Texas lawmakers raised tough questions Wednesday about plans by the the state’s largest pension system to invest up to $250 million of teacher retirement funds in the Ray L. Hunt family’s bid to buy and reshape Oncor, the mammoth electric utility.

The Teacher Retirement System of Texas has set aside the $250 million for a stake in the Dallas oil family’s closely watched — and controversial — effort to remake Oncor into a real estate investment trust, Brian Guthrie, the fund’s executive director, told the Senate Committee on State Affairs at a hearing.

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