State Board of Education News

Permanent School Fund named finalist for the Sovereign Wealth Fund of the Year award

Institutional Investor announced recently that the Texas Permanent School Fund (PSF) is a finalist for the Sovereign Wealth Fund of the Year award.

The other finalists in this category are:
• Alberta Investment Management Corp.
• China Investment Corp.
• Future Fund (Australia)
• Korea Investment Corp.
• Queensland Investment Corp.

 A sovereign wealth fund (SWF) is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, or in alternative investments such as hedge funds and private equity funds. Sovereign wealth funds invest globally.

“We are delighted to be recognized alongside these prestigious international funds. The State Board of Education (SBOE) has worked carefully over the years to increase the size and strength of the Permanent School Fund,” said Tom Maynard, chair of the SBOE’s Committee on School Finance/Permanent School Fund.

The total PSF is valued at $44 billion and is the largest educational endowment in the country. Of that total value, $10 billion of land, mineral rights, and certain real asset investments are managed by the School Land Board. The remaining $34 billion in financial investments is managed by the elected SBOE.
Holland Timmins, executive administrator and chief executive officer, noted that the SBOE-managed PSF has a diverse portfolio with about 30 percent of its holdings in alternative investments.

Institutional Investor's 17th Annual Hedge Fund Industry Awards recognizes the hedge funds, funds of hedge funds, investment consultants, endowments, foundations, family offices, corporate funds, public funds, sovereign funds and rising stars that stood out for their performance innovation, achievements and contributions to the industry in the past year.
The voting process for the Hedge Fund Awards begins with a public call for nominations; the Institutional Investor editorial staff concurrently devises a list of candidates based on its own knowledge of the firms and institutions, as well as discussions with its network of industry sources. After the nominees are publicly announced, Institutional Investor conducts a wide survey of U.S. allocators and invites them to vote for the nominees.
All of the nominations, as well as the internally generated candidates, are then vetted based on how strongly the editorial team believes they meet a wide range of criteria for their respective categories.
Winners will be announced June 27 in New York City.