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TMRS Hires Senior Private Market Leaders
TMRS Chief Investment Officer Yup Kim announced today that Philip Hunter O’Brien, Amol Deshpande and Isidora Stankovic will join TMRS.
In announcing the news, Kim said, “I am incredibly excited to partner with Philip, Amol and Isidora to strengthen our global partner relationships, amplify our direct investment capabilities and take the private markets program to new heights on behalf of TMRS’ many members, retirees, and beneficiaries.”
Philip Hunter O’Brien will join as Managing Director, Head of Private Equity, and serve as a member of the staff investment committee. Previously, he led technology and consumer direct private equity investments for Caisse de dépôt et placement du Québec. Prior to CDPQ, he led the North American direct Private Equity investment practice for the Abu Dhabi Investment Council. Before ADIC, O’Brien was an investor at LLCP and The Carlyle Group’s U.S. Buyout Fund, after beginning his career as an investment banker at Deutsche Bank. O’Brien earned an MBA from Columbia Business School and graduated magna cum laude from Princeton University. He is an Associate Member of the Economic Club of New York and a Chartered Financial Analyst.
Amol Deshpande will join as Managing Director, Head of Direct Investments, and serve as a member of the staff investment committee. Prior to joining TMRS, he served as a Managing Director and management committee member of Redesign Health, where he made investments with a mission to accelerate healthcare innovation. He previously held roles at Soros Fund Management, Luminus Management and JLL Partners, where he invested in private and public businesses across multiple sectors, including healthcare, industrials and technology. Deshpande began his career advising leading technology companies on M&A and capital markets activities at Morgan Stanley in Menlo Park, CA, and received his B.A. with concentrations in applied mathematics, economics and finance from Northwestern University.
Isidora Stankovic will join as Director of Private Equity. Prior to joining TMRS, she was on the Private Equity team in London at Searchlight Capital Partners, a transatlantic private equity firm with $15 billion in assets under management, where she was responsible for the evaluation, due diligence, execution and monitoring of investments. Before joining Searchlight, Stankovic held positions on the Private Equity team at BC Partners in London and in the Financial Services and Natural Resources Groups of Goldman Sachs’ investment banking division in London and Houston. Stankovic earned a B.A. in Economics and History from Yale University, graduating magna cum laude and Phi Beta Kappa. She is fluent in three languages.
“I am thrilled to welcome these three accomplished investment professionals to TMRS’ team of award-winning portfolio managers," said TMRS Executive Director David Wescoe. "TMRS and its Members will be well served by their efforts.”
TMRS Chief Investment Officer Yup Kim recognized as Markets Group’s Elite 100
Congratulations to TMRS Chief Investment Officer Yup Kim who has been recognized by Markets Group as an Elite 100 CIO.
The Markets Group Elite 100 recognizes 100 Chief Investment Officers from public pension funds, endowments, foundations, and corporate pension funds “for their exceptional contributions and innovative strategies. These leaders have demonstrated remarkable resilience and foresight, whether by safeguarding their funds during the market crash of 2022, achieving critical benchmarks through innovative approaches, or successfully diversifying their investment portfolios. They have navigated mission-driven mandates and unique investment challenges with wisdom and poise, often maintaining a steady course amid external pressures…The Elite 100 acknowledges their leadership, vision, and significant contributions to the investment industry.”
This honor recognizes Yup and the entire TMRS Investment Department’s exceptional leadership, expertise, and dedication in managing TMRS Trust Fund assets. Read more about the Elite 100 here.
City Plan Change Calculator Now Available
For the first time, you can calculate the cost of any change to your city’s TMRS plan through TMRS’ City Portal. City Portal Users can access the Plan Change Calculator to calculate the cost of changing any of your city’s TMRS benefit options.
If you have questions about the Calculator or about making a plan change, contact City Services.
GASB 75 Reporting Packages Are Now Available
The 2024 GASB Reporting Packages that provide information for cities offering TMRS' Supplemental Death Benefit coverage for retirees are now available for download.
New Feature Added to the City Plan Comparison Tool
The City Plan Comparison Tool now includes a new feature: each city’s contribution rate. Now you can compare your city’s contribution rate with that of any other TMRS city.
You can access the Tool under the For Cities tab or by clicking here. Scroll to the bottom of the page and select the “Export All Plans” button. When the Excel file opens, each city’s contribution rate is now shown in the last column.
GASB 68 Reporting Packages Are Now Available
The 2024 GASB 68 Reporting Packages that provide pension disclosure information for cities' TMRS plans are now available for download.
TMRS Receives Two Quality Texas Foundation Awards
TMRS recently received two awards at the 31st Annual Quality Texas Foundation Award Recognition Conference. The Quality Texas Foundation assists Texas organizations in their continuous improvement efforts, helping them to build sustainability in their operations, and provide them with clear steps forward by utilizing the Malcolm Baldrige Criteria for Performance Excellence.
TMRS was honored at the Pioneer and Engagement Levels for our continued commitment to performance excellence on the path toward achieving the Governor’s Texas Award for Performance Excellence. This award is based upon a very rigorous and robust process focusing on improving individuals and organizations.
Staff members Dana Brown, Colin Davidson, Tricia Solis, and Anali Alanis were on hand to receive the awards, provide a presentation on TMRS’ Quality Texas Foundation journey, and moderate a panel on the award application process.
Congratulations to our entire organization for the exceptional efforts improving quality for the benefit of our 220,000 Members, retirees, and beneficiaries!
Weston Joins TMRS
On July 1, the Town of Weston joined TMRS, becoming the 938th participating city.
Weston was first settled in 1842, making it one of the oldest towns in Collin County. The town is surrounded by the cities of Princeton, Prosper, Anna, and Celina—several of the fastest growing cities in the nation. That growth has made Collin County the second fastest growing county in the U.S.
We are excited to welcome Weston to TMRS.
TMRS Booth Summer Fellowship
We are pleased to announce the TMRS Booth Summer Fellowship, named in honor of David Booth, Founder and Chairman of Dimensional Fund Advisors. Dimensional is headquartered in Austin and is a global investment manager with more than 1,600 employees and $700 billion in assets under management. Mr. Booth is a trailblazer in the financial world, having spent his career applying groundbreaking financial theory and research to the practical world of asset management. The University of Chicago Booth School of Business is named in his honor.
The Booth Summer Fellowship introduces the next generation of investment leaders to the global institutional investment community through exposure to TMRS’ investment processes, culture of excellence, and network of exemplary financial sponsors, management teams, consultants, and research partners. The program will advance the intellectual and professional development of each Booth Fellow through mentorship and rigorous, relevant, and engaging project-based assignments. Under the guidance of a senior team member with compatible interests, Booth Fellows perform cooperative diligence on active transactions, conduct research into multidisciplinary industry topics, and assist in advancing investment processes. Booth Fellows will also participate in a wide variety of professional development activities.
We are excited to welcome Kash Molwani, our inaugural TMRS Booth Summer Fellow. Mr. Molwani served as a Vice President in the Private Equity division at Blackstone, the world’s largest alternative asset manager with $1 trillion in AUM. Mr. Molwani was involved in the execution of a number of Blackstone investments, including Hotwire Communications, Northern Indiana Public Service Company (NIPSCO), and FirstEnergy. Before joining Blackstone, Mr. Molwani was an Analyst working in the Mergers & Acquisitions department of Credit Suisse’s Investment Banking division.
Mr. Molwani is an MBA candidate at Harvard Business School and has received a BBA in Finance from Georgia State University, where he received a full ride, graduated summa cum laude, and was elected to Beta Gamma Sigma. Mr. Molwani was the national recipient of the Schwarzman Scholarship, a one-year Master’s program offering a fully funded Economics and Public Policy experience among international scholars at Tsinghua University in Beijing, China. He was also selected as a National Finalist for the Marshall Scholarship, a fully funded two to three year advanced degree program for candidates showcasing potential to advance UK-US ambassadorial relations. Mr. Molwani has been passionate about volunteer efforts at organizations like Common Denominator (middle school tutoring), City Harvest (food rescue and distribution), and Harlem Grown (planting urban gardens), and has helped them raise over $150k to advance their non-profit goals across New York City.
Portfolio Director Monica Huffer Receives 2024 Outstanding Woman in Texas Government Award
On June 12, 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.