Texas Government Code 825.3012 – Investment in Certain Hedge Funds Limited
Current as of: 2024 | Check for updates
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(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 § 825.301, 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(b-1) Repealed by Acts 2019, 86th Leg., R.S., Ch. 126 (H.B. 1612), Sec. 2, eff.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.