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.”

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...