Any details on what this job can lead to?

I've come across a position at a pension plan, working in their private equity group but it does not seem that this would be considered "private equity" per se. The job description says that the candidate will be working in a team that's a distinct functional area from the team that actually negotiates and closes transactions. Instead, the candidate will be working more in terms of managing the portfolio companies that the pension has already acquired. So this would include things like maintaining financial models that value the portfolio companies, preparing variance analysis in terms of the portfolio company's performance, do some research to develop action plans on matters affecting the portfolio companies (i.e. taxes, law, regulation, etc).

From my understanding this would lead to a portfolio management job, but it seems different than portfolio management where you have a portfolio of stocks or fixed income, instead it seems to be portfolio management for wholly owned subsidiaries/investments made by the pension plan.

What kind of opportunities can this lead to in the future? What's the comp, lifestyle, etc like?