Trustees of the $25 billion Texas Permanent School Fund have
approved the formation of a strategic relationship with
Grosvenor Capital Management and Blackstone Alternatives Asset
Management following a lengthy discussion of fees and staff
resourcing in a move to ultimately create an internally managed
direct hedge fund programme.
Grosvenor and Blackstone have each been fund of hedge fund
managers in the roughly $2.5 billion programme and were
considered for the strategic partnership alongside GAM, which
was hired last year following...