The Economic Stabilization Fund (ESF), commonly called the rainy-day fund, was created by the passage of an amendment to the Texas Constitution in November 1988. The crude oil and natural gas production taxes (severance taxes) are the major funding sources of the ESF. Ending fiscal 2021, ESF managed over US$ 10 billion, making it one of America's largest stabilization funds.
Assets under Management (AuM):
Alternative Assets: 0%
“To function like a savings account for the state of Texas, created to prevent or reduce sudden massive cuts to schools, health care and other state services.” (Stabilization Fund)