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Texas PSF To Pick Strategic HF Partners

The $22.8 billion Texas Permanent School Fund, Austin, will be developing a process for selecting strategic partners for its $2.5 billion hedge fund portfolio.

The $22.8 billion Texas Permanent School Fund (Texas PSF), Austin, will be developing a process for selecting strategic partners for its $2.5 billion hedge fund portfolio, Pensions & Investments reports. The selection process may either be limited to existing managers or carried out through an open request for proposal process. The fund may move some of its five existing hedge fund-of-funds (HFoF) managers to strategic relationships. Grosvenor Capital Management, Blackstone Alternative Asset Management and K2 Advisors are some of the fund’s HFoF managers.

Separately, the fund will start a search in January for a long-only or long-short commodities manager to run about $685 million in current dollars. The pension fund will commit up to $75 million to TA Associates Realty Fund X, a value-oriented fund, and up to $50 million to Oaktree Real Estate Opportunities Fund V, an opportunistic fund.

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