Texas School Fund Taps Neuberger For $900M Account

The Texas Permanent School Fund, a $26 billion sovereign wealth fund benefiting the state’s public schools, signed up Neuberger Berman to manage a $900 million private equity separate account that will give the School Fund more say over its private equity investment decisions than it previously had with two separate accounts that were launched in 2010. The new three-year mandate was announced at an April board meeting broadcast on the School Fund’s Web site. The School Fund’s chief investment officer, Holland Timmins, declined to comment.

Investors