Portfolio Manager - Private Credit

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.

What we’re looking for

TMRS is currently hiring a talented Portfolio Manager to join TMRS’ Fixed Income team in Austin. The role will be sourcing, evaluating, executing, and managing a public and private credit portfolio with co-investments globally. The Fixed Income team’s mission is to provide the total fund with attractive exposures across the global fixed income spectrum and grow the private credit portfolio targeted to represent 13% of TMRS’ $40 billion of total Trust Fund assets. The role will contribute to teamwide portfolio management efforts across all TMRS’ investments through weekly portfolio management meetings and deal-team collaboration. 

The role you’ll play

• Source investment opportunities, perform due diligence, and develop recommendations on fund and direct co-investment opportunities
• Manage negotiation, execution, and monitoring of investment management agreements and limited partnership, SMA and co-investment vehicles.
• Exercise strong investment acumen and judgement and take full responsibility for external partner engagement.
• Contribute to teamwide conversations regarding total portfolio management and global capital markets.
• Support cross functional efforts of the investment department including policy, financial reporting, and legislative matters.

Qualities we expect

• Purpose Driven. You have a dedication to public service and public retirement systems. TMRS is a statewide public retirement system that provides retirement, disability, and death benefits to employees and retirees of more than 925 participating Texas cities. 
• 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 consider and 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.
• Efficiency and process oriented.  You systematically use collaboration tools and strive to create scalable processes, recognizing each are key ingredients to enhancing investment results.

What qualifications you should have

• Bachelor’s degree in finance, economics, accounting, or related field.
• Four or more years of investment experience (global fixed income, fund investing, direct investing and/or credit analysis.)
• Passion for global credit investing and interest in both fund and direct investments. Strong research, modeling and analytical skills.
• Advanced degree (MBA, Master of Finance, etc.) or certification (CFA, CAIA) preferred but not required.
• Proactive self-starter, able to work independently and develop a point of view.
• Willingness to travel (10-25% of time).

Compensation, benefits, and career development

• Competitive salary ranging from $180,000 to $270,000 depending on experience and qualifications. 
• 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.
• 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.

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.