The Texas Permanent School Fund, the $52 billion, 179-year-old endowment which provides support to public schools in the state, announced on February 1 that it has appointed Stu Bohart as deputy CIO of strategic partnerships.
Bohart started the newly created position on January 16, according to a spokesperson for the PSF, and will report to Bob Borden, the PSF’s CEO.
Bohart will be in charge of the fund’s absolute return portfolio, which manages the fund’s investments in hedge funds, direct lending, special situations and co-investment opportunities.
According to the fund’s 2023 annual report, the PSF’s absolute return portfolio returned 6.79% in fiscal 2023, which ended August 31, 2023, and 6.79%, 5.40% and 4.95% for the last three, five and 10 years, respectively. The absolute return portfolio comprises of 6.0% of the fund’s assets.
Bohart has spent much of his career in asset management. Between 1997 and 2010, he held multiple senior roles at Morgan Stanley, including co-head of Morgan Stanley Investment Management and head of the firm’s global prime brokerage unit. Prior to these roles, he was a portfolio manager at Morgan Stanley Investment Management.
Prior to his appointment at Texas PSF, Bohart was a partner in and president of Fort LP Investment Management from 2018 through 2023. He was also a limited partner representative at venture capital firm Outlander Labs from 2015 through 2023.
“Stu’s extensive experience in PE, RE, hedge funds and asset allocation will help Texas PSF improve portfolio and operational efficiency across asset classes and deepen our relationships with best-in-class asset managers around the world,” said Borden in a statement.
“I’m excited to work with Bob and help develop a premier investment platform to support the Texas public school system,” said Bohart in the statement.
Bohart earned a bachelor’s degree in economics from Northwestern University.
According to a spokesperson, two of Bohart’s early projects will be to build large strategic partnerships with best-in-class asset management firms and to spearhead the development of an expanded private credit effort.