Permanent University Fund

Permanent University Fund (PUF) is an endowment based in Austin, Texas. Established in 1876, PUF is a state endowment that funds the University of Texas A&M University System and The University of Texas System. The endowment was established through land grants given by The University of Texas at Austin which is rich in oil and mineral deposits. Income from the sale of these minerals is invested back into the PUF endowment, while the surface income, primarily from surface leases and easements, is distributed to the Available University Fund (AUF) also under the management of UTIMCO. The investments of the PUF are managed by the University of Texas Management who controls and invests funds.Permanent University Fund's investment portfolio is valued at $23.8 billion as of December 31, 2019, with investments in domestic and international equity, fixed income, private equity, real estate, hedge funds, and cash.