Private Markets Portfolio Manager

Texas Municipal Retirement System (TMRS)
Texas Municipal Retirement System, Austin, Texas
Competitive salary ranging from $117,000 to $158,000 or greater DOE
04 May 2022
03 Jun 2022
Employment Type
Full Time

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 over $36 billion in Trust Fund assets for more than 900 Texas cities. 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.

Job Summary: 

Reporting to the Deputy CIO, the Portfolio Manager will be a part of the private markets team responsible for executing private equity, real estate, private credit and other private market strategies. The private market portfolio is targeted to be 44% of total Trust Fund assets across all private strategies and utilizes external investment managers to execute the Board directed asset allocation.

Responsibilities include, but are not limited to, the following:

  • Implementing Board-approved investment policies in private market portfolios to generate net investment returns that meet or exceed policy benchmarks over a rolling 5-year period.
  • Working with the Deputy CIO, Staff Investment Committee and Board Consultants to develop and recommend private market strategies consistent with approved risk guidelines.
  • Identifying external private market managers and strategies which generate above median net investment returns.
  • Working with internal investment, compliance and legal staff and Board Consultants to ensure that policies and procedures provide adequate controls to safeguard Trust Fund assets.
  • Keeping the CIO and Deputy CIO apprised of private market investment matters that merit increased attention.
  • Contributing to investment department strategic planning to ensure private market investments, structure and staffing are aligned with TMRS’ overall investment program goals.

Education and Experience:

  • Bachelor’s degree in finance, economics, accounting or related field; master’s degree preferred.
  • Four or more years of progressively responsible experience in institutional investment management, including relevant institutional investment management or consulting experience.
  • An understanding of capital markets, investment strategies, principles and practices of institutional investing, investment operations and investment policy development.
  • Dedication to public service and public retirement systems.

Certifications in one or more of the following is preferred:

  • Chartered Financial Analyst (CFA)
  • Chartered Alternative Investment Analyst (CAIA)

Physical Requirements:

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

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