Monday, 30 March 2015
Last updated 3 hours ago
Nov 22 2011 | 10:20am ET
The $22.8 billion Texas Permanent School Fund, Austin, will allocate its $2.5 billion hedge fund portfolio through strategic partnerships, abandoning the fund-of-funds approach it has used to date.
The fund will consider how to choose those partners during the January 25-27 meeting of the Texas State Board of Education, which oversees the Permanent School Fund on behalf of the Texas Education Agency, Austin, reports Pensions & Investments.
Patricia Hardy, chairwoman of the committee on school finance/permanent school fund, told a board meeting on November 18 that the permanent fund’s finance committee will likely recommend strategic hedge fund partners during the board’s April 18-20 meeting.
P&I says the suggestion was made that some of the fund’s five current fund-of-funds managers could become strategic partners, but Hardy did not specify whether the selection process would be limited to existing managers or involve an open RFP.
The fund currently allocates to Grosvenor Capital Management ($770 million), Blackstone Alternative Asset Management ($637 million), K2 Advisors, ($380 million), GAM USA ($328) million and Mesirow Advanced Strategies ($317 million), Suzanne Marchman, spokeswoman for the Texas Education Agency, told P&I.
The move is expected to save the Permanent School Fund about $114 million in fees over the next five years. The fund has paid $72 million in hedge fund-of-funds fees since inception of the absolute-return portfolio four years ago.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…