Director - Credit
Who we are
At the Texas County & District Retirement System (TCDRS), we help provide more than 282,000 Texans with retirement, disability and survivor benefits. TCDRS is one of the best-funded retirement systems in the nation with more than $29 billion of assets under management. Our unique features keep us financially strong.
How we’re different
- We are savings based: Members save for their own retirement over the length of their careers. The TCDRS benefit is based on the total final savings balance and employer matching.
- We are responsibly funded: Our employers pay 100% of their required contribution rate each year. This ensures that funds are there when needed.
- We offer flexibility and local control: TCDRS is not a one-size-fits-all system. TCDRS employers can choose benefit levels to meet their needs and budgets.
What we need
The Director-Credit will work with TCDRS’ Chief Investment Officer, Associate Manager-Credit, and investment consultant to oversee the trust’s credit portfolio. This portfolio consists of direct lending, distressed debt, high-yield bond and opportunistic credit strategies.
What you’ll do
- Direct credit team and due diligence process and make manager retention recommendations to CIO
- Develop and maintain relationships with GPs, LPs, consultants, industry associations, etc.
- Review fund PPMs, LPAs, and consultant reports within established due diligence process for evaluating prospective investment opportunities; work with legal counsel and CIO to negotiate legal terms and conditions in LPAs and side letters
- Travel to meet with fund managers to conduct on-site due diligence and attend annual meetings/investor days as needed
- Monitor credit investments/managers, review fund reports, maintain ongoing due diligence process, understand valuation methodologies, etc.
- Prepare quarterly reports: Analyze exposure and attribution by sector, region, market cap, style, and capital structure; review changes to funds and firms; analyze investment strategy for style drift; review documents for major shifts in fund exposures, assets under management, liquidity issues, etc.
- Stay up-to-date of current market conditions and best industry practices
What you should have
- Bachelor’s degree from an accredited college or university in field related to finance, economics, or accounting; MBA preferred
- Ten years of experience managing/monitoring investments
- Two years of work with legal counsel to negotiate terms and conditions in credit fund partnerships
- Attainment of or progress toward CFA or CAIA certification is preferred
- Must be able to communicate effectively and interact confidently with senior investment and management professionals
What you’ll get
TCDRS offers a competitive salary, excellent benefits and a dynamic work environment in Austin, Texas, overlooking Zilker Park. This is not just a job, but a chance to help thousands of Texans plan for the future.
What to do next
If this sounds like you, submit your resume, cover letter, and compensation requirements to InvJobs@tcdrs.org. Please refer to the job title in the subject line of your email.