Portfolio Manager - Private Credit

Texas Municipal Retirement System; Austin (TX); On-site; USD 85,000 - 115,000; Full time

Benefits offered by this job

Competitive pay based on experience

Participation in TMRS pension plan with 2:1 organization match

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

Generous leave and 12 paid holidays

Modern office in centrally located Austin

Job summary

The Texas Municipal Retirement System in Austin, TX, is hiring a Portfolio Manager to oversee fixed income investments and private credit portfolios within a $44 billion Trust Fund. This role will involve sourcing opportunities, conducting due diligence, and developing investment recommendations. Strong analytical skills and a collaborative mindset are essential to effectively contribute to the investment department.

The successful candidate will have at least a Bachelor’s degree in a relevant field and two years of experience in finance or credit analysis. Excellent communication skills and a commitment to public service are crucial.

Qualifications

• Two or more years of experience in manager selection, fixed income, or credit analysis.
• Ability to travel.
• Certification (CFA, CAIA) preferred.

Responsibilities

• Source and evaluate investment opportunities for private credit.
• Lead due diligence and present recommendations.
• Monitor and analyze portfolio performance.

Skills

Investment analysis

Due diligence

Negotiation

Financial reporting

Effective communication

Education

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

Job description

Location: Texas Municipal Retirement System - Austin, TX 78731. Position Type: Full Time. Category: Finance.

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: Motivated by public service and finding meaning in supporting retirement security for employees and retirees across more than 940 Texas cities.
• Intellectual Curiosity & Critical Thinking: Passionate about investing, eager to dig into complex topics, and able to analyze issues from both qualitative and quantitative angles.
• Drive with Humility: Brings initiative, grit, and a competitive spirit to finding the best investments, while also having humility to learn and adjust.
• Team Orientation: Thrives in a collaborative environment, respects diverse viewpoints, and approaches colleagues with integrity, kindness, and collegiality.
• Effective Communication: Knows when to listen, how to ask the right questions, and can clearly share 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.)

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.