Texas School Fund Buys $740 Million of State Street Credit ETF
Updated
Updated · Bloomberg · May 18
Texas School Fund Buys $740 Million of State Street Credit ETF
1 articles · Updated · Bloomberg · May 18
$740 million of State Street’s IG Public & Private Credit ETF was bought by the Texas Permanent School Fund in the first quarter, making the school endowment the investor behind a sharp asset increase in PRIV.
More than 29 million shares were disclosed in a Friday regulatory filing that identified the previously unnamed buyer.
The Texas Permanent School Fund manages about $60 billion and helps finance Texas public schools, giving the ETF a large institutional backer as private credit products seek broader adoption.
With giants like the Texas PSF piling into private credit ETFs, are smaller investors becoming the market's exit liquidity?
As private credit faces turmoil, is a Texas school fund's $740M investment gambling with the future of public education?