The Texas Permanent School Fund (TPSF) was created with a $2,000,000 appropriation by the Texas Legislature in 1854, expressly for the benefit of the public schools of Texas. Today, the Fund manages close to $25 billion and maintains a robust allocation to alternative asset classes including hedge funds, private equity, and real estate. The firm's investment consultant is NEPC.TPSF has about $2.35 billion in absolute return investments, all of which is invested via funds of hedge funds. In 2010, the firm made two private equity commitments of $650 million each, as well as three real estate fund commitments for a total of $180 million. TPSF is not looking to make any additional investments into funds of hedge funds at this time.