Texas A&M Foundation has hired Michael Pia, a former managing director from the Teacher Retirement System of Texas, as its chief investment officer.
Prior to taking on the new role on May 1, Pia had worked as the managing director of Strategic Partnerships and Research for Texas Teachers, according to a press release.
Pia previously managed 10 percent of the Teacher Retirement System Trust’s assets.
Private equity and venture capital make up 13 percent of the foundation’s $1.9 billion investment pool, according to the Foundation’s 2019 Annual Report.
Teacher Retirement System of Texas’ Strategic Partnership Networks (SPNs) for public and private markets, will now be managed by different teams, according to Jase Auby, Texas Teachers CIO. SPNs fall under the system’s private equity separate account program, which it launched in 2011.
Scott Ramsower and Shelby Wanstrath will co-chair the private equity division of SPNs’ private markets program, Auby said.
As of August 2019, Texas Teachers’ private equity allocation makes up 14.5 percent of the system’s $158 billion assets under management, exceeding its 13 percent target.