Texas Treasury Safekeeping Trust Company - Endowment Pool

Chief Investment Officer Anca Ion leads the investment function, reporting to Chief Executive Officer Mike Reissig. The board is chaired by the Texas Comptroller — currently Acting Comptroller Kelly Hancock, who assumed the role in July 2025 after Glenn Hegar left office. Investment strategy and asset allocation ultimately require board-level approval consistent with the trust's statutory mandate.

Unlike a state pension fund that manages pooled assets against a unified set of defined-benefit liabilities, TTSTC stewards twelve separate endowment funds with distinct purposes and time horizons. These include the Permanent Health Fund for Higher Education and the Tobacco Settlement Permanent Trust Account. Each trust has its own spending policy and distribution requirements, giving the overall pool a structure closer to a collection of linked endowments than a single retirement system.

TTSTC uses a hybrid approach. The endowment pool makes primary commitments to outside private equity, private credit, real estate, and hedge fund managers, and also participates in co-investments and secondary transactions. The portfolio spans venture capital, infrastructure, natural resources, and hard assets, with sourcing executed through both fund relationships and direct opportunities.

The trust holds physical gold bullion and a basket of other precious metals including silver, platinum, palladium, and rhodium. These positions are held in custody at the Texas Bullion Depository in Leander, Texas, which TTSTC itself administers. This hard-asset allocation is uncommon among public endowments and reflects a deliberate inflation-hedge and non-correlated-returns strategy.

Confirmed areas of focus include water technology, healthcare services, and education technology. The endowment also maintains exposure to real estate through two separate portfolios — a Stable Value Real Estate Portfolio and an Enhanced Real Estate Portfolio — both with global mandates that extend beyond Texas.

TTSTC is governed by a board chaired by the Texas Comptroller. Glenn Hegar held the Comptroller role and board chairmanship through mid-2025, after which Kelly Hancock assumed the position as Acting Comptroller and chairman. This transition was triggered by Hegar's departure from the Comptroller's office. The CEO and CIO remain in place, suggesting investment leadership continuity through the governance change.

The Texas Bullion Depository, located in Leander, Texas, is the first state-administered gold depository in the United States. TTSTC operates the depository, which provides secure custody of physical precious metals for the state and potentially for institutional and individual account holders. It also houses a portion of the endowment pool's own hard-asset holdings, creating an operational overlap between the trust's asset-management and custody functions.