DFX Intelligence

Allocator Intelligence

Texas Municipal Retirement System

State retirement systemmunicipal· Texas

State retirement system, based in Texas, reporting $49B in assets, for 295,747 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$49B
Private allocation
59.0%
Fund commitments
61
Managers
20
Contact decision makersView relationships
More
Ask DFX about this allocatorInvestment staff
Open searchesPlans backing its top managerSimilar plans, same strategyCommitments (61)Allocation policyConsultants
As of · the latest dated event for this allocator; each figure carries its own filing or report date

What may matter next

A pattern DFX replayed against history, using only what was known on each date, points at this record. The rate belongs to the pattern, not to this entity; what already happened is below.

Allocators · Re-upWindow to Sep 2027

Texas Municipal Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedTexas Municipal Retirement System holds a fund and the manager's next fund in that series, a fund, is open (fundraising).
  • DerivedNo commitment to the new fund appears on the plan's filings yet.
Why it matters

This allocator committed to the prior fund of a series that now has a successor fund. Existing LPs are the first calls in any raise, so this is the re-up list for the GP, and for a competing GP it shows whose capital may be in play.

Who this is for

GPs raising a successor fund, placement agents, and competing GPs in the same strategy.

Can you reach them

Decision maker identified; no contact route on file yet.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.

What matters now

  1. 1
    re-up prospects

    1 re-up prospect was flagged in the last twelve months: a manager it backed raising a successor fund.

    Managers it already backs are raising again; a re-up decision is coming.

    Inferencea successor fund observed for a manager the plan backsRe-up prospects →

6 more people, 17 more managers, 105 more commitments and 147 more dated events

Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

People to know

View all people
  • Tom Masthay
    Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet
  • Darren Schlissel
    Managing Director - Credit
    Why: Managing director
    No route on file yet

Capital path

who backs this record, through what, into what; each name opens its own path
Who decides
All 9
Texas Municipal Retirement System
Funds committed to
All 24
Managers
All 20

Relationship network

91 connected entities108 observed commitments32 repeat counterparties$29B disclosed commitments (108 commitments)39 dated commitments shown here, 2024 to 2025

From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.

What stands out
Reading the network
  • Sponsor
  • Fund or vehicle
  • Service provider
  • Person
›How strength and recency are read

Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

Size, funding, policy and commitments, with their basesState retirement systemShow
State retirement system
Assets
$49B
Fiduciary net position, Dec 31, 2025 reported
Funded
not on record
not filed
Private markets target
59.0%
policy Dec 31, 2025
Commitments
61
61 dated closings

Allocation policy

ACFR, as of Dec 31, 2025
Asset class (as printed)BucketTargetRangeActualGapBasis
Cash EquivalentsCash0.0%reported tmrs.com
Tactical OpportunitiesHedge / diversifiers6.0%0% to 11%reported tmrs.com
CreditPrivate credit21.0%16% to 26%reported tmrs.com
Private EquityPrivate equity20.0%10% to 25%reported tmrs.com
Public EquityPublic equity35.0%25% to 45%reported tmrs.com
Real AssetsReal assets18.0%13% to 23%reported tmrs.com

Consultants and advisers

3 firms

Decision makers

who to call first about an allocation, and why; then everyone else by function
  • Tom Masthay · Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
  • Darren Schlissel · Managing Director - Credit
    Why this person: Managing director; Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

People

9 roles
Chief investment officer
Tom Masthay
Chief Investment Officer (Dec 31, 2025) tmrs.com
Tom Masthay as Chief Investment Officer
Tom Masthay
Chief Investment Officer (Sep 30, 2026) tmrs.com
> Jac Greene Chief Information Officer 4 && !expanded }" x-transition > Tom Masthay Chief Investment Officer 4 && !expanded }" x-transition > Nick O'Keefe Chief Investment Legal and Compliance Officer

+6 more people on the investment staff and board

Every name, title and published role at this allocator, with the page it was read from.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Manager roster

20 managers on the commitment tape
From the plan’s own commitment disclosures

+17 more managers received commitments

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What changed

152 events
  • Sep 24, 2026Re-up prospectreport dateinference
    Texas Municipal Retirement System holds Arch Venture XIII ($50M); the manager is raising: ARCH Venture Fund XIV, L.P. (fundraising, seen 2026-09-24); no commitment to it on the graph
    with Arch Venture Partners
  • Dec 30, 2025Commitment closed
    Texas Municipal Retirement System commits $200M to GoldenTree Private Credit Fund II LP, closed 2025-12-30
    tmrs.com
  • Dec 11, 2025Consultant changed
    Texas Municipal Retirement System (TMRS) selects Weaver and Tidwell, LLP as general consultant
    with Weaver and Tidwell, LLPtmrs.com
  • Dec 11, 2025Policy updated
    Texas Municipal Retirement System (TMRS) adopts a policy change (see the minutes)
    tmrs.com
  • Dec 5, 2025Commitment closed
    Texas Municipal Retirement System commits $100M to BCP Infrastructure Fund II, LP, closed 2025-12-05
    tmrs.com

+147 more dated events

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.

Commitments

108 rows, 108 dated closings
DateFundManagerBucketAmountVintageStatusSource
Dec 30, 2025GoldenTree Private Credit Fund II LPunresolvedPrivate credit$200MCommitted (dated)re-uptmrs.com
Dec 5, 2025BCP Infrastructure Fund II, LPunresolvedReal assets$100MCommitted (dated)new managertmrs.com
Nov 25, 2025Dunes Point Capital Fund IV, L.P.Dunes Point Capital, L.P.Private equity$60.0MCommitted (dated)re-uptmrs.com

+105 more commitments

Every fund and manager this allocator committed to, with the amount, date and source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Size and funding

48 readings
Total assets
$39B Jun 30, 2024 reported Census ASPP
$36B (2023-06) · $39B (2022-06)
Fiduciary net position
$49B Dec 31, 2025 reported ACFR
$40B (2024-06) · $36B (2023-06) · $36B (2022-06)
Long-term investments
$39B Jun 30, 2024 reported Census ASPP
$35B (2023-06) · $38B (2022-06)
Total pension liability
$4.6B Jun 30, 2024 reported Census ASPP
$3.8B (2022-06)
Discount rate
7.75% Jun 30, 2022 reported Census ASPP
Participants
295,747 Jun 30, 2024 reported Census ASPP
280,937 (2023-06) · 266,814 (2022-06)
Active members
124,493 Jun 30, 2024 reported Census ASPP
119,723 (2023-06) · 116,053 (2022-06)
Beneficiaries
84,155 Jun 30, 2024 reported Census ASPP
80,608 (2023-06) · 76,675 (2022-06)
Benefits paid
$1.9B Jun 30, 2024 reported Census ASPP
$1.8B (2023-06) · $1.6B (2022-06)
Investment expense
$29.1M Jun 30, 2024 reported Census ASPP
$28.9M (2023-06) · $42.0M (2022-06)

Commitment history

41 decisions the board record started
VehicleManagerAmountStateProposedApprovedClosedFirst reportedOther LPs
PIMCO Specialty Finance Income Fund, L.P.n/a$150Mclosed--Sep 30, 2025--
Aspirity Partners LLPAspirity Partners LLP$58.7Mclosed--Sep 5, 2025--
Viking Global Equities LP separate accountn/a$150Mclosed--Sep 1, 2025--

+38 more board decisions

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Provenance

Identifiers: Census PID6 227397
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 25, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.

Not yet on record: funded ratio.

Capital chain

Texas Municipal Retirement System sits on 46 traced paths of capital across the graphs.

Allocator commitments to a managerConsultant to allocator to managerAllocator to PE fund to manager to company

DFX traced 46 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

119 dated events on the change ledger, latest event first
  • Re up prospect
    2026-09-24
  • Commitment made
    2025-12-30source on record
  • Consultant changed
    2025-12-11source on record

+116 more changes on this record's ledger

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

›Connections

every published relationship on the graph

+51 connections on the graph

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.