Thomas Masthay was promoted to director of private equity by the $31.5 billion Texas Municipal Retirement System, Austin.
Mr. Masthay replaces Christopher M. Schelling, CIO T.J. Carlson said in an email.
Mr. Schelling left TMRS in March and will join alternative investment manager Windmuehle Funds on April 27.
Mr. Masthay previously was director of real assets, which includes real estate and real return strategies.
"Tom has been a leader at TMRS, not just in his area of responsibility for real assets, but on the investment team in general. I have the utmost trust and confidence in him and his ability to continue the outstanding work Chris and the private equity team have done over the past five years in building out the current portfolio," Mr. Carlson said.
TMRS' private equity portfolio totaled $898 million as of Dec. 31, equivalent to 2.9% of plan assets. The system's target allocation to private equity is 5%, an investment report showed.
Edbert R. "Eddie" Schultz was promoted to replace Mr. Masthay as director of real assets. He had been assistant director of the portfolio team.
Mr. Carlson said TMRS will begin recruiting for Mr. Schultz's replacement.
The system's real assets portfolio totaled $6.1 billion as of Dec. 31, with $3.4 billion committed or invested in real return strategies and $2.7 billion in real estate.
The real return portfolio's actual allocation as of same date was 11% vs. the 10% target while the real estate portfolio's actual allocation was 8.5% compared to its 10% target, the investment report showed.