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 $36 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:
A Head of Private markets to support our portfolio implementation efforts. 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%). 40% of the total portfolio is currently invested in private markets. You will be expected to have a demonstrated track record of investing in 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.
- Manage a team of four, including the Portfolio Directors of Private Equity, Infrastructure, and Direct Investments, and an analyst to support analytical efforts. TMRS’ portfolio management team consists of 13 individuals.
- Be a voting member of the four-person Staff Investment Committee 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.