‍Situation

After merging with the Texas General Land Office, TPSF’s investment performance lagged peers while governance grew more complex. Communication bottlenecks and low morale signaled the need for a modern operating framework.

Strategic Response

An Eagle serving as Acting CEO launched the “Trains to Excellence” program—four coordinated work-streams that moved simultaneously:

• Culture Train
  • Defined new core values and embedded them through leadership workshops
  • Instituted monthly town halls to increase transparency and collaboration
• Investments Train
  • Split strategies into separate Alpha (active) and Beta (passive) “cars”
  • Introduced the proprietary Environmental Model to guide asset allocation
  • Upgraded analytics and risk systems for sharper decision-making
• Operations Train
  • Streamlined finance and IT workflows, modernized infrastructure, and strengthened governance / compliance
• Support Train
  • Revamped HR policies and benefits, accelerating talent acquisition and retention
  • Reorganized legal and communications teams to speed decision cycles

Twenty-seven board-approved objectives underpinned these efforts, ensuring clear accountability and momentum.

Results in the First Six Months

• Investment performance: rose from 4th to 1st quartile, adding ~400 bps versus peer median
• Risk management: tracking error cut by 35%, volatility profile realigned to mandate
• Cost efficiency: operating expenses reduced 18% year-over-year through process redesign
• Culture: employee-engagement score climbed from 62% to 88%, reflecting stronger alignment between Board and staff

TPSF now operates with a unified mission, updated governance, and scalable systems that position the Fund for long-term growth in service of Texas public schools.

"The comprehensive reforms initiated under your leadership have rejuvenated the TPSF, aligning our operations with our mission and significantly boosting our performance. Your visionary approach has not only secured the future of the fund but has also set a benchmark for public fund management.” - Tom Maynard, TPSF Chairman of the Board