Possible Major Org and Strategy Changes at TPSF

The US$ 24 billion Texas Permanent School Fund (TPSF) is currently under the Texas State Board of Education. This means all major policy, personnel and management decisions have to be made by the Texas commissioner on education. There are heavy talks to streamline bureaucracy and efficiency of having the fund be managed by a non-profit corporation.

The fund was created in 1854 expressly for the benefit of the public schools of Texas.

This non-profit corporation would have administrative and investment management control over the fund. One proposed name for the non-profit corporation is Texas Permanent Fund Investment Management Co. It would be expected the members of the Texas State Board of Education would have board seats.

In fact, this would enable the fund to operate similarly like the University of Texas Investment Management Co. (UTIMCO) which manages the endowment for the University of Texas System. In Canada and Australia, many public funds are managed by a professional public investment corporations like AIMCo (Canada) and the Queensland Investment Corporation (Australia).[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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