Portfolio Manager - Co-Investments

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.

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Who we are looking for:*
TMRS is currently hiring a talented Portfolio Manager to join TMRS’ Co-Investment team in Austin. The role will be sourcing, evaluating, executing, and managing a global co-investment portfolio principally across the private markets portfolios. TMRS’ strategic asset allocation includes a 48% target for private markets across private equity, infrastructure, real estate, and credit strategies. The Co-Investment team’s mission is to provide the total fund with accretive exposures through thoughtful sourcing, selection and value-add longer-term. Beyond co-investment responsibilities, the role will contribute to portfolio-wide decision-making efforts.

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The role you’ll play:*

• Source, screen, and engage in due diligence on direct/co-investment opportunities globally across venture capital, growth equity, leveraged buyouts, private credit (direct lending, opportunistic, asset-based opportunities, structured credit), real estate and infrastructure.
• Manage negotiation, execution, and monitoring of single and multi-asset co-investment vehicles.
• Exercise strong investment acumen and judgement and take full responsibility for deepening external partner engagement.
• Contribute to total portfolio decision-making through weekly investment pipeline meeting.
• Support cross functional efforts of the investment department including policy, financial reporting, and legislative matters.

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What qualifications you should have:*

• Bachelor’s degree in finance, economics, accounting, or related field.
• Four or more years of investment or related experience (investment banking, management consulting, direct / co-investing)
• Passion for global private markets direct/co-investing. 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).

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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.

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Compensation, benefits, and career development we offer:*

• Competitive salary ranging from $180,000 to $270,000 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.

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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.

Job Type: Full-time

Pay: $180,000.00 - $270,000.00 per year

Benefits:

• 401(k) matching
• Employee assistance program
• Flexible spending account
• Health savings account
• Paid parental leave
• Prescription drug insurance
• Professional development assistance
• Retirement plan
• Tuition reimbursement

Work Location: In person