Portfolio Manager - Private Credit

Position Overview

As a Portfolio Manager, you will assist in the management of various fixed income and alternative investment portfolios with a primary focus on TMRS’s private credit allocation which represents 13% of the $44 billion Trust Fund. The role includes sourcing investment opportunities, performing due diligence, developing investment recommendations, and negotiating investment transactions in sectors such as direct lending, opportunistic credit, and asset-backed private credit. You will also contribute to teamwide portfolio management discussions, analyze capital markets, and support cross-functional initiatives across the investment department in partnership with senior leadership.

Key Responsibilities

• Source and evaluate both fund and individual co-investment opportunities, lead due diligence, and present recommendations for new commitments and terminations.

• Manage negotiation, execution, and ongoing monitoring of investment management agreements and limited partnership vehicles.

• Monitor and analyze portfolio performance, prepare reports, and clearly communicate findings to leadership.

• Contribute to portfolio management discussions, including assessment of risk, returns, and capital markets trends.

• Support cross-functional initiatives across the investment department, including policy development, financial reporting, and legislative matters.

• Collaborate with internal and external stakeholders to ensure efficient, scalable processes that enhance investment decision-making.

Qualities We Look For

• Purpose-Driven Mindset: You’re motivated by public service and find meaning in supporting retirement security for employees and retirees across more than 940 Texas cities.

• Intellectual Curiosity & Critical Thinking: You’re passionate about investing, eager to dig into complex topics, and able to analyze issues from both qualitative and quantitative angles.

• Drive with Humility: You bring initiative, grit, and a competitive spirit to finding the best investments, while also having the humility to learn and adjust.

• Team Orientation: You thrive in a collaborative environment, respect diverse viewpoints, and approach colleagues with integrity, kindness, and collegiality.

• Effective Communication: You know when to listen, how to ask the right questions, and can clearly share your perspective in ways that move conversations forward.

Education and Experience

Required

• Bachelor’s degree in finance, economics, accounting, or related field.

• Two or more years of experience in manager selection, fixed income, or credit analysis.

• Ability to travel.

Preferred

• Certification (CFA, CAIA)

• Advanced degree (MBA, Master of Finance, etc.)