Texas Municipal’s new CIO touts four private market openings

The Texas Municipal Retirement System’s new chief investment officer is promoting a batch of private equity and private credit positions at the pension. That includes a head of private markets spot open since last fall and whose compensation package appears to have grown sweeter.

Meantime, California Public Employees’ Retirement System has begun searching for a private equity investment director, while we’ve been preparing to report on the search by Johns Hopkins University for a managing director of private markets. You can still see a job description here, although this morning when we checked the university job board we saw that “this position is on-hold, has been canceled or has been filled.” Johns Hopkins University also seeks an investment analyst to help with due diligence of managers of public and private equity and private credit, among other duties.

Together the remaining openings provide some welcome news to job seekers, who otherwise face a tightening PE job market.

Yup S. Kim, who took the helm at the Austin-based TMRS earlier this year after serving as the head of investments for private equity at the California Public Employees’ Retirement System, wrote in a LinkedIn post this week that the $40 billion pension seeks a head of private markets, a portfolio director of buyouts and portfolio managers of co-investments and private credit. At least two of the positions—head of private markets and portfolio manager of private credit—have been advertised previously with lower salaries.

“Our success begins and ends with talent,” wrote Kim in his post. “If you are committed to the core tenets of humility, drive and intellectual curiosity—join us, as we endeavor to build a world-class investment team and purpose-built portfolio that every Texan can truly be proud of.”

We were unable to get comments from TMRS, CalPERS and Johns Hopkins University by press time about the positions.

The Portfolio Team: The TMRS portfolio management team has about 15 members. Private markets make up about 44 percent of the TMRS portfolio, with an asset allocation target of 48 percent. That includes private equity, private credit, real estate, infrastructure and other private markets.

Head of Private Markets: The head of private markets will lead sourcing, fund selection, direct investments, portfolio construction and other efforts. Candidates need at least 10 years of investment-related experience that includes management. If hired, you could earn a salary of about $300,000 to $450,000. A posting last fall for ostensibly the same position listed a salary range of about $250,000 to $325,000. The head of private markets serves on the investment committee with Kim, Deputy CIO Tom Masthay and the head of public markets. Direct reports include portfolio directors of buyouts, direct investments, real estate/infrastructure and venture/growth.

Buyouts Director: The portfolio director of buyouts will help lead a team that sources, evaluates, and manages a portfolio that makes up about 70 percent of the TMRS private equity portfolio. Candidates need at least five years of institutional investment-related experience. The job comes with a salary of about $250,000 to $375,000.

Portfolio Managers: The portfolio managers of co-investments and private credit will source opportunities, work on due diligence and perform other duties. Candidates need at least four years of relevant investment experience. The expected salary for either position is about $180,000 to $270,000. A posting earlier this year for a TMRS portfolio manager of private credit gave a salary range of $144,000 to $200,000.

CalPERS Private Equity: The private equity investment director will help administer part of the program and coordinate with staff. The job may be hybrid, with up to two days of remote work and at least three days onsite each week. If hired, you could earn an annual salary of about $240,750 to $401,250. The $491 billion pension fund said last week that it would increase its target allocation to private equity to 17 percent, giving it room to invest another $14.7 billion in the asset class. It also raised its target allocation to private credit to 8 percent.

––Michelle “Moe” Saxton

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