Tex. Gov't Code Section 825.3012
Investment in Certain Hedge Funds Limited

(a)

For the purposes of this section, “hedge fund” means a private investment vehicle that:

(1)

is not registered as an investment company;

(2)

issues securities only to accredited investors or qualified purchasers under an exemption from registration; and

(3)

engages primarily in the strategic trading of securities and other financial instruments.

(b)

Notwithstanding any provision of Section 825.301 (Investment of Assets), the board of trustees shall determine the maximum percentage of the value of the total investment portfolio of the retirement system that may be invested in hedge funds.

(b-1)

Repealed by Acts 2019, 86th Leg., R.S., Ch. 126 (H.B. 1612), Sec. 2, eff. May 23, 2019.

(c)

The percentage of the value described by Subsection (b) is determined by reference to the value of the total investment portfolio of the retirement system as of the date the retirement system executes the subscription documents for each hedge fund investment.
Added by Acts 2007, 80th Leg., R.S., Ch. 124 (S.B. 1447), Sec. 3, eff. May 17, 2007.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 492 (H.B. 1061), Sec. 2, eff. June 17, 2011.
Acts 2019, 86th Leg., R.S., Ch. 126 (H.B. 1612), Sec. 1, eff. May 23, 2019.
Acts 2019, 86th Leg., R.S., Ch. 126 (H.B. 1612), Sec. 2, eff. May 23, 2019.
Acts 2023, 88th Leg., R.S., Ch. 1093 (S.B. 1246), Sec. 5, eff. June 18, 2023.

Source: Section 825.3012 — Investment in Certain Hedge Funds Limited, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­825.­htm#825.­3012 (accessed Jun. 5, 2024).

825.001
Composition of Board of Trustees 825.002
Trustees Appointed by Governor 825.003
Trustees Appointed by Governor from Nominees of Board of Education 825.004
Terms of Office 825.005
Oath of Office 825.006
Sunset Provision 825.007
Compensation 825.008
Voting 825.009
Leave for Member Trustees 825.010
Grounds for Removal of Trustee 825.0031
Nondiscrimination in Appointments 825.0032
Ineligibility for Board and of Certain Employees 825.0041
Board Member Training 825.101
General Administration 825.102
Rulemaking 825.103
Administering System Assets 825.104
Designation of Authority to Sign Vouchers 825.105
Adopting Rates and Tables 825.107
Records of Board of Trustees 825.108
Reports 825.109
Correction of Errors 825.110
Determination of Annual Compensation 825.111
Management Audit 825.112
Insurance 825.113
Miscellaneous Board Duties 825.114
Advisory Committees 825.115
Applicability of Certain Laws 825.201
Presiding Officer 825.202
Executive Director 825.203
Legal Representation 825.204
Medical Board 825.205
Other Physicians 825.206
Actuary 825.207
Comptroller 825.208
Compensation of Employees 825.210
Interest in Investment Profits Prohibited 825.212
Retirement System Ethics Policy 825.213
Employment Practices 825.214
Financial Auditor 825.215
Advocacy Prohibited 825.216
Ombudsman 825.301
Investment of Assets 825.302
Custody and Investment of Assets Pending Transactions 825.303
Securities Custody and Securities Lending 825.304
Nominee to Hold Securities 825.305
Available Cash 825.306
Crediting System Assets 825.307
Member Savings Account 825.308
State Contribution Account 825.309
Retired Reserve Account 825.311
Interest Account 825.312
Expense Account 825.313
Transfers from Interest Account 825.314
Use of State Contributions 825.315
Prohibited Use of Assets 825.402
Rate of Member Contributions 825.403
Collection of Member’s Contributions 825.404
Collection of State Contributions 825.405
Contributions Based on Compensation Above Statutory Minimum 825.406
Collection of Contributions from Federal or Private Sources 825.407
Collection of Contributions from Noneducational and General Funds 825.408
Interest on Contributions and Fees 825.409
Employer Pickup of Member Contributions 825.410
Payroll Deductions or Installment Payments for Special Service Credit 825.501
Statement of Amount in Individual Accounts 825.502
Payment of Contributions to a Member Absent from Service 825.503
Reproduction and Preservation of Records 825.504
Employer Certification to Board 825.505
Audits 825.506
Plan Qualification 825.507
Record Confidentiality 825.508
Powers of Attorney 825.509
Direct Rollovers 825.511
Complaint Files 825.513
Information for Publication 825.514
Historically Underutilized Business 825.515
Information About Member Positions 825.516
Nonprofit Association Dues 825.517
Excess Benefit Arrangement 825.519
Electronic Information 825.520
Immunity from Liability 825.521
Deadline to Appeal Administrative Decision 825.601
Outreach Plan 825.602
Retirement Benefits Counseling for Individuals 825.604
Information Provided to Members 825.1025
Negotiated Rulemaking 825.1085
Study and Report on Alternative Service Retirement Benefits for Peace Officers 825.3011
Certain Consultations Concerning Investments 825.3012
Investment in Certain Hedge Funds Limited 825.3013
Title-holding Entities 825.3014
Confidentiality of Records Related to Title-holding Entities 825.3021
Appraisal and Sale of Real Property 825.3121
Deferred Retirement Option Account 825.4035
Employer Contributions for Certain Employed Members 825.4041
Employer Payments 825.4071
Collection of Contributions from Employers that Are Public Junior Colleges or Public Junior College Districts 825.4092
Employer Contributions for Employed Retirees
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 825.3012’s source at texas​.gov