Authorization to Issue a Request for Proposals for Emerging Market Equity
April 11, 2014
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: CONSENT
SUMMARY: This item provides an opportunity for the committee and board to approve the issuance of a request for proposals for emerging market equity investment managers.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).
PREVIOUS BOARD ACTION: At the July 2012 meeting, the board set a strategic asset allocation which included a 3% allocation to the emerging market equities asset class.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: None.
FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $1.677 billion during the 2014-2015 biennium.
PUBLIC AND STUDENT BENEFIT: The distribution of the Permanent School Fund will flow to the school districts and reduce the tax burden to the public and the state of Texas.
PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.
PUBLIC COMMENTS: None.
ALTERNATIVES: No alternative actions are proposed regarding this item.
OTHER COMMENTS AND RELATED ISSUES: None.
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund