Texas Permanent School Fund - SLB (PSF)

Texas Permanent School Fund - SLB (PSF)

Texas created the Permanent School Fund in its 1876 constitution, assigning it revenues from state-owned lands and mineral rights to support public education. The fund is not a traditional single-family pool but a sovereign endowment whose wealth originates from the state's vast oil and gas royalties, managed day-to-day by the General Land Office under Commissioner Dawn Buckingham. Robert Borden serves as CEO and CIO of the Texas PSF Corporation, the investment arm that the Texas Legislature established to modernize and professionalize the portfolio's management. Strategy spans traditional public-market exposure and a deliberate buildout in private assets. The PSF allocates across real estate, infrastructure, private credit, and natural resources, with a focus on growth-oriented and income-producing vehicles. Confirmed positions include NW1 Strategic Investment Partnership II, an industrial venture; Longpoint Realty Fund III and Rockpoint Real Estate Fund VII, both mixed-use strategies; Pennybacker VI, a commercial real estate fund; and Berkshire Bridge Loan Investors-MF1 III, targeting residential bridge lending. Deployment spans the United States and select global opportunities, with a foundation still anchored by Texas mineral rights and royalties. The fund's oversight rests with the Texas PSF Corporation board, chaired by Tom Maynard, and ultimately with the State Board of Education. The General Land Office maintains control over the underlying land and mineral assets, creating a dual-track structure where revenue generation and investment management are institutionally separated. The PSF's exact AUM and total deployment figures are not mandatorily disclosed in a single public document, but the corpus is understood to be among the largest educational endowments in the United States. What distinguishes the PSF structurally is this split governance between the General Land Office and the State Board of Education. The land office collects and administers the revenue-generating assets, while the investment corporation handles portfolio construction — a deliberate constitutional design that insulates investment decisions from direct political appropriations and prevents the kind of unitary-executive risk seen in other state funds. This architecture, entrenched since Reconstruction, gives the PSF a stability mandate that functions more like a perpetual endowment than a typical state treasury pool.