The $4.3 billion City of Austin Employees’ Retirement System (COAERS) has appointed Jaime Aguirre director of private equity as the retirement system builds its nascent portfolio toward an 8% target allocation.
COAERS established a dedicated private equity allocation in 2024, funded through a reduction in public equity. Prior to that, its private market investments consisted of a mix of real estate, infrastructure and private credit. As of March 2025, the fund had not yet directed capital toward private equity, which has a long-term allocation range of between 5% to 10%.
The appointment places Aguirre in a unique position to oversee the new portfolio and build out the allocation. COAERS began its search for a private equity director in February 2026, noting the role would be responsible for developing private equity strategy, sourcing investments, conducting due diligence, recommending managers and commitments to Chief Investment Officer David Kushner, negotiating partnerships and managing the eventual portfolio.
Aguirre brings extensive experience across private equity, venture capital, investment banking and institutional asset management, as well as a track record advising and managing investments on behalf of pension funds, endowments and other investors.
Prior to joining COAERS, Aguirre served as CIO of Atlas Capital Global, where he provided independent investment research, due diligence and portfolio monitoring services, while supporting the development of private equity strategy and investment processes for Afore Banamex. Before that, he served as investment director for private equity and venture capital at the Rice Management Co., overseeing private market investments for Rice University’s $6 billion endowment. Earlier in his career, he was a principal at Austin Ventures.
His career also includes leadership roles at Goldman Sachs and Merrill Lynch, where he advised clients on strategic transactions and capital markets activities across technology, media, telecommunications, energy and Latin American markets.
Under COAERS’ broader private markets strategic plan, the retirement system can invest its private equity allocation across buyout, growth and venture capital strategies. The framework permits investments through primary funds and co-investments, as well as opportunistic use of direct secondaries, continuation vehicles, secondary funds, funds of funds and joint ventures or managed accounts.
The framework applies across COAERS’ private equity, private credit and real assets portfolios, with commitments governed by an approved pacing plan. The retirement system expects its private markets investments to have limited liquidity, with closed-end fund commitments typically carrying time horizons ranging from three to more than 12 years.