Texas Education Code - EDUC § 43.005. External Investment Managers

(a) The State Board of Education may contract with private professional investment managers to assist the board in making investments of the permanent school fund.  A contract under this subsection must be approved by the board or otherwise entered into in accordance with board rules relating to contracting authority.

(b) The State Board of Education by rule may delegate a power or duty relating to the investment of the permanent school fund to a committee, officer, employee, or other agent of the board.