Institutional Investors

Texas Permanent takes strategic route with Grosvenor and Blackstone


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 the termination of Goldman Sachs. What has yet to be formalised is the termination of the remaining firms