Texas Looks To Lasso Private Equity FoFs

Jun 20 2008 | 2:00am ET

The $24.7 billion Texas Permanent School Fund has issued a request for proposals for private equity specialist advisers and fund of funds managers to build a diversified p.e. portfolio in a separate account structure.

The mandate may be either discretionary or non-discretionary and the selected firm is expected to advise the fund on the development and management of TPSF’s private equity investment related activities. The candidate will also help the fund in reviewing its investment policies, strategic planning, prospective partnership investments and overall portfolio management.

Firms interested in the RFP should have a minimum of five years experience sourcing, screening, analyzing and recommending for investment in domestic and international p.e. funds on behalf of institutional clients. They should also have p.e. assets under advisement or management of no less than $1.5 billion.

In 2006, the Texas State Board of Education, which is responsible for the management of the fund, approved a new strategic asset allocation policy to diversify the TPSF assets into alternative asset classes. Last year, emerging market equities were added to the TPSF and in November, the SBOE voted to begin the implementation of a 10% allocation of the TPSF into absolute return funds.  The TPSF strategic asset allocation plan calls for 6% or approximately $1.5 billion dollars to be allocated to the p.e. asset class.

The deadline for the RFP, which can be accessed on the fund’s Web site, is July 8.

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