Texas Permanent School Fund
|United States – Texas||US$ 25.5 Billion|
Transparency Rating: 9
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Firm Investment Style: Mixed
Entity Structure: Fund
Created by a legislative body in 1854, the Texas Permanent School Fund was initially funded by an appropriation of US$ 2 million. The money was to be for the benefit of Texas public schools.
Fast forward to 1953 when the U.S. Congress passed the Submerged Lands Acts that relinquished to coastal states all rights of the U.S. navigable waters within state boundaries. A key source of funding for the fund is its investment returns and oil, gas and mineral royalty payments and leases from the land.
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Administrative duties related to these assets reside with the permanent fund’s investment office, which is a division of the Texas Education Agency (TEA). TEA is under the guidance of the Texas Commissioner of Education, appointed by the Texas Governor.