Joycelin Sim, Portfolio Manager at QIC, has spent 20 years building a career in private markets. Now she’s using that experience to open doors for the next generation as a Career Connect mentor. Here she shares her career story, insights and best advice for aspiring investors.
I manage capital across private market investments, primarily in real assets such as real estate and infrastructure. My role involves identifying investment opportunities, assessing risk and return, and working with partners to deliver long-term value for our investors — all within the broader framework of portfolio construction and asset allocation.
Most days are a mix of numbers, conversations and a lot of thinking. There might be time spent reviewing financial models, assessing a potential investment or discussing strategy with colleagues and partners. Some days are deep analytical and research work, while others involve investment committee discussions, asset updates or debating assumptions behind a new opportunity.
In private markets, investments are often complex and long-term, so a lot of the job is about asking the right questions and really thinking through different scenarios. And occasionally reminding ourselves that the spreadsheet is just our best guess about the future. It’s a very humbling role really — markets have a great way of reminding you that certainty is definitely an illusion.
I really enjoy the human interaction that comes with this role. I feel quite privileged that I get to do that as part of my job. The work brings me into contact with people across different industries, geographies and asset classes — from CEOs and CIOs to investment teams, operators and client service professionals. That constant exchange of ideas, stories and lessons learned keeps the role intellectually stimulating. It also means you’re constantly learning from people who see the world very differently — which is both fascinating and sometimes a good reminder to start thinking about your own assumptions. It’s also really rewarding to work on portfolios and be part of a team delivering outcomes for our stakeholders. In our case, that ultimately supports the Queensland State and helps shape the communities we live in.
Investment decisions are not just about allocating capital. I don’t think we talk enough about the parameters we work within. Decisions often involve working around constraints, balancing different stakeholder needs, and hopefully having the stars align with the markets so you can actually implement the strategies and ideas you have conviction in. At the same time, investment decisions are always made with incomplete information. You are basing decisions on forecasts. Markets move, assumptions change and projects rarely behave exactly as expected. As some people say, sometimes it’s better to be lucky than smart. I think the key is to stay disciplined — taking a risk-adjusted perspective, doing the analysis thoroughly, challenging assumptions and surrounding yourself with people who are willing to ask difficult questions.
From a practical standpoint, I often ask myself whether I would be comfortable putting my own money into the investment before trying to convince stakeholders. If you can convince yourself first, the conversation with others becomes much easier. Over time you also learn to become more comfortable with uncertainty, because investing is ultimately about making the best possible decision with the information available at the time. Much easier to say… in hindsight.
In my mind, investment management is both an art and a science. On the technical side, developing strong skills in financial modelling, valuation and understanding risk is important. And of course, knowing your way around Excel helps — although I’m sure most of us still Google formulas occasionally… or quietly ask ChatGPT when Excel refuses to cooperate.
But the non-technical skills are just as critical — curiosity, empathy, diplomacy, good judgment and the ability to communicate clearly. Being able to tell the story behind the numbers, dissecting them and making them relevant for your audience is key. Investing often involves working with many stakeholders, so being able to explain complex ideas and challenge assumptions constructively is a big part of the job.
I’ve always been a strong supporter of the Future IM/Pact program, particularly how it encourages diversity and supports female graduates and students to consider investment management as a career path. I believe the influence often starts early in a student’s journey. Programs like Career Connect help demystify the industry and give people a clearer view of what the work actually involves from the outset.
I don’t think I ever imagined becoming an investment manager. At some point I simply realised I needed a real job, and property seemed like an interesting space to start… and somehow I never left. Over time it has become a role I’ve grown to genuinely enjoy. The turning point for me was understanding the “clockwork behind the clock” — seeing how creative investment decisions can be in creating solutions, and how those decisions can influence tangible outcomes in the real world. That’s when the role became much more meaningful.
I don’t really think so. It may sound cliché, but every path brings different lessons and perspectives that help shape your career journey — after all, careers are a bit like marathons rather than sprints. If there is one thing I would say to myself, it would be to be a little more courageous — saying yes to opportunities and asking “why not?” rather than overthinking… something I probably did, and still do, a little too much of.
I’ve always been a strong supporter of the Future IM/Pact program, particularly how it encourages diversity and supports female graduates and students to consider investment management as a career path. I believe the influence often starts early in a student’s journey. Programs like this help demystify the industry and give people a clearer view of what the work actually involves from the outset. In our daily roles, it can sometimes be difficult to step away from the desk and participate in programs like this, so I find the hybrid format, being able to connect online as well as in person, a very efficient way to contribute.
So far I’ve had three mentees through the program and I’ve genuinely enjoyed the experience. It’s been really nice to see the effort and preparation the mentees put into the sessions, and I appreciate the energy and fresh perspectives they bring to the conversations. Mentoring has also been a great opportunity for reflection on my own career journey, and if I can help demystify the industry and share practical insights along the way, then that’s a bonus.
My days are usually filled with articles and research papers — from ABC News and AFR to market research. One book I’m currently reading is Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. It’s a book that encourages curiosity about the “hidden side” of things. And what I enjoy about it is that it doesn’t try to offer solutions or solve the world’s problems. Instead, it asks unusual questions, ties them to data and economics, and presents them in unexpected ways.
I’m always intrigued by the generational shifts we’re seeing — from Baby Boomers to Millennials and now Gen Alpha. Each generation seems to have a completely different relationship with work, housing and spending. Boomers invested heavily in property, Millennials debate whether they can or even want to buy property, and Gen Alpha might eventually decide that living partly in the metaverse is perfectly reasonable. For investors in real assets, these shifts matter a lot. The way people choose to live and work ultimately shapes cities and where capital flows. It’s fascinating to watch these patterns evolve, the choses people make and a reminder that understanding people can sometimes be just as important as understanding spreadsheets.
If you’re a university student or early-career professional pursuing a career in investment management and advice, register for Career Connect today and we’ll match you with experienced investors like Joycelin for 1:1 career conversations.
We’re always looking for more great mentors too so if you’re an investor or adviser with a passion for supporting emerging talent, come join us as a mentor. Just one 45-minute virtual conversation could ignite someone’s career!
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If there is one thing I would say to my younger self, it would be to be a little more courageous - say yes to opportunities and ask “why not?” rather than overthinking.