Portfolio Manager - Private Equity

Position Overview

As a Portfolio Manager, you will play a key role in shaping TMRS’s private equity strategy across direct investments and funds. You will invest alongside some of the best investors and management teams in the world. Day to day, you’ll lead due diligence efforts, develop investment recommendations and collaborate with colleagues across the investment team to drive portfolio performance that supports the retirement security of Texas public servants. You’ll bring to the role a passion for learning, deep curiosity about the world, a proactive and resourceful approach to solving problems and an effective communication style.

Key Responsibilities

• Source, evaluate, and execute direct/co-investments and fund investments that address existing thematic priorities (primarily within buyouts and growth equity)

  • Includes: financial analysis, industry/market analysis, primary research, manager selection diligence, investment committee materials

• Conduct research to uncover and evaluate new thematic priorities for the private equity strategy

• Develop strong relationships with existing general partners, prospective general partners and prospective management teams/companies

• Cover/monitor existing fund and company relationships, including travel for certain annual meetings or conferences

• Drive portfolio management initiatives with insightful analysis

• Surface opinions/questions on potential investments being discussed across the investment organization and contribute to portfolio decision-making

• Collaborate with investment staff on ad hoc projects and cross-functional initiatives

Qualities We Look For

• Effective Communicator: You listen carefully, ask questions effectively, and articulate your ideas clearly and concisely.

• Dependable with Deadlines: People can count on you to follow through and deliver on time.

• Self-Starter: You see what needs to be done and jump in without waiting for someone to tell you.

• Open to Feedback: You welcome input and use it as fuel to grow and improve.

• Eager to Learn: You’re always curious and ready to pick up new skills or knowledge.

• Detail-Oriented: You notice the small things that keep the big picture on track.

• Empathy and Work Ethic: You’re dependable, thoughtful, and committed to doing your best each day, especially when others are counting on you.

Education and Experience

• Undergraduate degree in relevant field

• Three or more years of investment-related experience

  • At least two years of investment banking or management consulting at a leading firm

  • At least one year of direct private equity investing experience (buyouts, growth equity or private equity co-investing)

• Passion for investing and deep desire to learn about a variety of sectors, business models and geographies

• Strong existing toolkit around research, financial modeling, business model analysis and valuation skills

• Proactive mentality with ability to work independently and act resourcefully to solve problems and research concepts

• Willingness to travel (10-20% of year)

About TMRS

Texas Municipal Retirement System (TMRS) is a trusted partner to more than 940 cities across Texas, providing retirement, disability, and survivor benefits to over 260,000 public servants and their families. We are proud to be recognized as an example of fiduciary excellence through our management of more than $44 billion in Trust Fund assets.

At TMRS, every role supports our mission: providing secure lifetime income to our members. Our work gives back to communities across Texas, and we take pride in doing it with integrity, accountability, and a commitment to excellence.

Compensation and Benefits

• Competitive pay based on experience

• Participation in TMRS pension plan, with a 2:1 organization match.

• Optional participation in a 457B Deferred Compensation Plan

• Medical, dental, and vision insurance at no cost to employees

• 12 paid holidays; generous leave

• Modern, centrally located Austin office

Physical Requirements

Sedentary work: Exerting up to 10 pounds of force. Ability to perform the essential job functions safely and successfully consistent with federal, state, and local standards.

TMRS is an Equal Opportunity Employer.