# Texas Tobacco Settlement Permanent Trust

Texas Tobacco Settlement Permanent Trust is a Sovereign Wealth Fund based in Austin, United States.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Austin, United States
- **Region:** North America
- **Assets under management:** 3.3B (Altss estimate)

## Regulatory record

- **Reports private funds:** No

## About

The Texas Tobacco Settlement Permanent Trust was created in 1998 to receive Texas's share of the Master Settlement Agreement. Annual distributions support indigent health care through local health departments and hospital districts. The portfolio spans real estate via Metropolitan Real Estate Partners Co-Investments Fund II-TCG, private debt, alternative fixed income, commodities exposure and public holdings that include SPY, VNLA and BND. A $5M position in IBIT marks an initial bitcoin allocation. Geographic reach covers the United States and global markets through direct holdings and fund commitments. The Texas Treasury Safekeeping Trust Company serves as investment advisor with RSM US LLP as auditor and Asset Consulting Group as consultant. An Investment Advisory Committee meeting occurred in Austin in March 2024 to review performance and approve distributions. The structure remains a state-managed permanent fund rather than a discretionary family office. Governance flows through the Comptroller as sole officer of the Texas Treasury Safekeeping Trust Company and the statutory Investment Advisory Committee that sets allocation policy.

## Sectors

- Real Estate
- Private Credit
- Infrastructure

## People

- Glenn Hegar — Texas Comptroller of Public Accounts
- Stuart Ford — Chairman of the Tobacco Settlement Permanent Trust Account Investment Advisory Committee
- Noe Hinojosa — Vice-Chairman of the Investment Advisory Committee

## Questions

### Who runs investment decisions at Texas Tobacco Settlement Permanent Trust?

Glenn Hegar, Texas Comptroller, serves as sole officer and director of the Texas Treasury Safekeeping Trust Company. An 11-member Investment Advisory Committee chaired by Stuart Ford provides allocation guidance.

### What asset classes does the trust hold?

Holdings include real estate through co-investment funds, private debt, alternative fixed income, commodities, broad equity ETFs such as SPY and a $5M allocation to IBIT.

### How are distributions from the trust used?

Annual distributions fund local health departments and hospital districts for indigent health care across Texas political subdivisions.

### Does the trust make direct investments or only fund commitments?

The trust holds both direct real-asset positions and limited-partner interests in funds such as Metropolitan Real Estate Partners Co-Investments Fund II-TCG.

### Which service providers support the trust?

Texas Treasury Safekeeping Trust Company acts as investment advisor, RSM US LLP serves as auditor and Asset Consulting Group provides investment consulting.

## Related profiles

- [SEIU Pension Plans Master Trust](https://altss.com/profile/seiu-pension-plans-master-trust)
- [The Educational Employees’ Supplementary Retirement System of Fairfax County (ERFC)](https://altss.com/profile/the-educational-employees-supplementary-retirement-system-of-fairfax-county-va-erfc)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/texas-tobacco-settlement-permanent-trust

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology