything they touch.

Reef is seeking a Private Equity Associate to support the sourcing, underwriting, and management of joint venture and operating company investments across our diverse platform. This role works closely with operating partners, development partners, and internal deal teams to underwrite new opportunities and drive performance across the active JV portfolio.

• Own day-to-day underwriting for JV and operating company deals; build and refine financial models and return sensitivities
• Translate business plan assumptions such as revenues, expenses, and synergies with Reef into accurate financial outputs
• Manage diligence workstreams alongside consultants and advisors; maintain issue logs and drive open items to closure
• Draft IC memos and ensure all figures tie out to the underlying models
• Prepare supporting schedules for term sheets, JV agreements, and closing documentation
• Update models, track KPIs, and analyze variances against underwriting; revise business plans as needed
• Lead weekly check-in meetings with JV operating partners
• Track portfolio-company-level priorities and ensure execution within specified timelines
• Update monthly portfolio review decks
• Assist with corporate development (M&A, FP&A) and operational initiatives at portfolio companies
• Act as the point of coordination between the Director of Private Equity and cross-functional teams on assigned JV deals
• Build and maintain relationships with development partners, operators, and co-investors across target markets

• Bachelor's degree in finance, economics, or related field; MBA is preferred but not required
• 2-4 years of experience in private equity roles, with a focus on joint ventures and working with operating partners
• Strong financial modeling skill s
• Familiarity with JV legal structures and terms
• Excellent written communication skills; comfortable producing IC-ready materials
• Ability to manage multiple live deals and existing JV relationships simultaneously
• A collaborative mindset with the ability to work cross-functionally

• 401(k) Plan with Company Match
• Generous Health Plan with HSA Match
• Flexible Paid Time-off
• Daily Company Lunches
• Cell Phone Service Allowance
• Discounts at Company-owned Resorts and Golf Courses