APFC is a state-owned corporation, based in Juneau, that manages the assets of the Alaska Permanent Fund and other funds designated by law, such as the Alaska Mental Health Trust Fund.

The APFC Board of Trustees has established By-Laws, Governance and Investment Policies, and Resolutions to support an efficient and effective management structure.

Our vision is to deliver OUTstanding returns

for the benefit of all current and future generations of alaskans

Total Fund Value

as of October 31, 2023



$56.6 B

Unrealized Gains: $8.7 B

ERA Uncommitted

$1.2 B

+ Committed FY25 POMV $3.7 B
+ FY24 Inflation Proofing $1.4 B + Unrealized Gains $1.0 B

Rate of Return

FYTD AS OF October 31, 2023


7.87% over 5 years

Fund News

Fund News

The Role of Co-Investments in the APFC Portfolio December 5, 2023

APFC has been an active co-investor, having completed over 50 different investments over the last decade. This tool enables APFC to tactically deploy capital in a more attractive investment environment to drive stronger returns and asset growth. Unlike other groups that may have a formalized program or targeted deployment rate, APFC employs an opportunistic approach where we seek out interesting and attractively priced opportunities.

While co-investment activity declined in the last several years as private markets valuations reached record levels, recent activity has increased, with four deals completed from March through August 2023 accounting for almost one-third of the capital deployed during the same period. “We saw the opportunity to invest in some very high-quality businesses at attractive prices and were able to capitalize on those opportunities,” remarked Allen Waldrop, Director of Private Equity. These recent co-investments also bring significant potential fee savings to APFC, which further contributes to growing the asset base.

“If we see compelling opportunities in the spaces we like, then we will do them, but if the market isn’t cooperating or we are not seeing interesting deals, we are fine sitting on the sidelines.”  – Allen Waldrop

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  • Ten years after Alaska achieved statehood, oil was discovered on the North Slope, which led to Alaskans voting to create a Permanent Fund to invest oil proceeds for future generations. The first deposit was $734,000. After 40 years of wise management, APFC has grown the Permanent Fund to more than $72.6 billion. Want to know how we did it?

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  • The Permanent Fund has two parts: the Principal and the Earnings Reserve Account (“ERA”). Both are invested together using the same asset allocation, but they are very different in how they can be used by law: the Principal is permanent savings, the ERA is available to spend.

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  • APFC is a team of financial and legal professionals. It operates as a separate state entity under the oversight of an independent, professional Board of Trustees, who serve as fiduciaries of the Fund. The Board sets investment policy, reviews the portfolio’s performance, and works with management to determine APFC’s strategic direction.

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  • It’s the APFC’s job to prudently manage the assets of the Alaska Permanent Fund. Our staff of professionals works with a team of international managers to invest the Permanent Fund’s billions across eight asset classes in both private and public markets. Under APFC’s stewardship, the Permanent Fund is recognized as one of the best-managed sovereign wealth funds in the world – well poised to serve Alaskans now and for many decades to come.

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  • The Permanent Fund has largely replaced oil as a source of unrestricted revenues for our state government, which means it is more important to Alaskans than ever. We are pleased to present this booklet, which offers the basics of the Alaska Permanent Fund, its history, how APFC manages and invests these assets, and its essential role in Alaska's future.

    Read the Guide...

  • Find out what made FY23 an interesting year in the APFC Annual Report: Trusted for Generations. Learn more about APFC’s strategies, investments and staff in the latest Annual Report.

    Read the Report...


Deven Mitchell APFC’s Executive Director shares his thoughts on the opportunities and challenges of a resource-based endowment.


The Fixed Income Plus portfolio acts as an anchor to the Fund and is comprised of Bonds, Emerging Market Debt, TIPS, and Listed Infrastructure. During volatile market cycles, these assets provide stability and a source of liquidity to take advantage of market dislocations. Trading is…read more