Texas School Fund Seeks To Replace Goldman FoF Mandate

Apr 14 2010 | 11:07am ET

The Texas Permanent School Fund may part ways with Goldman Sachs and will seek a new fund of hedge funds manager.

The $22 billion fund had put Goldman on watch in November. Its finance committee was concerned with staff turnover, HFMWeek reports.

It is unclear how much Goldman managed for the PSF—it’s fund of funds portfolio is divided into five separate mandates called “Raven,” ranging from $200 million to $800 million. But the fund will issue a request for proposals on April 23 that will presumably clarify the situation.

Consultant NEPC will oversee the search, which selections coming in November and a hire by the end of the year.

PSF is also mulling adding a sixth “Raven” mandate, although it is not going to boost its absolute return target from 10%.

“We will go through the process and if the board decides not to terminate Goldman, we will keep things the same,” a spokesman told HFMWeek. “A new manager could be substituted in and take over the Goldman separate account, if not we would have to establish a Raven 6.”


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