Investment Analyst Intern

Who We Are  

The Texas Permanent School Fund (PSF) is a constitutionally established education endowment with more than 180 years of history supporting Texas public schools. Today, PSF manages more than $60 billion in assets through a diversified, long-term investment strategy designed to generate sustainable returns, preserve the Fund for future generations, and support Texas K–12 education. 

Our portfolio spans a broad range of public and private market strategies, including public equities, private and public credit, real estate and real assets, private equity, absolute return strategies, venture capital, and co-investments. Across the portfolio, Texas PSF works with leading investment firms and managers across markets and strategies. Texas PSF is supported by strong operational, legal, financial, risk, and governance functions that help steward the Fund over the long term 

In addition to providing permanent funding for Texas public schools, the Fund also supports the Bond Guarantee Program, helping school and charter districts access lower borrowing costs and directing more resources toward classrooms and students. Our work supports more than 5 million students across 1,000+ school districts statewide. Guided by fiduciary responsibility, integrity, and service to Texans, PSF combines institutional scale with an enduring mission: strengthening public education and investing in Texas’s future. 

 Job Summary 

As a Summer Intern at the Texas Permanent School Fund Corporation, you will gain hands-on experience supporting investment research, analysis, due diligence, and portfolio monitoring while working alongside experienced investment professionals. Interns contribute meaningful work, collaborate with asset class teams, complete a summer-long project, and present to senior leadership. 

Program Details 

• June 1, 2027 – July 31, 2027 

• Full-time (40 hours per week) 

• Monday through Friday 

• Hybrid schedule: 4 days onsite, 1 day remote 

• Paid internship 

• Located in Downtown Austin, Texas 

Dedicated mentors across the investment team will provide guidance and support throughout the program. Your experience within each asset class may include: 

• Private Equity focuses on funds investing in underlying private companies across a broad range of enterprise values, sectors and geographies.  Interns will be exposed to fund underwriting / due diligence, monitoring and reporting.  

• Real Estate/Real Assets focuses on funds investing in asset and asset-heavy businesses such as commercial real estate, infrastructure and natural resources investments. Interns will be exposed to fund underwriting / due diligence, portfolio monitoring and reporting.  

• Risk manages the Fund's overall risk and return to support the firm’s mission, covering all decisions except manager selection.  Interns will be exposed to hands-on experience analyzing economic data, conducting peer research, developing economic models, Strategic Asset Allocation (SAA), Tactical Asset Allocation (TAA), macro research, board communications, risk appetite setting and monitoring, and performance measurement.  

• Credit focuses on funds investing in investment grade fixed income, high yielding corporate credit, structured credit and private credit. Interns will be exposed to fund underwriting / due diligence, portfolio monitoring and reporting, and individual company and capital structure analysis.  

• Absolute Return Strategies focus on allocating capital to trading-oriented hedge funds across market neutral equity and credit, relative value, macro, quant, and multi-strategy managers. Public Equity focuses on investing in long-only or long-biased equity funds. Interns will be exposed to fund sourcing, the underwriting and due diligence processes, portfolio construction, and the monitoring and reporting of existing allocations.  

Key Responsibilities  

Projects & Research: Conduct in-depth research and analysis on a range of investment topics. Develop white papers and strategic insights tailored to specific asset classes and team priorities. Support special projects that inform investment decisions and portfolio strategy.  

Fund Investment Due Diligence & Oversight: Participate in initial and ongoing due diligence of fund investments. Engage with investment managers through communications, document reviews, and on-site interviews. Assist with investment analytics, reporting, and maintaining oversight documentation.  

Portfolio Analysis: Contribute to the monitoring and evaluation of internally managed portfolios. Support performance reviews and strategic assessments of portfolio holdings.  

Technology & Systems Support: Assist in evaluating and implementing platforms for investment due diligence, analysis, and performance measurement. Help optimize workflows and data systems to enhance investment operations.  

Performance Monitoring: Track and analyze performance across private, public, and crossover market investments. Maintain investment due diligence files and deal flow databases.  

Required Minimum Qualifications 

• Must be enrolled in an accredited institution.   

• Must be, an Undergraduate rising Junior or Senior (May 2026 graduates are welcome), or a Graduate Student.   

• Cumulative GPA of 3.0 or higher while majoring in General Business, Accounting, Finance, Math/Statistics, Economics, Data Science, or Engineering. Other degrees may be considered.  

• Strong interest in investments, quantitative analysis, risk management, mathematics accounting, finance, or other functional business areas related to investment management is required.  

Knowledge/Skills/Abilities 

• Proficiency in PowerPoint, Excel, Word.   

• Intermediate knowledge of or interest in economic concepts, financial markets, and investment research and analysis  

• Interest in applying investment research techniques and in analyzing and evaluating data.  

• Interested in programming or learning to program with Python, R, Tableau/Power BI, SQL, or VBA.  

• Honest, ethical and mission focused.  

• Strong attention to detail and the ability to manage competing priorities.  

• Excellent written and verbal communication skills.  

• Willingness to demonstrate initiative.  

• A strong desire to reflect, receive and provide feedback, and to continuously improve.  

Key Benefits

Texas PSF’s status as a special purpose governmental corporation allows for a unique opportunity to provide state employee benefits along with other company perks. Our extensive state employee benefits package includes retirement benefits, employer‑paid health and basic life insurance, generous paid holidays, and multiple retirement options—along with longevity pay and a range of optional insurance plans. You can find additional benefits details at www.ers.texas.gov.  Employees also enjoy various in-house training and professional development opportunities, free downtown parking, flexible work arrangements, and an office location near the Moody Amphitheater at Waterloo Park.