Texas University Fund (TUF)

Texas University Fund (TUF)

The Texas University Fund was created in 2023 via state constitutional amendment. Glenn Hegar, serving as Texas State Comptroller, oversaw its establishment to direct distributions to eligible public universities. The fund maintains a Real Return portfolio that includes stabilized commercial real estate valued at $82.6 million and opportunistic mixed-use holdings at $62.1 million. Additional sleeves cover infrastructure at $15.7 million, natural resources at $10.0 million, absolute-return hedge funds at $109.2 million and directional hedged equity at $74.8 million. Geographic exposure centers on the United States with select global hedge-fund mandates. The Growth Portfolio holds private equity and private debt sub-portfolios through limited-partner commitments. Administration falls to the Texas Treasury Safekeeping Trust Company under Anca Ion. The Texas Higher Education Coordinating Board determines beneficiary eligibility. In July 2024 the fund presented its portfolio review and asset allocation summary to the Comptroller's Investment Advisory Board. Public equity filings show a $724 million SPY position and a $34 million VNLA position as of Q4 2025. The endowment's structure ties investment decisions to a state constitutional mandate rather than a private family or institutional sponsor. Distributions flow exclusively to named Texas universities including the University of Houston, Texas Tech University, University of North Texas and Texas State University.