Texas Employees Retirement System
State retirement system, based in Texas, reporting $38B in assets, for 437,739 participants.
Composed from this allocator's classification, location and filed figures.
Nothing material in the last 90 days. Last change: 19 May 2026, 2 open manager searches: U.S. small cap equity search; Third-party administrative services and advisory services for the Texa$averSM 401(k)/457 Program search.
1 more person, 1 more adviser and 11 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- Chief Investment OfficerWhy: Chief investment officer: owns the allocation decisionNo route on file yet
Capital path
who backs this record, through what, into what; each name opens its own path- David T. VealChief Investment Officer
- Laurie L. DotterChair, Investment Advisory Committee
- Ruby Muñoz DangVice-Chair, Investment Advisory Committee
Relationship network
8 connected entities
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.
- 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 systemShowHide
Allocation policy
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash & Equivalents | Cash | 2.0% | reported ers.texas.gov | |||
| Rates | Fixed income | 12.0% | reported ers.texas.gov | |||
| Hedge Funds | Hedge / diversifiers | 6.0% | reported ers.texas.gov | |||
| Private Infrastructure | Infrastructure | 6.0% | reported ers.texas.gov | |||
| Private Credit | Private credit | 3.0% | reported ers.texas.gov | |||
| Public Credit | Private credit | 9.0% | reported ers.texas.gov | |||
| Special Situations | Private credit | 0.0% | reported ers.texas.gov | |||
| Private Equity | Private equity | 16.0% | reported ers.texas.gov | |||
| Public Equity | Public equity | 35.0% | reported ers.texas.gov | |||
| Private Real Estate | Real estate | 9.0% | 4% to 14% | reported ers.texas.gov | ||
| Public Real Estate | Real estate | 3.0% | reported ers.texas.gov |
Consultants and advisers
- Albourne America LLC General consultantthrough Aug 31, 2025 ACFR
- Aksia LLC General consultantthrough Aug 31, 2025 ACFR
- Gabriel, Roeder, Smith & Company Actuarythrough Aug 31, 2025 ACFR
+1 more consultant or adviser advise this allocator
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Decision makers
- David T. Veal · Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
Who else at this allocator · 2 people, grouped by function
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
- Laurie L. Dotter Chair, Investment Advisory CommitteeCommittee chair
- Ruby Muñoz Dang Vice-Chair, Investment Advisory CommitteeCommittee chair
+1 more person 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 $199/month unless canceled.
Manager roster
What changed
- May 19, 2026Manager terminatedEmployees Retirement System of Texas (ERS) terminates Fidelity (international equity)with Fidelity Investmentsagendasuite.org
- May 19, 2026Search openedEmployees Retirement System of Texas (ERS) opens a U.S. small cap equity search
- May 19, 2026Manager terminatedEmployees Retirement System of Texas (ERS) terminates Vanguard (U.S. large-cap equity)with Vanguardagendasuite.org
- Mar 4, 2026Search openedEmployees Retirement System of Texas (ERS) opens a Third-party administrative services and advisory services for the Texa$averSM 401(k)/457 Program search
- Aug 20, 2025Policy updatedEmployees Retirement System of Texas (ERS) adopts a policy change: Private Credit
+11 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.
Commitments
Size and funding
Provenance
Provenance
Not yet on record: funded ratio, fund commitments.
Record history
- Search opened2026-05-19source on record
- Manager terminated2026-05-19source on record
- Manager terminated2026-05-19source on record
+14 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
+4 connections on the graph
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.