Texas Permanent University Fund

The Permanent University Fund (PUF) is a sovereign wealth fund created by the State of Texas under the 1876 Texas Constitution to help finance public higher education in the state, administered for the benefit of the University of Texas System and the Texas A&M University System, which together enroll roughly half of the state's public university students. A portion of the PUF's investment returns is distributed each year through the separate Available University Fund according to the constitution, later amendments and the two systems' boards of regents; the PUF provides no funding to any other Texas public university. It is a distinct fund from the Texas Permanent School Fund, which instead supports the state's public primary and secondary schools.