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 January 31, 2024

$77,032,600,000

Principal

$56.7 B

Unrealized Gains: $11.5B

ERA Uncommitted

$2.2 B

+ Committed FY25 POMV $3.7 B
+ FY24 Inflation Proofing $1.4 B + Unrealized Gains $1.5 B

Rate of Return

FYTD AS OF December 31, 2023

3.54%

9.39% over 5 years

APFC Board Adopts Strategic Plan and Trustee Paper #10

February 16, 2024

Juneau – The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting in Juneau and via webinar on February 15 and 16, 2024. The Board action items included the adoption of the 2024 Strategic Plan and Trustee Paper #10. Additionally, the Board considered the Fund’s second-quarter investment performance, associated capital markets insights, updates on the Private Income and Private Credit portfolios from internal and external managers, and perspectives on risk thresholds. 

“I appreciate the positivity and rapport demonstrated by our Trustees as they navigated through difficult dialogues to make decisions for the betterment of the Fund and Corporation, remarked Deven Mitchell, Executive Director & CEO. 

The Board of Trustees voted to adopt Trustee Paper #10 with an addendum provided by Callan to inform the Board’s discussion. The paper will be published in the coming weeks and made available to our Alaskan stakeholders.  It includes a history and overview of the Fund’s structure, insights into the durability issues under the current construct, and potential solutions to bring the Fund in line with modern endowment practices.  

“Our responsibility is to educate Alaskans and respectfully provide policymakers with the necessary tools and options for their consideration given known concerns. Trustee Paper #10 identifies issues, explores options, and provides a menu of timely solutions,” noted Ethan Schutt, Chair of the Alaska Permanent Fund Corporation.  

An amended version of the 2024 Strategic Plan was adopted by the Board of Trustees. The amendment limited the use of Fund-level Leverage to $4 billion.

“Thank you to Alaskans who weighed in on the strategic plan during the public comment period. We appreciate your engagement and share in your belief in safeguarding the Fund. At the end of the day, our goal is clear to maximize returns and protect the Principal for generations of Alaskans. The plan we approved today is aligned with our mission, said Ethan Schutt, Chair of the Alaska Permanent Fund Corporation. 

 

Read the full news release for summaries of the Risk, Asset Class Allocation Study, and Private Income portfolio presentations and other items.


Fund News


Fund News

APFC Board Adopts Strategic Plan and Trustee Paper #10 February 16, 2024

Juneau – The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting in Juneau and via webinar on February 15 and 16, 2024. The Board action items included the adoption of the 2024 Strategic Plan and Trustee Paper #10. Additionally, the Board considered the Fund’s second-quarter investment performance, associated capital markets insights, updates on the Private Income and Private Credit portfolios from internal and external managers, and perspectives on risk thresholds. 

“I appreciate the positivity and rapport demonstrated by our Trustees as they navigated through difficult dialogues to make decisions for the betterment of the Fund and Corporation, remarked Deven Mitchell, Executive Director & CEO. 

The Board of Trustees voted to adopt Trustee Paper #10 with an addendum provided by Callan to inform the Board’s discussion. The paper will be published in the coming weeks and made available to our Alaskan stakeholders.  It includes a history and overview of the Fund’s structure, insights into the durability issues under the current construct, and potential solutions to bring the Fund in line with modern endowment practices.  

“Our responsibility is to educate Alaskans and respectfully provide policymakers with the necessary tools and options for their consideration given known concerns. Trustee Paper #10 identifies issues, explores options, and provides a menu of timely solutions,” noted Ethan Schutt, Chair of the Alaska Permanent Fund Corporation.  

An amended version of the 2024 Strategic Plan was adopted by the Board of Trustees. The amendment limited the use of Fund-level Leverage to $4 billion.

“Thank you to Alaskans who weighed in on the strategic plan during the public comment period. We appreciate your engagement and share in your belief in safeguarding the Fund. At the end of the day, our goal is clear to maximize returns and protect the Principal for generations of Alaskans. The plan we approved today is aligned with our mission, said Ethan Schutt, Chair of the Alaska Permanent Fund Corporation. 

 

Read the full news release for summaries of the Risk, Asset Class Allocation Study, and Private Income portfolio presentations and other items.


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 $77.0 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 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...

GLOBAL CONFERENCE

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

BONDS

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