Texas Teacher Retirement System, Austin, had a 35% return for the year ended March 31, according to a news release.
The $25 billion gain “erased most of the decline produced during the previous severe financial downturn,” the release said.
Britt Harris, TRS chief investment officer, told trustees at their meeting Thursday that fund assets totaled $96.7 billion as of March 31, confirmed spokesman Howard Goldman.
“The period just prior to the recent gains tested the resolve of the TRS investment team, our board and that of our members,” Mr. Harris said in the release. “While the recent gains are very encouraging, we all know that this entire period has been exceptionally volatile and virtually unprecedented.”
The fund also hired executive recruitment firm Korn/Ferry International to assist with the search for a new executive director, according to a statement on its website.
The selection was made at the fund's board meeting.
Other finalists in the search were Heidrick & Struggles International and Spencer Stuart, according to board agenda materials.
The new executive director will replace Ronnie Jung, who announced in April that he will leave in July 2011. The board expects to complete the search before the end of the year, according to the statement.