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.) 

About TMRS 

Texas Municipal Retirement System (TMRS) is a trusted partner to more than 940 cities across Texas, providing retirement, disability, and survivor benefits to over 260,000 public servants and their families. We are proud to be recognized as an example of fiduciary excellence through our management of more than $44 billion in Trust Fund assets. 

At TMRS, every role supports our mission: providing secure lifetime income to our members. Our work gives back to communities across Texas, and we take pride in doing it with integrity, accountability, and a commitment to excellence. 

Compensation and Benefits 

• Competitive pay based on experience 

• Participation in TMRS pension plan, with a 2:1 organization match. 

• Optional participation in a 457B Deferred Compensation Plan 

• Medical, dental, and vision insurance at no cost to employees 

• 12 paid holidays; generous leave 

• Modern, centrally located Austin office 

Physical Requirements 

Sedentary work: Exerting up to 10 pounds of force. Ability to perform the essential job functions safely and successfully consistent with federal, state, and local standards. 

TMRS is an Equal Opportunity Employer