Tom Masthay, former deputy CIO at the Texas Municipal Retirement System (TMRS), has been promoted to CIO.
Masthay joined TMRS in 2015 as director of real assets before moving into the role of director of private equity at the pension fund. Masthay’s experience also includes stints at NextEra Energy and Kentucky Retirement Systems.
During Masthay’s tenure at TMRS, real assets grew from $2 billion to $9 billion, private equity expanded from zero to $7 billion and the TMRS Trust Fund doubled from $24 billion to $48 billion.
“Tom’s promotion is the culmination of the leadership and stability he has provided TMRS’ investment program for the last decade,” said Debbie Muñoz, TMRS executive director, in a statement. “The organization and I look forward to Tom stepping into his new role and continuing to drive growth, innovation and long-term security for our members.”
Masthay takes over for Yup Kim, who served as CIO of TMRS since 2024.
