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Jace Auby

Chief Investment Officer, Teacher Retirement System of Texas · 1 appearance on the record.

computed by AI from the episodes · how this works → · full disclaimer →

investorexecutivetrs.texas.gov/jase-auby ↗

Auby oversees the Teacher Retirement System of Texas's approximately $200 billion public pension fund across global equities and private markets. Prior to becoming Chief Investment Officer in 2019, he served as the pension fund's Deputy CIO and Chief Risk Officer following roles at Goldman Sachs and Lehman Brothers.

39statements → 13claims → 8claims resolved → 63%fully supported → 3.92/5average certainty → 2/5average debate potential → ≈4.5/5argument clarity, estimated → 3said about them ↓

5 supported 2 partly supported 1 contradicted 1 not yet assessed 4 not checkable as stated how the 13 claims stand · each chip opens the sources

2 predictions · 11 assertions · 12 insights · 14 disclosures · every statement was checked. The predictions and assertions are the 13 claims: statements the public record can support or contradict. 8 are resolved, 1 is not yet assessed, and 4 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Jace argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Auby: Office buildings make up only 21% of commercial real estate
“Everyone still thinks of office buildings, but office buildings is last I saw just 21% of the commercial real estate market.”
Jace Auby Sep 9, 2024 ▶ 42:04 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)

Their most notable contradicted claim

Assertion Contradicted
Auby: Texas has the longest US teacher pension liability at 26 years
“Texas has the longest liability of any teacher fund in the United States, and that's because Texas is a high-growth state, so we're hiring a lot of teachers, so we have a lot of younger teachers, and so our liability is amongst the longest, 26 years.”
Jace Auby Sep 9, 2024 ▶ 24:49 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
100% certainty 3
60% certainty 4
100% certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Jace Auby on measured tape to publish a rate. This says nothing about how they speak.

Everything Jace Auby said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Supported
Auby: Office buildings make up only 21% of commercial real estate
“Everyone still thinks of office buildings, but office buildings is last I saw just 21% of the commercial real estate market.”
Jace Auby Sep 9, 2024 ▶ 42:04 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Disclosure
TRS requires emerging managers to graduate or exit after three funds
“As a general rule, we'll do three funds with an emerging manager, and then we have to make a decision. Do they graduate, or are we done with this relationship? Because at that point, we no longer consider them to be emerging.”
Jace Auby Sep 9, 2024 ▶ 46:07 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Assertion Partly supported
Texas Teachers has graduated only 12 of 190 emerging managers
“Of those 180 managers that we funded, we've had 12 graduate to full-fledged allocations in the portfolio.”
Jace Auby Sep 9, 2024 ▶ 46:41 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Assertion Not checkable as stated
Texas Teachers achieved near 100% '1-or-30' fee adoption in directional hedge funds
“In our directional hedge fund portfolio, we have near a hundred percent achievement of that one or 30 over an appropriate risk benchmark fee structure.”
Jace Auby Sep 9, 2024 ▶ 48:24 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Disclosure
Texas Teachers secured 60 signatories pushing for hedge fund cash hurdles
“So we've launched a second initiative this time, and we have 60 signatories to the letter we put together, and it's the idea of in a zero beta portfolio using cash, paying fees worth a cash hurdle.”
Jace Auby Sep 9, 2024 ▶ 48:53 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Insight
Auby: Once lost, personal reputation can never be fully recovered
“You only have a triple A rating once. Once you lose your triple A rating in life, you'll never get it back. Maybe you can come close, but you'll never get that triple A rating back.”
Jace Auby Sep 9, 2024 ▶ 1:00:38 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Insight
Auby: Where active hiring occurs signals where the next innovative market is
“One of the great things about being young is, whoever's hiring, that's where the innovation is. That's the next market.”
Jace Auby Sep 9, 2024 ▶ 9:34 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Disclosure
Texas Teachers peaked at 42% private markets and is now at 38%
“Over time, Texas teachers, at our height, we were 42% private versus a 35% neutral, or down to about 38% private versus, still versus a 35% neutral now, and it really became tail wagging the dog, because there's more risk in private markets than there is in pu…”
Jace Auby Sep 9, 2024 ▶ 17:00 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Assertion Contradicted
Auby: Texas has the longest US teacher pension liability at 26 years
“Texas has the longest liability of any teacher fund in the United States, and that's because Texas is a high-growth state, so we're hiring a lot of teachers, so we have a lot of younger teachers, and so our liability is amongst the longest, 26 years.”
Jace Auby Sep 9, 2024 ▶ 24:49 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Disclosure
Auby: TRS manages $200 billion with 240 staff members
“We have 240 people and two hundred billion dollars.”
Jace Auby Sep 9, 2024 ▶ 27:25 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Assertion Supported
Texas Teachers lost 25% of its staff during the Great Resignation
“In 21 and 22 combined, those two years, we lost 25% of our staff, which was one in four folks walked down the door, the great resignation.”
Jace Auby Sep 9, 2024 ▶ 29:51 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Disclosure
Texas Teachers invests in data centers across PE, real estate, infrastructure, and debt
“One example might just be data centers, which is something that we're investing in, in private equity. We're investing in it in real estate. We're investing in it in infrastructure and we're investing in it in debt.”
Jace Auby Sep 9, 2024 ▶ 37:22 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Assertion Supported
Auby: Industrial makes up 34% of the ODCE real estate index
“In fact, and the most commonly used core index, the Odyssey industrial, which Amazon warehouses, that sort of thing is 34% of the index is the largest part of the index.”
Jace Auby Sep 9, 2024 ▶ 41:48 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Assertion Supported
Auby: TRS Is the Only US Public Pension with a Foreign Office
“So we are the only public US fund that has a foreign office, and we have our office in London.”
Jace Auby Sep 9, 2024 ▶ 49:48 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
Assertion Supported
Goldman Sachs employs 12,000 software developers, per Auby
“I heard a statistic saying they have 12,000 developers now at Goldman, which is just an astronomical number if you think about that”
Jace Auby Sep 9, 2024 ▶ 7:21 Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)

The other half of the tape: Jace Auby's own voice is left out of every number here. Other people bring the name up 2 times in 1 episode on Capital Allocators. 1 statement on the record names them. every mention, with the transcript →

Who brings them up most Ted Seides 2

Statements about Jace Auby, by other people (1)

Assertion Supported
Texas TRS Graduated Just 12 of 190 Emerging Managers Over 20 Years
“Texas Teachers Employee Retirement System has run an emerging manager program for 20 years. Chief Investment Officer Jace Obby described on a recent Capital Allocators podcast that TRS has backed a 190 managers with a similar 25 to fifty million dollars. Jace …”
Ted Seides Oct 25, 2024 ▶ 11:20 WTT: Yale Backs Emerging Managers… and Then What?

Every mention by year

tap a year for its mentions
0011212024episodesmentions
0112024episodes it came up in
0010.5212024episodesmentions per episode
2024 2 mentions in 1 episode

Appearances (1)

EpisodeDateSpeaking time
Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404) Sep 9, 2024 44m
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