The Texas Municipal Retirement System (TMRS) is a statewide public retirement system established in 1948 to provide retirement, disability, and death benefits to employees and retirees of participating Texas cities. TMRS manages $36 billion in assets for more than 925 Texas cities. We pride ourselves on offering excellent compensation and benefits, including competitive salaries, comprehensive medical, dental, and vision insurance at no cost for employees, flexible scheduling, twelve paid holidays, a modern and centrally located office, a generous leave program, remote work opportunities, and membership in the TMRS pension plan. Who We Are Looking For TMRS is seeking a dynamic Managing Director to spearhead the sourcing, selection, execution, and oversight of our private real assets portfolio. Our asset allocation aims for 18% in private real assets (12% real estate, 6% infrastructure). Successful candidates will demonstrate a robust track record in fund and direct investment, effective leadership skills, and a talent for motivating and guiding teams. In addition to focusing on real assets, you'll play a key role in our overall portfolio management efforts across all Trust Fund investments. The Role You Will Play Lead and oversee the management of real assets, including fund selection, direct investments, and portfolio construction. Mentor and train team members to enhance their skills and investment knowledge. Negotiate investment contracts for both funds and direct investments, ensuring beneficial terms. Participate in investment team committees to make informed decisions collaboratively. Engage in discussions regarding the portfolio and capital markets, contributing valuable insights. Support cross-functional initiatives within the investment department, including policy development, financial reporting, and legislative considerations. Education and Experience Bachelor's degree in finance, economics, accounting, or a related field; an advanced degree (MBA, Master of Finance) or certification (CFA, CAIA) is preferred but not required. Over ten years of investment-related experience in roles such as investment banking, management consulting, or fund and direct investing at the GP/LP level, with significant management experience. Proven passion and distinguished reputation for direct/co-investing and joint venture partnerships, coupled with strong analytical and modeling skills. Demonstrated history of decisive fund/direct investing and thought leadership. Willingness and ability to travel approximately 20% of the time. Qualities We Are Looking For Purpose-driven mindset: A commitment to public service and the importance of public retirement systems, recognizing the impact our work has on members, retirees, and their beneficiaries. Intellectual curiosity and passion for investing: Eager to engage with complex topics, both qualitatively and quantitatively, and enjoy collaborative discussions. Competitive streak with humility: Motivated to identify exceptional investments while embracing opportunities for learning and growth from past experiences. Team Orientation: Ability to share ideas and engage in constructive debate, valuing integrity, collegiality, and approachability. Effective communication: Proficient in listening and articulating ideas clearly, with a talent for engaging in meaningful dialogue. What You Can Expect A competitive salary ranging from $300,000 to $450,000, based on experience and qualifications. Comprehensive benefits package, including medical, dental, and vision insurance at no cost, participation in the TMRS pension benefit, and twelve paid holidays. Support for professional growth and development through financial assistance for educational programs and training. An investment team that encourages rapid learning through diverse responsibilities and interactions with our total investment portfolio. Physical Requirements Sedentary work requiring the ability to exert up to 10 pounds of force. You must be able to safely and successfully meet the essential job functions in accordance with federal, state, and local standards, including maintaining productivity standards.