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The Texas PSF Corporation board of directors sets the asset allocation policy for the Fund, including determining the available asset classes for investment and approving target percentages and ranges for allocation to each asset class, with the goal of delivering a long-term risk-adjusted return through all economic and market environments. 
A formal asset allocation study is conducted at least every two years or more frequently at the direction of the Board.

Asset ClassWeight (%)
Cash2%
Core Bonds10%
Long Treasuries0%
High Yield2%
Bank Loans4%
Treasury Inflation-Protected Securities (TIPS)2%
Emerging Market Debt0%
Large Cap U.S. Equity14%
Small/Mid-Cap U.S. Equity6%
Non-U.S. Developed Equity7%
Emerging Market Equity0%
Commodities0%
Absolute Return3%
Real Estate*12%
Private Equity*20%
Private Credit8%
Natural Resources5%
Infrastructure5%
*Asset allocation policy targets include a 1% allocation to Emerging Managers, included in Real Estate (0.33%) and Private Equity (0.67%). Texas PSF Corporation is open to including Emerging Managers in Private Credit.

Adopted February 2024