Fixed Income
Diversifying risk, providing liquidity, and enhancing returns through selective credit risk
Program Summary
TMRS’s fixed income investments seek risk-adjusted returns across liquid and private opportunities. Staff focuses on managers with innovative and differentiated product offerings, strong underwriting track records and the ability to optimize unique product offerings for the plan’s risk, return, and desired liquidity profile. We consider partnerships in unique fund structures and co-investment opportunities where the ability to think creatively outside the box can create valuable partnerships over time. Credit investment strategies generally target developed markets with a North-American bias, and span the spectrum of liquidity, complexity, leverage, and duration.
Assets Under Management
Total Fixed Income Target Allocation
Target Private Credit Allocation
TMRS Approach
1.Partnership First: TMRS partners with institutional managers with a track record of attractive benchmark-relative returns and underwriting excellence.
2.Aligned, Scalable Capital: TMRS participates alongside GPs in a variety of structures. Managers will have a partner aligned to scale strategies across multiple verticals.
3.Stable, Future-Oriented Team: TMRS evaluates returns relative to benchmarks across an extended horizon, including performance through multiple credit market cycles.
4.Flexible Execution: Team capabilities are relatively unconstrained by structure, tenor, rating, and complexity, thus enabling a diverse portfolio of return-seeking strategies.
Investment Criteria
Thematic Priorities
Banking Consolidation
Liquidity Dislocations
Leveraged Credit
