WHO WE ARE

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 March 31, 2025

$80,822,300,000

Rate of Return FYTD AS OF March 31, 2025: 4.55%

10.49% over 5 years

Chart.js Donut Charts

$80.0B

Unaudited
Fund Values
as of March 31, 2025

Learn more about the Fund's Structure

Global Recognition for Investment Leadership

May 8, 2025

Where Values Meet Visibility: APFC in the News

As stewards of the nation’s largest sovereign wealth fund, APFC’s in-house professionals are increasingly recognized for their insight and expertise. Over the past year, our team has been cited as subject matter experts in more than 80 nationwide and global media stories, reflecting not just what we do, but why we do it.

A Trusted Voice in Global Finance

  • A Key Institutional Voice:
    The Wall Street Journal featured APFC as a key institutional voice amid the Fed’s rate pause, reinforcing APFC’s role in navigating shifting policy with a long-term perspective and global investment discipline. Marcus Frampton, APFC Chief Investment Officer, provided context through APFC’s forward-looking risk management lens.

  • Strong Governance & Fiduciary Discipline:
    APFC’s strong governance and fiduciary discipline were highlighted in Top1000funds.com for how it aligns with global best practices. The article noted: “Governance is rooted in foresight rather than making it up as you go.”Top1000funds.com, 2025

  • Private Markets Approach:
    Private Equity International sought private market perspectives on long timelines and the risk of parting with quality assets.

  • Consistent Discipline:
    CIO Marcus Frampton’s investment strategy as a steward of the Fund was profiled in Institutional Investor. The article included that “APFC stands out for its disciplined long-term approach amid market turbulence.”

  • Expert Team with a Global Perspective:
    Deputy CIO – Private Markets Allen Waldrop’s speaking engagements are regularly featured in Private Equity International, Venture Capital Journal, and Buyouts Insider.

These highlights reflect APFC’s values in action and the strength of our approach.

Why We Do What We Do

APFC’s global recognition and reputation as a model for converting a nonrenewable resource into the state’s largest financial resource is rooted in a mission entrusted to us by Alaskans. The Legislature’s findings for the purpose of the Permanent Fund:

  1. To create permanent savings from nonrenewable resources:
    “the fund should provide a means of conserving a portion of the state’s revenue from mineral resources to benefit all generations of Alaskans;”
  2. To achieve maximum risk-adjusted returns:
    “the fund’s goal should be to maintain safety of principal while maximizing total return;”
  3. To ensure the prudent use of earnings through the Legislature:
    “the fund should be used as a savings device managed to allow the maximum use of disposable income from the fund for purposes designated by law.”

These statutes directly shape our investment model. We diversify across asset classes and geographies. We emphasize long-term, risk-aware strategies over short-term gains. This foundation and discipline are what make APFC a respected global voice.

Through transparency, passion, and discipline, we’re working to strengthen the Fund for the benefit of all Alaskans.


Fund News


Fund News

Global Recognition for Investment Leadership May 8, 2025

Where Values Meet Visibility: APFC in the News

As stewards of the nation’s largest sovereign wealth fund, APFC’s in-house professionals are increasingly recognized for their insight and expertise. Over the past year, our team has been cited as subject matter experts in more than 80 nationwide and global media stories, reflecting not just what we do, but why we do it.

A Trusted Voice in Global Finance

  • A Key Institutional Voice:
    The Wall Street Journal featured APFC as a key institutional voice amid the Fed’s rate pause, reinforcing APFC’s role in navigating shifting policy with a long-term perspective and global investment discipline. Marcus Frampton, APFC Chief Investment Officer, provided context through APFC’s forward-looking risk management lens.

  • Strong Governance & Fiduciary Discipline:
    APFC’s strong governance and fiduciary discipline were highlighted in Top1000funds.com for how it aligns with global best practices. The article noted: “Governance is rooted in foresight rather than making it up as you go.”Top1000funds.com, 2025

  • Private Markets Approach:
    Private Equity International sought private market perspectives on long timelines and the risk of parting with quality assets.

  • Consistent Discipline:
    CIO Marcus Frampton’s investment strategy as a steward of the Fund was profiled in Institutional Investor. The article included that “APFC stands out for its disciplined long-term approach amid market turbulence.”

  • Expert Team with a Global Perspective:
    Deputy CIO – Private Markets Allen Waldrop’s speaking engagements are regularly featured in Private Equity International, Venture Capital Journal, and Buyouts Insider.

These highlights reflect APFC’s values in action and the strength of our approach.

Why We Do What We Do

APFC’s global recognition and reputation as a model for converting a nonrenewable resource into the state’s largest financial resource is rooted in a mission entrusted to us by Alaskans. The Legislature’s findings for the purpose of the Permanent Fund:

  1. To create permanent savings from nonrenewable resources:
    “the fund should provide a means of conserving a portion of the state’s revenue from mineral resources to benefit all generations of Alaskans;”
  2. To achieve maximum risk-adjusted returns:
    “the fund’s goal should be to maintain safety of principal while maximizing total return;”
  3. To ensure the prudent use of earnings through the Legislature:
    “the fund should be used as a savings device managed to allow the maximum use of disposable income from the fund for purposes designated by law.”

These statutes directly shape our investment model. We diversify across asset classes and geographies. We emphasize long-term, risk-aware strategies over short-term gains. This foundation and discipline are what make APFC a respected global voice.

Through transparency, passion, and discipline, we’re working to strengthen the Fund for the benefit of all Alaskans.


EDUCATION

  • 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 $80.8 billion. Want to know how we did it?

    Find out more...

  • 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.

    Find out more...

  • 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.

    Find out more...

  • 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.

    Find out more...

  • 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 FY24 an interesting year in the APFC Annual Report: Illuminating the Future. Learn more about APFC’s operations, strategies, and investments in the latest Annual Report.

    The Cover of the 2024 Annual Report showing northern lights above a mountain rangeRead the Report...

BONDS

The Fixed Income 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