Texas Municipal Retirement System Hires New CIO From CalPERS

Yup Kim, CalPERS’ investment director of private equity, will join TMRS on January 15.

Yup Kim

The Texas Municipal Retirement System announced Tuesday that it will hire Yup Kim as its next CIO, replacing Dave Hunter, who will retire in January.

Kim is coming from CalPERS, where he has served as an investment director of private equity since 2020. Kim’s appointment is effective January 15, 2024. He will leave his current role on December 29, a CalPERS representative confirmed in an email.

“TMRS and its members are extremely fortunate to have Yup Kim join our leadership team. He is one of the most respected public pension plan investors in the country,” said David Wescoe, executive director of TMRS, in a statement. “At CalPERS, Yup partners with a team of 30 investment professionals who manage almost $60 billion in global private equity assets. When CalPERS hired Yup in 2020, they said he was ‘a thought leader in the industry with a unique combination of strategic insight, investing acumen, and management experience.’ I couldn’t agree more.”  

Kim is leaving the California Public Employees’ Retirement System just a few months after former CIO Nicole Musicco stepped down and before she has been replaced. 

Kim started his career in investment banking at Citi, later working as an associate at private credit and special situations investor Silver Point Capital. He also worked in private equity at Performance Equity and Deutsche Bank. He was hired as a senior portfolio manager of private equity at the Alaska Permanent Fund Corp. in 2016 and joined CalPERS as investment director in 2020.  

“I am honored to partner with David and the exceptional investment team at TMRS to strengthen its global investment presence and partnerships in support of TMRS’ many members, retirees, and beneficiaries,” Kim said in a statement. 

Kim earned a bachelor’s degree in economics from Yale University and is a visiting lecturer at Yale, Harvard Business School and the Wharton School of the University of Pennsylvania. He serves as chair of the Milken Institute Rising Allocators, on the board of directors for the Korea Finance Society and as a term member for the Council of Foreign Relations. Kim was also named to CIO’s Forty Under Forty in 2017.  

TMRS manages $37.44 billion in assets, as of June 30 2023. The retirement system provides retirement, disability and survivor benefits to 210,000 recipients from 930 participating cities. The funds one, three, five, and 10 year performance as of December 31, 2022 is negative 7.35%, 4.10%, 4.81%, and 5.8% respectively. As of year end 2022, the funded status of TMRS was 89.7%. 

Related Articles: 

CalPERS Taps Yup Kim as Private Equity Investment Director 

2017 40under40 Yup Kim 

CalPERS Selects Executive Search Firm to Identify New CIO 


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