# Texas Municipal Retirement System

Texas Municipal Retirement System is a Pension Fund based in Austin, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Austin, United States
- **Region:** North America
- **Address:** 2717 Perseverance Drive, Suite 300, Austin, TX, United States
- **Founded:** 1947
- **Assets under management:** 47000 (Altss estimate)
- **Website:** tmrs.com
- **LinkedIn:** https://www.linkedin.com/company/texas-municipal-retirement

## About

Texas Municipal Retirement System (TMRS) operates a statewide public retirement system established in 1947. TMRS provides lifetime income, disability benefits, and death benefits to employees, retirees, and beneficiaries of participating Texas cities. It manages assets for public servants across Texas.

## Sectors

- Real Estate
- Infrastructure
- Private Equity
- Venture Capital
- Public Equities

## People

- Debbie Muñoz — Chief Executive Officer
- Yup S. Kim — Chief Investment Officer
- Bill Philibert — Chair of the Board of Trustees
- Amol Deshpande — Managing Director, Head of Direct Investments
- Tom Masthay — Deputy Chief Investment Officer

## Questions

### Who runs investment decisions at Texas Municipal Retirement System?

Yup S. Kim serves as Chief Investment Officer. Amol Deshpande heads direct investments. Tom Masthay acts as Deputy Chief Investment Officer.

### Does Texas Municipal Retirement System participate in fund commitments or only direct deals?

TMRS makes both fund commitments and direct investments. Examples include multiple real estate funds and private equity vehicles such as HarbourVest TMRS Polaris SMA.

### What asset classes does Texas Municipal Retirement System target?

The system allocates to public equities, real estate, infrastructure, private equity, and venture capital. It also holds inflation-sensitive assets including TIPS and commodities.

### Which regions does Texas Municipal Retirement System invest in?

Investments concentrate in the United States with additional exposure in Europe and other global markets through infrastructure and private equity holdings.

### How is Texas Municipal Retirement System governed?

A Board of Trustees chaired by Bill Philibert oversees the system. Debbie Muñoz serves as Chief Executive Officer with day-to-day operations managed by the executive team.

### What service providers support Texas Municipal Retirement System?

State Street acts as custodian. NEPC provides investment advisory services. Gabriel, Roeder, Smith & Company serves as actuary and CliftonLarsonAllen as auditor.

### Does Texas Municipal Retirement System maintain external memberships?

TMRS belongs to TEXPERS, NASRA, NCPERS, and the Public Pension Coordinating Council, which recognized it with the 2024 Public Pension Standards Award.

## Related profiles

- [GoldenTree Asset Management Retirement Plan](https://altss.com/profile/goldentree-asset-management-retirement-plan)
- [NH Investment & Securities](https://altss.com/profile/nh-investment-securities)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/texas-municipal-retirement-system

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