Inside PMRS’ Playbook: Owning Debt, Skipping Equity and Building AI Fluency

Pennsylvania Municipal Retirement System CEO and CIO Tim Reese discusses the investment philosophy behind the pension system's evolving portfolio, including his approach to emerging managers, why he favors lower- and middle-market private credit over private equity, how a total fund view has reshaped the system's fixed income portfolio and why PMRS is building AI fluency from the top down before deploying the technology across its investment operations.00:12 Introducing Tim Reese and PMRS01:09 Investment culture and supporting emerging managers05:02 How experience shapes manager selection and governance09:34 A total fund view versus a TPA approach11:52 Rethinking the 60/40 portfolio after 202213:59 Market concentration and signals to watch16:04 Private equity, private credit and infrastructure20:24 Measuring risk across the whole portfolio22:39 Volatility, AI and diversification27:14 How institutional portfolios may change29:09 Bringing AI into the investment office34:37 Leadership and institutional memory36:06 The book that shaped Tim’s investment thinking#MarketsGroupPodcast