Texas Permanent takes strategic route with Grosvenor and Blackstone

Thu May 3, 2012

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...


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