David Veal

Overview

David Veal serves as the Chief Investment Officer (CIO) of the Employees Retirement System of Texas (ERS), overseeing a diverse portfolio exceeding $50 billion. Prior to this role, he was the CIO for the City of Austin Employees’ Retirement System, where he managed investments and developed strategic initiatives to enhance fund performance. His extensive experience also includes senior positions at the Teacher Retirement System of Texas and Morgan Stanley as an equity research analyst. Veal holds an MBA from the University of Michigan and an undergraduate degree in engineering from Auburn University. He has also served as a U.S. Navy officer, earning the Navy Commendation Medal twice. Under his leadership, ERS has achieved top performance, ranking in the top 1% of funds nationally during the pandemic. Veal's strategic focus includes reorganizing investment teams to adapt to changing market conditions and optimizing portfolio allocations. His approach emphasizes careful management of assets, particularly in rising interest rate environments, and a nuanced understanding of market dynamics to ensure sustainable growth and risk mitigation. Veal's leadership and strategic vision have been instrumental in positioning ERS as a leading institutional investor, committed to delivering solid retirement benefits to its members and retirees.

Investment Focus

• Long-term investment horizon
• Diversified portfolio
• Focus on risk-adjusted returns
• Alignment with ERS's mission to provide retirement benefits

Portfolio Companies