Tex. Gov't Code § 825.3012 · Subchapter D. MANAGEMENT OF ASSETS
INVESTMENT IN CERTAIN HEDGE FUNDS LIMITED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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, 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(b-1) Repealed by Acts 2019, 86th Leg., R.S., Ch. 126 (H.B. 1612), Sec. 2, eff.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.
Notes and commentary — not statutory text
History
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 of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.825.htm
- Text hash
- sha256 763036a655de92b91597b6e316fa2afaea79edd72fbe4cdcde4ecd1cbc82691a
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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