Investment pros wanted at Maryland, Minnesota, Texas pensions

Opportunity knocks at pension systems in Maryland, Minnesota and Texas, with lucrative investment job opportunities that come with salaries ranging from about $151,000 to $250,000, depending on the position.

The Maryland State Retirement and Pension System is on the lookout for a senior portfolio manager to help lead its emerging manager program. The pension, which had reached $70.4 billion last September, also has launched a search for a new chief investment officer to replace CIO Andrew Palmer when he retires later this year.

Other plum jobs include a private markets investment officer at the Minnesota State Board of Investment and a private equity portfolio manager at the Texas Municipal Retirement System. Altogether these roles, combined, could involve managing at least $32 billion in private equity or private market assets.

Maryland SRPS: The emerging manager senior portfolio manager role has an expected salary of about $151,685 to $227,528. You’ll lead outreach and sourcing and interact with managers for the Baltimore-based pension’s emerging manager program, named Terra Maria. The program has been around since about 2007 and covers both public and private markets. To qualify for the program, private equity managers should manage less than $2 billion in assets, have a target on their fund of up to $500 million, and have raised three or fewer funds. Candidates for the senior portfolio manager position need seven years of relevant investment experience. The new manager will report to the deputy chief investment officer, which has recently been a joint role filled by Robert Burd and Thomas Kim.

Minnesota SBI: The private markets investment officer may earn an annual salary of about $158,708 to $224,961. The role, based in St. Paul, involves research, due diligence, portfolio evaluation and risk management. You’ll need at least five years of relevant experience. The Minnesota State Board of Investment managed about $149.9 billion at the end of September 2024, including about $97.6 billion from the combined funds representing three state retirements systems. Private markets, which include private equity, private credit, resources and real estate, comprised nearly 24 percent of assets in the combined funds.

TMRS: The private equity portfolio manager position includes an expected salary of about $175,000 to $250,000. In this Austin-based job you’ll source, monitor and manage the global private equity portfolio, including co-investments. Applicants should have at least four years of relevant investment-related experience. The Texas Municipal Retirement System manages about $44 billion in assets, of which about $5 billion is directed to private equity.

Officials at the three pensions could not be reached for comment at press time to learn more about the positions, and it was not immediately clear if the jobs include potential bonus opportunities.