The TEXPERS 2026 Summer Educational Forum brought public pension trustees, administrators, investment professionals and industry leaders together Aug. 2-4 at The Westin Riverwalk in San Antonio.

Under the theme “Building Resilient Futures,” sessions explored longevity risk, artificial intelligence, semiconductor production, energy demand, global demographics, shifting real estate strategies and other industry-relevant topics.

The topics varied, but the message remained consistent: Pension leaders must stay informed, adapt to change and remain focused on the public employees they serve.

Here are a few of the key insights from the Forum.

Slide decks from the 2026 Summer Forum can be found here.

A new investment era

During “A New Investment Era,” Gina Sanchez, chief executive officer of Chantico Global, examined how changing demographics, global fragmentation, artificial intelligence and rising debt are reshaping the investment environment.

Key takeaways from the session included:

• The old investment era’s tailwinds are fading. Rapid population growth, abundant labor, globalization-driven disinflation and declining interest rates helped define the previous era. Those conditions are changing.
• Global trade is becoming more fragmented. Economic activity is reorganizing around Western-, China- and Russia-aligned networks, with several countries serving as connectors between them.
• Fragmentation can increase inflation and market risks. Tariffs, geopolitical conflict and supply-chain pressure can contribute to energy-price volatility and renewed inflation.
• AI is becoming a major capital-spending and infrastructure story. The session highlighted rising data-center construction spending, higher demand for memory chips and forecasts for growing data-center electricity consumption through 2030. Semiconductor supply chains are also dividing into U.S.- and China-led systems.
• Demographic pressures are building. Population growth is slowing, fertility rates are falling and labor markets are tightening. Texas is still expected to grow, but its old-age dependency ratio is projected to rise from 20 in 2020 to 34 in 2060.
• Debt and return expectations remain important considerations. Federal debt as a percentage of gross domestic product remains elevated. The session also noted that 68 of 100 Texas public retirement plans reported investment-return assumptions of 7% or higher in 2025.

The session’s central takeaway: The next investment era will be shaped by slower demographic growth, fragmented trade, AI-driven capital spending and heavier debt—creating a different mix of risks and opportunities for public retirement systems.

Longevity data and life settlements

During “Enhancing Pension Fund Viability with Longevity & Data Assets,” Elena Plesco, chief investment officer at ABACUS Global Management, Inc., discussed longevity market assets, formerly known as life settlements, and their potential role in pension portfolios.

Key takeaways from the session included:

• Life insurance is personal property. In the United States, a life insurance policy is considered personal property that its owner may sell.
• Policyholders have several options. Someone who no longer needs or wants a policy may allow it to lapse, accept its contractual cash surrender value or sell it through a licensed originator for more than its cash value but less than its face value.
• The investor assumes responsibility for the policy. The buyer takes over the policy, pays future premiums and collects the full death benefit later.
• Returns are largely uncorrelated with traditional markets. Because returns are driven by mortality outcomes, the assets are largely uncorrelated with equity and credit markets.
• The strategy prioritizes principal protection. The presentation described diversified, collateral-backed structures designed to prioritize the return of invested capital. It also cited an A-rated, investment-grade credit profile underpinning the portfolio.

The session’s central takeaway: Longevity market assets may provide pension portfolios with a mortality-driven source of returns that is largely uncorrelated with equity and credit markets.

Taiwan’s critical role in the future of AI

During “The Global AI Engine: Why the Future of Computing Runs Through Taiwan,” Nicholas Chung, partner/investor relations at RAYS Capital Partners, gave attendees a closer look at Taiwan’s semiconductor industry and its importance to the continued growth of artificial intelligence.

Key takeaways from the session included:

• Taiwan dominates AI server integration. Taiwanese firms integrate nine in 10 global AI server systems.
• U.S. investment is growing. The session cited a 2026 agreement for Taiwanese firms to invest a combined $250 billion in U.S. AI chip hubs.
• Manufacturing yields matter. The presentation put Taiwan Semiconductor Manufacturing Company’s 2-nanometer and 3-nanometer yields at 80% or higher. Intel’s 18A process was estimated to have a yield of approximately 50%.
• The supply chain has several layers. Nvidia, Apple, AMD and Broadcom provide intellectual property and chip designs. TSMC handles foundry manufacturing, while ASE provides advanced packaging. Foxconn, Quanta and Wiwynn integrate AI servers used by Microsoft, Google, Meta and Amazon Web Services.
• The United States and Taiwan are interdependent. The session described the AI network as one of “symmetric interdependence,” with U.S. firms providing the architectural “specs” and Taiwan providing the physical “substance.”
• Interdependence may also serve as a deterrent. The session emphasized that the global economy’s reliance on Taiwan makes a major disruption extraordinarily costly.

The session’s central takeaway: Taiwan is not simply one participant in the AI economy. It remains critical to the industry’s manufacturing capacity, server integration and global supply chain.

Managing large-load growth

During “Managing Large Load Growth Responsibly,” Benjamin H. Jordan, P.E., vice president of corporate development at CPS Energy, discussed how the utility is planning for growing electricity demand from data centers, manufacturing operations and other industrial facilities.

Key takeaways from the session included:

• Demand is expected to grow sharply. ERCOT’s adjusted forecast anticipates approximately 70 gigawatts of additional demand over the next 10 years.
• Texas reached a new peak-demand record. ERCOT’s 2026 fact card reported a record peak of 91,089 megawatts on July 22, 2026. The figure was identified as unofficial pending final settlements.
• Planning must address the entire system. CPS Energy continues to update its planning processes to support native load growth and large customer requests. That includes planning for generation, transmission and distribution needs.
• Large-load customers must pay their share. Customer rates are intended to reflect the actual cost of service, while large-load customers are expected to pay their share of infrastructure costs. Transmission costs are shared across ERCOT.
• Cost-recovery tools begin before construction. Those tools include surety bonds and engineering study fees intended to confirm customer commitment and recover the costs of evaluating sites and required upgrades.
• Additional protections continue through construction and operation. Large-load customers may make upfront contributions for nonstandard facilities. Clawback provisions can recover investments in standard distribution facilities when usage falls short of projected load growth.
• CPS Energy is evaluating new solutions. The utility is considering expanded power-generation options, upgraded grid technologies, on-site customer solutions and tariffs.
• Existing customers remain part of the equation. CPS Energy emphasized reliability, affordability, long-term planning, adequate power supplies and reserves, fairness for all customers and responsible growth.

The session’s central takeaway: Rapid growth from data centers, manufacturing and other large energy users requires long-term planning for generation, transmission and distribution—while ensuring those customers pay their share and existing customers remain protected.

Commercial real estate trends and opportunities

During “Trends & Opportunities in Commercial Real Estate,” Greg Friedman, managing principal and CEO of Peachtree Group, joined attendees for a fireside chat on how higher interest rates are reshaping commercial real estate strategies.

Key topics from the session included:

• Investors are shifting from equity-heavy portfolios toward real estate debt and private credit. The shift is in response to the current rate environment and a looming wave of refinancings.
• Multifamily housing and hotels warrant a bullish outlook. Demand and fundamentals continue to support new investments in both sectors.
• Office properties and data centers require greater caution. Pricing often assumes near-perfect outcomes.
• Deals must be evaluated from several perspectives. Interest rates and refinancing pressures matter, but so do property fundamentals, private credit and capital-market conditions.

The session’s central takeaway: Commercial real estate opportunities must be evaluated through the combined lens of interest rates, refinancing pressures, property fundamentals, private credit and capital-market conditions, with investors increasingly favoring multifamily housing and hotels while taking a more cautious view of office properties and data centers.

Why GIPS compliance matters for public funds

During “Beyond Compliance: Why the GIPS® Standards Matter for Public Funds,” Kimberly “Kim” Cash, CFA, of Cascade Investment Compliance & Verification discussed how the standards support transparency, consistency and confidence in investment-performance reporting.

Key takeaways from the session included:

• The standards are designed to protect investor interests. Their objectives include promoting fair representation, full disclosure and confidence in the performance information presented by investment managers.
• Consistency makes performance information more useful. The standards establish common practices for calculating and presenting investment performance, giving investors a more consistent basis for evaluating managers.
• Compliance involves more than a performance report. It requires documented policies and procedures, reliable data inputs, consistent calculation methods and appropriate treatment of composites and pooled funds.
• Public funds gain another layer of due diligence. Requiring compliance for public-market managers can help identify firms that follow industry best practices and maintain strong controls over performance-related policies.
• Calculation methods can materially affect reported results. A CFA Institute example showed a net money-weighted return of 21.47% when subscription-line-of-credit cash flows were included, compared with 13.28% without them.
• Fund-specific presentation requirements continue to evolve. The session addressed returns for periods of less than one year, FINRA Regulatory Notice 20-21 and the SEC Marketing Rule, including a March 2025 frequently asked question.
• The standards can support better conversations with managers. More transparent and consistent presentations allow public funds to ask informed questions about performance, calculation methods and internal controls.

The session’s central takeaway: GIPS compliance gives public funds a more transparent and consistent basis for evaluating investment managers, understanding reported performance and strengthening due diligence.

Facebook Photo Album

For a look at the speakers, educational sessions, networking opportunities, and special events held during the Forum, view the TEXPERS 2026 Summer Educational Forum photo album on Facebook.

This article summarizes remarks and materials presented during educational sessions at the TEXPERS 2026 Summer Educational Forum. The information is provided for educational purposes and should not be considered investment advice.

About the Author: Allen Jones is the director of communications and event marketing for TEXPERS, where he leads editorial strategy, member communications, conference marketing, and digital engagement initiatives for Texas public employee retirement systems. He began his journalism career in 1998 and has worked in journalism and communications for more than 25 years. 

AI Transparency Disclosure: Artificial intelligence was used to assist with drafting and organizing this article based on information provided by TEXPERS staff and the TEXPERS 2026 Summer Educational Forum presenters; all final content decisions were made by a human editor.

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