Institutional Investors

Texas Permanent adds GAM to FoHF portfolio


The $25 billion Texas Permanent School Fund has hired GAM and increased its allocation to Mesirow earlier this year following a vote to place K2 Advisors on a watch list.

Trustees also voted to terminate Goldman Sachs once a new contract was in place with GAM. Under the new absolute return weighting, Mesirow and GAM would manage at least $300 million each.

Last autumn, trustees considered an allocation to an absolute return discretionary separate account fund of hedge funds manager. The $2 billion portfolio at that time included a $200 million mandate to