Austin, October 8, 2025 - The Texas Municipal Retirement System (TMRS) today announced plans to expand and accelerate its private investment program by committing up to $15 billion in global private market co-investments during the next five years.
A patient investor with deep experience, a long-term horizon, and thematic orientation, TMRS seeks to be the first-call capital partner for world-class investors and top management teams.
Key highlights of TMRS’s new private investment program include:
- Capacity to invest up to $15 billion during the next five years.
- Duration and structure agnostic, with ability for long-term hold.
- Investment sizing from $10 million to $200 million.
- Global portfolio construction focused on five global megatrends.
- Streamlined, flexible deal execution across co-underwrites, syndicated co-investment, secondary investments, and growth capital investments.
“TMRS’s investment team invests behind five megatrends that will shape the global economy over the next decade, led by the enduring forces of demographics, technology, and geopolitics—while also delivering meaningful cost efficiencies,” said Yup Kim, Chief Investment Officer of TMRS.
“We’ve built a world-class team in Austin with decades of direct investing experience, united by the vision of making TMRS the model public pension plan,” Kim said. “As a small, thematically oriented team, we can identify transformative trends early, act with conviction, and compound expertise internally —positioning TMRS as a partner of choice for leading investors and companies while delivering lasting value to our beneficiaries.”
To support this initiative, the TMRS investment platform has added significant capabilities and partners to streamline its deal evaluation and execution. “We have structured our investment process to drive differentiated diligence and efficient deal execution,” said Tom Masthay, Deputy CIO. “We will operate as best-in-class co-investors.”
Portfolio Construction Highlights
TMRS’s strong funded status and liquidity enable it to invest with a long-term perspective. TMRS will build its portfolio around five global megatrends and will express its thematic views across venture capital, buyouts, real assets, and structured equity/credit:
- Digital transformation: Use of software and AI to automate enterprise and consumer processes, along with the necessary tools for securing those processes and the infrastructure to support the digital shift.
- Healthcare innovation: Discovery, development, and production of novel therapies, as well as software and data tools that drive greater alignment of healthcare stakeholders.
- Industrial resilience: Products and services that strengthen and secure supply chains in critical industries.
- Energy modernization: Energy and power solutions across production, transmission, and distribution.
- Financial empowerment: Financial technology, wealth management, and insurance tools that help individuals and institutions navigate the changing financial landscape.
TMRS Thematic Focus Areas
| Venture Capital / Growth Equity | Buyouts / Mature Businesses | Real Assets | |
| Digital Transformation | Applied enterprise AI and enabling security/infrastructure | Core systems of record and vertical software targeting complex workflows | Data centers for storage and inferencing, private cloud, satellite/fiber broadband |
| Healthcare Innovation | AI-enabled healthcare solutions and advanced life sciences manufacturing | B2B healthcare software/services and biopharma supply chain | Pharma R&D, manufacturing, storage, and distribution |
| Industrial Resilience | Industrial automation/robotics and aerospace innovation | Automation tools and complex supply chain equipment/services | Critical minerals and industrial real assets |
| Financial Empowerment | Payments infrastructure and CFO tech stack | Asset-light financial services and insurance | Affordable housing and public-private partnerships |
| Energy Modernization | Power grid technologies | Power and infrastructure services | Demand response, district energy, electrification minerals, and utilities/LDCs |
TMRS is positioning its private investments portfolio to benefit from secular trends that are poised to shape the global economy over the next decade, while grounding the portfolio in a disciplined approach to risk management.
“We look to invest in companies leading or disrupting their respective industries,” said Amol Deshpande, TMRS’ Managing Director of Private Equity. “The opportunity set of transformational businesses has never been greater. Our approach enables us to partner with these businesses across maturity stages and market cycles.”
“We are most excited to back founders building enduring companies at moments of inflection, especially where AI is driving industry-wide transformation and enabling long-term, compounding growth,” said Yuri Lee, TMRS’ Head of Venture Capital.
For more information, please email [[email protected]].