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Head of Private Markets

Job Details

Texas Municipal Retirement System - Austin, TX
Full Time
4 Year Degree
Up to 25%

TMRS Overview:

The Texas Municipal Retirement System (TMRS) is a statewide public retirement system established in 1948 to provide retirement, disability and death benefits to employees and retirees of participating Texas cities. TMRS manages $40 billion in assets for more than 925 Texas cities. TMRS provides excellent compensation and benefits. Benefits include competitive compensation, medical, dental and vision insurance provided at no cost for employees, flexible scheduling, twelve paid holidays, a modern and centrally located office, a generous leave program, remote work opportunities, and membership in TMRS’ pension plan.


Who we are looking for:

TMRS is currently hiring a talented Head of Private Markets to lead the private markets team in Austin. The role will be leading TMRS efforts in sourcing, selecting, executing, and managing a global private markets portfolio of scale. TMRS’ asset allocation has a target of 48% private markets, including private equity (13% target), private credit (13%), real estate (12%), infrastructure (6%), and other private markets (4%). 44% of the total portfolio is currently invested in private markets. You will be expected to have a demonstrated track record of fund and direct investing across multiple private market asset classes, a history of leadership and mentoring, and an instinct for being an organizational and motivational force within a team construct. Beyond private markets, the role will contribute to teamwide portfolio management efforts across all TMRS’ investments.


The role you’ll play:

  • Lead and provide oversight for the team’s private market portfolio management efforts across fund selection, direct investments, and portfolio construction.
  • Direct reports will include the Portfolio Directors of Venture/Growth, Buyouts, Real Estate/Infrastructure and Direct Investments. TMRS’ portfolio management team consists of 15 individuals.
  • Be a voting member of the four-person Staff Investment Committee (“SIC”) that includes the CIO, Deputy CIO, and Head of Public Markets.
  • Provide management, mentorship, and training for colleagues.
  • Negotiate investment contracts for funds and direct investments.
  • Contribute to teamwide conversations regarding portfolio management and capital markets.
  • Support cross functional efforts of the investment department including policy, financial reporting, and legislative matters.

Qualities we seek:

    • Purpose-driven mindset. You have a dedication to public service and public retirement systems. The work we do matters in the lives of our members, retirees, and their beneficiaries.
    • Intellectual curiosity and a passion for investing. You are curious and can get up to speed on complex topics both qualitatively and quantitatively, fast. You love hallway discussions.
    • Competitive streak with humility. You are driven by the goal of finding great investments and are willing to put in the work to make it happen. Likewise, you also value having the space to admit mistakes and are driven to learn from them.
    • Team Orientation. We process information and ideas as a team. You are comfortable with and willing to contribute contrarian ideas. You pride yourself on integrity, collegiality, kindness, and not taking yourself too seriously.
    • Effective communication. You know when to listen, how to question, and have a proven ability to get your point across.


What qualifications you should have:

  • Bachelor’s degree in finance, economics, accounting, or related field. Advanced degree (MBA, Master of Finance, etc.) or certification (CFA, CAIA) preferred but not required.
  • Ten-plus years of investment-related and decision-making experience (investment banking, management consulting, fund and direct investing at a GP/LP). Management experience required.
  • Passion and distinguished reputation for global private markets direct/co-investing. Strong research, modeling and analytical skills.
  • Demonstrated track record of fund/direct investing and thought leadership.
  • Ability to travel approximately 20%.


Compensation, benefits, and career development we offer:

  • Competitive salary ranging from $300,000 to $450,000 depending on experience and qualifications.
  • TMRS offers competitive compensation with medical, dental and vision insurance provided at no cost to employees, participation in TMRS’ retirement pension benefit, twelve paid holidays, and a new centrally located office.
  • TMRS promotes employee growth and development by financially supporting educational and training programs.
  • The TMRS investment team supports employee growth and development through a team structure that intends to move individuals up learning curves quickly though depth of manager relationship responsibility and breadth of interaction with TMRS’ total investment portfolio.


Physical Requirements:

Sedentary work: Exerting up to 10 pounds of force. Ability to safely and successfully perform the essential job functions consistent with federal, state, and local standards, including meeting qualitative and/or quantitative productivity standards.