Texas Fund Revealed as Big Backer of State Street Credit ETF (1)

The identity of an investor that dramatically boosted assets in State Street Corp.’s private credit ETF has been revealed as a $60 billion sovereign wealth fund that provides funding to Texas public schools.

The Texas Permanent School Fund bought more than 29 million shares totaling about $740 million worth of the State Street IG Public & Private Credit ETF, trading under the ticker PRIV, in the first quarter, according to a filingFriday.

The emergence of a large institutional buyer in such an ETF is a relatively new development, as the vehicles have largely been utilized by individual ...