TITLE: Relating to the investment of the permanent university fund and other funds under the management and control of the board of regents of The University of Texas System.

SUMMARY: Relating to the investment of the permanent university fund and other funds under the management and control of the board of regents of The University of Texas System.

FULL TEXT:
AN ACT relating to the investment of the permanent university fund and other funds under the management and control of the board of regents of The University of Texas System. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 66.08, Education Code, is amended by adding Subsection (b-1) to read as follows: (b-1) In awarding investment contracts to private professional investment managers or in otherwise seeking or acquiring private financial services in relation to its investments under this section, the corporation shall make a good faith effort to award contracts to or to seek or acquire services from qualified emerging fund managers. SECTION 2. Section 66.08(o), Education Code, is amended by adding Subdivisions (1-a) and (1-b) to read as follows: (1-a) "Emerging fund manager" means a professional investment manager that manages assets of not more than $5 billion. (1-b) "Financial services" includes pension fund management, financial consulting, investment advising, brokerage services, hedge fund management, private equity fund management, and real estate investment. SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.