Yup Kim to Become CIO of TMRS

He made it to the Chief Investment Officer seat that many knew he would.

On January 15, 2024, Yup Kim will replace Dave Hunter, who announced his retirement in early November and who will be leaving the $37.4 billion Texas Municipal Retirement System in January.

Four years ago, Yup Kim’s name buzzed in CIO circles. Many knew that he was of the ilk that would soon make it to the CIO seat. An intellectual, Kim speaks six languages, chairs Milken’s Institute of Rising Allocators, is a Yale grad with a BA in economics, and a term member at the Council of Foreign Relations, not to mention a lecturer at Yale and Harvard Business School. He had started his career at Citigroup’s Hong Kong office working on trade and finance project financing deals for the likes of the World Bank and Asian Development Bank.

At the time, he was a senior portfolio manager at the Alaska Permanent Fund Corporation (APFC) for four years, and had spent two years in Private Equity at Deutsche Bank. He left Alaska to be Investment Director and Head of Investments for Private Equity at the largest pension plan in the United States, the California Public Employees Retirement System (CalPERS).

In announcing the news, TMRS Executive Director David Wescoe said through a press release, “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. 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.”

 During Kim’s tenure at APFC, an investment fund General Partner described APFC as having “the ultimate model of having a small team of very thoughtful people leveraging their GP network constructively to generate some really interesting deal flow, executing on it and delivering good returns…not many people execute and execute well.” Prior to APFC, Kim served as a member of Deutsche Bank Private Equity’s global investment committee and held roles at Performance Equity, Silver Point Capital, and Citigroup.

Commenting on joining TMRS, Kim said, “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.”

 By Christine Giordano