April 2021 Committee on School Finance/Permanent School Fund Item 12
Approval of the Selection of a Firm(s) to Provide Investment Management Services for a Private Equity Emerging Manager Program and a Private Real Estate Emerging Manager Program for the Texas Permanent School Fund and the State Board of Education as outlined in Request for Proposal 701-21-001 and Authorization for Contract Execution by the Commissioner of Education
April 16, 2021
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 selection of a firm(s) to provide investment management for a private equity emerging manager program and a private real estate emerging manager program for the Texas Permanent School Fund and the State Board of Education (SBOE) as outlined in request for proposal (RFP) 701-21-001 and authorization for contract execution by the Commissioner of Education.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §2 and §5; and Texas Administrative Code (TAC), Chapter 33.
The Texas Constitution, Article VII, §2 and §5 establish the permanent school fund, the assets that comprise the permanent school fund, the bond guarantee program, the available school fund, and authorize the (SBOE) to manage and invest the permanent school fund in accordance with the prudent person standard.
19 TAC Chapter 33 codifies administrative rules that provide a statement of investment objectives, policies, and guidelines of the Texas Permanent School Fund and Bond Guarantee Program as adopted by the SBOE.
The full text of statutory citations can be found in the statutory authority section of this agenda.
PREVIOUS BOARD ACTION: At the September 2020 meeting, the committee authorized the issuance of the RFPs for investment management services for a private equity emerging manager program and a private real estate emerging manager program.
BACKGROUND INFORMATION AND JUSTIFICATION: The RFP was posted on September 15, 2020 and responses were due on November 12, 2020.
Staff Member Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer, Texas Permanent School Fund