# Texas Treasury Safekeeping Trust Company - Endowment Pool

Texas Treasury Safekeeping Trust Company - Endowment Pool is an Endowment / Foundation based in Austin, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Austin, United States
- **Region:** North America
- **Address:** Austin, Texas, United States
- **Assets under management:** $5 billion endowment pool assets (Altss estimate)
- **Website:** ttstc.org

## Regulatory record

- **Reports private funds:** No

## About

The Texas Treasury Safekeeping Trust Company was created as a special-purpose vehicle to manage, safeguard, and invest public funds for the state of Texas and its political subdivisions. Within the larger $165 billion custodial mandate sits a discrete endowment pool, comprising twelve separate endowment funds with approximately $5 billion in assets. These endowments originate from specific public-purpose trusts — including the Permanent Health Fund for Higher Education and the Tobacco Settlement Permanent Trust Account — and are guided by a board chaired by the Texas Comptroller (currently Acting Comptroller Kelly Hancock, who succeeded Glenn Hegar in July 2025). The endowment pool deploys capital across a deliberately broad asset-class mix: private equity, private credit, real estate, hedge funds, infrastructure, and natural resources. The portfolio is structured through a combination of primary fund commitments, direct co-investments, and secondaries positions. Confirmed sector focuses include water technology, healthcare services, and education technology. The trust's hard-asset orientation is unusually pronounced for a public endowment — the portfolio holds physical gold bullion, a basket of precious metals including silver, platinum, palladium, and rhodium, and two distinct real estate portfolios: a Stable Value Real Estate Portfolio and an Enhanced Real Estate Portfolio, both with a global mandate. Chief Executive Officer Mike Reissig and Chief Investment Officer Anca Ion lead the investment team from Austin. The trust participates in industry networks including TEXPERS, the Texas Association of Public Employee Retirement Systems, and NASCIO, the National Association of State Chief Information Officers. In July 2025, Glenn Hegar — the long-serving Texas Comptroller who chaired the TTSTC board — departed office, with Kelly Hancock stepping in as Acting Comptroller and chairman. This transition represents the most significant governance event for the trust in the last 24 months. What distinguishes TTSTC structurally is its hybrid mandate as both a state custodian and an active endowment allocator. Unlike a conventional state pension fund, TTSTC does not face consolidated defined-benefit liabilities across a single participant pool; instead it manages discrete public-purpose trusts, each with its own time horizon and distribution profile. The trust also operates the Texas Bullion Depository, the first state-administered gold depository in the United States, giving it a unique intersection of financial asset management and physical commodity custody that no other state endowment replicates.

## Sectors

- WaterTech
- Healthcare Services
- EdTech
- Private Equity
- Private Credit
- Real Estate
- Hedge Funds
- Infrastructure
- Secondaries & Special Situations
- Natural Resources

## People

- Glenn Hegar — Texas Comptroller and Chairman of the TTSTC Board (until 2025)
- Kelly Hancock — Acting Texas Comptroller and Chairman as of July 2025
- Mike Reissig — Chief Executive Officer
- Anca Ion — Chief Investment Officer

## Questions

### How is the TTSTC endowment pool different from a state pension fund?

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.

### Does the endowment pool invest directly or through fund commitments?

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.

### What role does physical gold and precious metals play in the portfolio?

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.

### Which sectors does the endowment pool target in its private markets allocation?

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.

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

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