AUSTIN, Texas —
In January 2012, Perry's office estimated that the tech fund portfolio's investments were worth $4.5 million more than what the state had handed out. The fund had its biggest bust to date later that year with the collapse of bioenergy producer Terrabon Inc., which had been awarded $2.75 million in 2010.
That set off criticism about Perry's office not being able to put an exact finger on the value of the fund between annual reports. Hazell, however, said that unlike portfolios of publicly traded companies that are on the stock market, the value of private equity can't be estimated so quickly.
"If you look at the overall performance of the fund, we're seeing what we want to see," she said.