At the Texas County & District Retirement System (TCDRS), we help provide more than 290,000 Texans with retirement, disability and survivor benefits. TCDRS is one of the best funded retirement systems in the nation with more than $29 billion of assets under management. Our unique features keep us financially strong.
How we’re different
We are savings based: Members save for their own retirement over the length of their careers. The TCDRS benefit is based on the total final savings balance and employer matching.
We are responsibly funded:Our employers pay 100% of their required contribution rate each year. This ensures that funds are there when needed.
We offer flexibility and local control: TCDRS is not a one-size-fits-all system. TCDRS employers can choose benefit levels to meet their needs and budgets.
What we need
The Director-Credit will work with TCDRS’ Chief Investment Officer, Associate Manager-Credit, and investment consultant to oversee the trust’s credit portfolio. This portfolio consists of direct lending, distressed debt, high-yield bond and opportunistic credit strategies.
What you’ll do
Direct credit team & due diligence process; make manager retention recommendations to CIO
Develop and maintain relationships with GPs, LPs, consultants, industry associations, etc.
Review fund PPMs, LPAs, and consultant reports within established due diligence process for evaluating prospective investment opportunities; work with legal counsel and CIO to negotiate legal terms and conditions in LPAs and side letters
Travel to meet with fund managers to conduct on-site due diligence; attend annual meetings/investor days as needed.
Monitor credit investments/managers, review fund reports, maintain ongoing due diligence process, understand valuation methodologies, etc.
Prepare quarterly reports: analyze exposure and attribution by sector, region, market cap, style, and capital structure; review changes to funds and firms; analyze investment strategy for style drift; review documents for major shifts in fund exposures, assets under management, liquidity issues, etc.
Stay abreast of current market conditions and best industry practices
What you should have
Bachelor’s degree from an accredited college or university in field related to finance, economics, or accounting; MBA preferred
Ten years of experience managing/monitoring investments
Two years of work with legal counsel to negotiate terms & conditions in credit fund partnerships
Attainment of or progress toward CFA or CAIA certification is preferred
Must be able to communicate effectively and interact confidently with senior investment and management professionals
What you’ll get
TCDRS offers a competitive salary, excellent benefits and a dynamic work environment in Austin, Texas, overlooking Zilker Park. This is not just a job, but a chance to help thousands of Texans plan for the future.
What to do next
If this sounds like you, submit your resume, cover letter, and compensation requirements to InvJobs@tcdrs.org. Please refer to the job title in the subject line of your email.
Additional Salary Information: commensurate with experience
About Texas County & District Retirement System
Texas County & District Retirement System (TCDRS) helps provide more than 290,000 Texans with retirement, disability and survivor benefits. TCDRS is one of the best funded retirement systems in the nation with more than $29 billion of assets under management.