The Permanent University Fund (PUF)
Oil was first discovered on University Lands in 1923 at the Santa Rita No. 1 well in Reagan County. Since then, annual PUF revenues have steadily increased,
peaking in 2014 due to the shale revolution, increased oil prices and expanded development activity.
The value of the PUF as of August 2015 was $17.5 billion, making it the largest public university endowment in the United States and behind only
Harvard and Yale across all educational institutions.
The endowment's annual distributions are governed by the Texas Constitution and managed by The University of Texas System Board of Regents.
The PUF is managed by The University of Texas Investment Management Company
(UTIMCO), a 501(c)(3) corporation charged with overseeing PUF investments.
Investment income from the PUF is shared by eligible institutions of
The University of Texas System and
The Texas A&M University System.