Key Takeaways
- • Amy Cureton appointed managing director of real assets at Texas ERS, succeeding Bob Sessa who retired end of August 2025, following a rigorous month-long internal selection process among multiple qualified candidates.
- • Real assets portfolio oversight represents 16% of Texas ERS's $42 billion in total assets under management as of July 2025, encompassing both private real estate (9.8% allocation) and infrastructure (6.4% allocation).
- • Cureton grew ERS's private real estate program from zero to $7 billion in commitments across more than 120 vehicles including commingled funds, fund of funds, separate accounts, and co-investments during her tenure since 2008.
- • Cureton brings 16 years of distinguished service to ERS with more than two decades of total investment experience, including prior roles at USAA Real Estate Co., JPMorgan Chase, and Janus Mutual Funds, plus an MBA in real estate finance from University of Texas at Austin.
- • Texas ERS currently operates above strategic allocation targets for real assets, with private real estate at 9.8% versus 9% target and infrastructure at 6.4% versus 5% target, indicating strong performance-driven positioning in the alternative asset class.
Summary
The Employees Retirement System of Texas has promoted Amy Cureton to managing director of real assets, elevating her from her previous role as director of private real estate. Cureton, a veteran of the $42 billion pension fund since 2008, replaces Bob Sessa following his retirement at the end of August 2025. The appointment culminated a deliberate month-long search process that evaluated several strong internal candidates for the position, according to Texas ERS CEO David Veal.
Cureton's appointment reflects a strategic commitment to internal development within Texas ERS's investment organization. In her new capacity, she will oversee real assets representing approximately 16% of the retirement system's total trust assets. Veal emphasized her qualifications in a statement, noting that "Amy brings more than two decades of investment experience to this role, including almost 16 years of distinguished service with ERS." Her appointment signals continuity in the fund's real asset strategy while elevating proven institutional talent to senior leadership.
Under Cureton's leadership as director of private real estate, the ERS private real estate program achieved substantial growth. The program expanded from negligible assets to more than $7 billion in commitments deployed across more than 120 investment vehicles, including commingled funds, fund of funds, separate accounts, and co-investments. Cureton also led the private real estate emerging manager program and co-hosted the Real Estate Emerging Manager Conference from 2012 through 2024, positioning ERS as an active participant in emerging manager development within the real estate investment community.
Texas ERS's current real asset allocation reflects strong performance relative to strategic targets. The fund allocates 9.8% to private real estate against a 9% strategic target and 6.4% to infrastructure against a 5% strategic target, indicating outperformance-driven overweighting in these alternative asset classes. Over the trailing one, three, five, and ten-year periods, Texas ERS delivered returns of 8.83%, 8.30%, 10.53%, and 8.18%, respectively. The pension system serves 140,000 active employees and 125,000 retirees and beneficiaries across Texas state agencies and certain higher education institutions.
Prior to joining ERS, Cureton held investment analyst and portfolio management roles at USAA Real Estate Co., JPMorgan Chase, and Janus Mutual Funds. She holds an MBA with concentration in real estate finance from the McCombs School of Business at the University of Texas at Austin and maintains active involvement in professional real estate networks, including board membership with the Austin chapter of Women in Real Estate.
Cureton's appointment reflects a strategic commitment to internal development within Texas ERS's investment organization. In her new capacity, she will oversee real assets representing approximately 16% of the retirement system's total trust assets. Veal emphasized her qualifications in a statement, noting that "Amy brings more than two decades of investment experience to this role, including almost 16 years of distinguished service with ERS." Her appointment signals continuity in the fund's real asset strategy while elevating proven institutional talent to senior leadership.
Under Cureton's leadership as director of private real estate, the ERS private real estate program achieved substantial growth. The program expanded from negligible assets to more than $7 billion in commitments deployed across more than 120 investment vehicles, including commingled funds, fund of funds, separate accounts, and co-investments. Cureton also led the private real estate emerging manager program and co-hosted the Real Estate Emerging Manager Conference from 2012 through 2024, positioning ERS as an active participant in emerging manager development within the real estate investment community.
Texas ERS's current real asset allocation reflects strong performance relative to strategic targets. The fund allocates 9.8% to private real estate against a 9% strategic target and 6.4% to infrastructure against a 5% strategic target, indicating outperformance-driven overweighting in these alternative asset classes. Over the trailing one, three, five, and ten-year periods, Texas ERS delivered returns of 8.83%, 8.30%, 10.53%, and 8.18%, respectively. The pension system serves 140,000 active employees and 125,000 retirees and beneficiaries across Texas state agencies and certain higher education institutions.
Prior to joining ERS, Cureton held investment analyst and portfolio management roles at USAA Real Estate Co., JPMorgan Chase, and Janus Mutual Funds. She holds an MBA with concentration in real estate finance from the McCombs School of Business at the University of Texas at Austin and maintains active involvement in professional real estate networks, including board membership with the Austin chapter of Women in Real Estate.
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