Christopher Schelling is the director of private equity at the Texas Municipal Retirement System, where he designed the IPS for private equity, hired consultants and staff, sourced over 500 general partners and committed $1.4 billion across 30 limited partnerships. In this interview, Schelling discusses how smaller, emerging managers helped TMRS beat their return benchmark, why machine learning might not be as effective for TMRS' decision-making process; and why public pensions need to change and innovate to be successful.