The Permanent University Fund (PUF)
Oil was first discovered on PUF Lands in 1923 at the Santa Rita No. 1 well in Reagan County. Since then, mineral revenues into the Permanent University Fund have steadily increased, peaking in 2014 thanks to the shale revolution, increased oil prices and expanded development activity. Today, the PUF is the largest public university endowment in the United States.
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 (http://www.utimco.org), 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 (http://www.utsystem.edu) and The Texas A&M University System (http://www.tamus.edu).