January 6, 2026
TMRS Appoints New Chief Investment Officer
TMRS is proud to announce the promotion of Tom Masthay as its new Chief Investment Officer. Masthay succeeds Yup Kim, who resigned from his role as CIO.
Masthay joined TMRS in 2015 as Director of Real Assets and has since held the roles of Director of Private Equity and Deputy Chief Investment Officer. During Tom’s tenure, real assets grew from $2B to $9B, private equity expanded from zero to $7B, and the TMRS Trust Fund doubled from $24B to $48B.
Tom’s promotion is the culmination of the leadership and stability he has provided TMRS’ investment program for the last decade. The organization and I look forward to Tom stepping into his new role, and continuing to drive growth, innovation, and long-term security for our members.”
Debbie Muñoz, TMRS Executive Director
Masthay received an MBA and BBA in Finance from the University of Kentucky. Masthay also holds the Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA), and Financial Risk Manager (FRM) professional designations.
TMRS would like to thank Yup Kim for his contributions and dedication during his tenure as CIO and wish him much success in his future endeavors.
September 8, 2025
Hester Cai Recognized as One of Pension & Investments Influential Women in Institutional Investing
TMRS is proud to announce Hester Cai’s recognition as one of Pension & Investments 2025 Influential Women in Institutional Investing.
Hester is the Portfolio Director of Credit at TMRS and a vital part of the investments team.
Please help us in congratulating Hester in her hard work and achievements.
See Hester’s Pensions & Investments recognition here.
August 22, 2024
Joel Palmer Named 2024 NextGen Leader by Pensions & Investments
Joel was selected for Pension & Investments’ 2024 class of 15 NextGen Leaders in the defined contribution industry. As a NextGen leader, Joel attended a two-day summit to engage with, and learn from, industry leaderson topics central to institutional investment success.
Joel was selected from a nationwide search of plan sponsors in their first decade of experience as an institutional investor who are distinctly equipped to benefit from direct engagement with industry insiders and peer-to-peer networking. Joel’s selection highlights his position as a rising star within TMRS and the institutional investment ecosystem.
"Joel leverages his career and experience at some of the most innovative tech companies to contribute to TMRS’ private markets portfolio in an impactful and truly differentiated way. Joel is an incredibly reliable colleague and culture carrier for TMRS. We are so lucky to benefit from his work ethic, positive demeanor, and can-do attitude." - David Wescoe, Executive Director, TMRS
August 12, 2024
Darren Schlissel Honored on CIO Magazine's 2024 NextGen List
TMRS is excited to share that Darren Schlissel, Senior Director and Head of Credit is honored on CIO Magazine's 2024 NextGen list. Darren’s forward-thinking approach, exceptional talent, and commitment to securing the best investment outcomes for our members are a testament to the expertise of the TMRS investment program. We're fortunate to have such a rising star on our team.
Congratulations, Darren! Read more about the 2024 CIO NextGen here.
June 12, 2024
Monica Huffer Receives 2024 Rising Star Award
Monica Huffer was honored as one of five 2024 Outstanding Women in Texas Government by Governor Abbott and the Governor’s Commission for Women.
Monica not only excels in her role as an investor but also dedicates countless hours and resources to organizations focused on serving those in need. She is an active member of the Junior League of Austin, a member and financial sponsor of Compassion International, supports the International Justice Mission, and serves on the grant finance committee and grant review board of Impact Austin, a women's collective giving organization, funding Central Texas nonprofits.
Executive Director David Wescoe said, “Monica's academic career, her rapid professional advancement and achievement, and her numerous community activities…make her a deserving recipient of the 2024 Rising Star award. And if the past is indeed prologue, Monica's potential for future success is unlimited.”
“It is incredibly rare for an investor to shine brightly on all elements of humility, character, dedication and intellectual curiosity - Monica is that rare talent. Her extraordinary commitment to TMRS members helps our entire team become better world-class investors every day,” notes Chief Investment Officer Yup Kim.
Please join us in celebrating this remarkable leader who will surely make a meaningful difference in the lives of Texans in the years to come. For more details about the awards, read the official press release.
May 13, 2024
Ngoc Can Honored for Alpha Generation and as Future 40 Leader
Ngoc Can was selected from over 250 distinguished nominees to be honored by Private Equity International (PEI) as one of 40 exceptional private equity professionals under 40 years old. PEI’s annual award highlights professionals whose dedication to investment excellence set an example in best practices. Ngoc was concurrently recognized by Institutional Investor as 2024’s model of excellence in Private Equity Alpha Generation for her work in spearheading TMRS’ global co-investment efforts.
"The honorees represent a diverse spectrum of expertise and innovation within the industry. Their visionary approaches and strategic acumen have significantly influenced the landscape of portfolio construction, setting new standards of excellence." - Institutional Investor
"The judging process was as difficult as ever…. [the selected] 40 individuals stood out for their technical skill, leadership qualities, client lists, sense of innovation, and much more..“ - Private Equity International