Managing Director, Real Assets

Who we are

The Texas Municipal Retirement System (TMRS) is an award-winning statewide public retirement system that provides retirement, disability, and death benefits to more than 220,000 employees, retirees, and their beneficiaries of 938 participating Texas cities. TMRS staff is passionate about providing Texas public servants, who have contributed so much to their communities and improved the lives of so many, with a secure lifetime monthly retirement benefit.

Who we are looking for

TMRS is currently hiring a talented Managing Director to lead sourcing, selection, execution, and management efforts for TMRS’ private real assets portfolio. TMRS’ asset allocation has a target of 18% to private real assets (12% real estate, 6% infrastructure). Competitive candidates will have a track record of fund and direct investment experience, a history of leadership and mentoring, and an instinct for being an organizational and motivational force within a team construct. Beyond real assets, the role will contribute to teamwide portfolio management efforts across all Trust Fund investments. The position is based in Austin, TX.

The role you will play

• Lead and provide oversight for the team’s real assets management efforts across fund selection, direct investments, and portfolio construction.
• Provide management, mentorship, and training for colleagues.
• Negotiate investment contracts for funds and direct investments.
•  Participate as a member of investment team committees.
• Contribute to teamwide conversations regarding the portfolio and capital markets.
• Support cross functional efforts of the investment department including policy, financial reporting, and legislative matters.

Education and Experience

• Bachelor’s degree in finance, economics, accounting, or related field. Advanced degree (MBA, Master of Finance, etc.) or certification (CFA, CAIA) preferred but not required.
• Ten-plus years of investment-related and decision-making experience (investment banking, management consulting, fund and direct investing at a GP/LP). Management experience required.
• Passion and distinguished reputation for direct/co-investing/JV partnerships. Strong research, modeling and analytical skills.
• Demonstrated track record of fund/direct investing and thought leadership.
• Ability to travel approximately 20%.

Qualities we are looking for

• 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.

What you can expect

• Competitive salary ranging from $300,000 to $450,000 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.

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.

Salary : $300,000 - $450,000