Texas School Fund Revealed as $740 Million Buyer of 29 Million State Street Credit ETF Shares
Updated
Updated · Bloomberg · May 21
Texas School Fund Revealed as $740 Million Buyer of 29 Million State Street Credit ETF Shares
1 articles · Updated · Bloomberg · May 21
$740 million of State Street’s IG Public & Private Credit ETF was bought by the Texas Permanent School Fund, which disclosed a stake of more than 29 million shares in a filing last week.
That Austin-based fund turned a previously unidentified “large client” into a named anchor investor, helping lift the ETF’s assets more than eightfold after its lukewarm debut last year.
87% of the ETF is now held by the school fund, according to Bloomberg Intelligence, an unusually concentrated position for a vehicle typically marketed to individual investors and advisers seeking private-credit exposure.
The Texas Permanent School Fund manages about $60 billion and supports K-12 public schools, distributing $4.8 billion for the 2026 and 2027 academic years.
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