Chris Schelling is joining the Texas Municipal Retirement System as its first director of private equity, said Bill Wallace, spokesman for the $23.4 billion pension fund.
Mr. Schelling will start at the Austin-based pension fund in January. The pension fund has not made any private equity investments yet but has a 5% target allocation to the asset class. Mr. Wallace said there are no searches planned.
Mr. Schelling is currently the deputy chief investment officer and director of absolute-return strategies at the $16 billion Kentucky Retirement Systems. Mr. Schelling will report to T.J. Carlson, chief investment officer at Texas Municipal Retirement System. Mr. Carlson was formerly the chief investment officer at KRS.
Mr. Schelling’s last day at the Frankfort-based pension fund is Friday, said David Peden, chief investment officer at KRS.
Mr. Peden said it’s likely a search will be conducted for Mr. Schelling’s replacement.