Texas TRS tests program to audit GPs’ compliance with LPAs

A University of Texas cheerleader performs in front of a giant Texas flag draped on the UT Tower during the Hex Rally in Austin, Texas on November 21, 2011. The tradition started in 1941 to break a losing streak against rival the Texas A&M Aggies. According to legend, in 1941 students consulted fortune teller Madam Augusta Hipple who instructed them to burn red candles the week before the game as a way of "hexing" the Aggies. UT's Hex Rally and A&M's Bonfire traditions are both ending this year as Texas A&M joins the SEC after the end of the season. Photo taken November 21, 2011. REUTERS/Julia Robinson (UNITED STATES - Tags: SPORT FOOTBALL) - RTR2UCR6
  • TRS hires PwC to audit two of its partnerships at random
  • Pilot program could expand to other managers, depending on risk
  • Cost of the program has yet to be negotiated
Teacher Retirement System of Texas has hired consulting firm PricewaterhouseCoopers to audit two of its private equity partnerships. The audits will assess the accuracy of fees charged to Texas TRS and the fund manager’s compliance with its limited partnership agreements, ...

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