49
Forward
2025 ANNUAL REPORT
Since becoming the 49th state, Alaska has always stood apart, defined by bold choices, resilient people, and a deep respect for its resources and the future. The Alaska Permanent Fund (Fund) is a clear expression of that spirit: a visionary decision to transform a portion of the state’s resource wealth into a lasting legacy for generations.
For 49 years, the Fund has grown and evolved, anchored by discipline, guided by expertise, and accountable to the people it serves. It stands as a testament to Alaskans’ foresight and collective pledge to securing long-term value from the state’s resources.
Value Generated for Alaskans
Realized Earnings Since Inception
$93.7B
Paid Out To Current Generations
$47.6B
Saved For Future Generations
$46.1B
A Word From Our CEO & Executive Director
Over the last several years, I have realized that the vast majority of Alaskans have very little understanding of the complexities of the Permanent Fund’s structure; matters such as what type and how much state revenue is deposited into the Fund, what portion of the Fund is protected from spending, why and how inflation proofing is accomplished, and when earnings are available to spend. When folks take the time to learn the answers to these questions, they realize that there is a strong argument for updating the Fund’s structure.
With the evolution of Alaska’s finances over the last 49 years, the time has clearly arrived for Alaskans to discuss and consider modifying the structures that support the Fund to improve long-term sustainability.
Together, we look ahead—49 Forward—with clarity of purpose, pride in our shared legacy, and a firm belief that the best way to honor the vision that created the Fund is to secure its strength.
Deven Mitchell
Fund Values & Returns
Since Inception | In Billions
Asset Allocation
Diversification has long been one of the Fund’s most important strengths. While some asset classes aim to deliver strong returns, others provide stability, liquidity, and income, all contributing to the Fund’s resilience and performance across market cycles. This balance supports the Fund’s ability to navigate change while remaining anchored in its long-term purpose.
Looking Forward
The current allocation balances opportunity and risk and gives staff flexibility for tactical adjustments within approved ranges as market conditions shift. For FY26, the Board maintained the existing targets, citing global uncertainty and the importance of a steady, long-term approach.
The APFC Board of Trustees reviews asset allocation annually to ensure that the Fund’s framework for diversification continues to deliver maximum, risk-adjusted returns.
FY25 Asset Allocation Actuals & Target
One Fund. Built for Generations.
Benefits of a Constitutional Amendment
By changing to a single-fund endowment, Alaska can uphold its commitment to current and future generations of Alaskans while honoring the vision of the Fund’s founders.
Currently, the ERA is the only source for the POMV draw, leaving it solely designated to support the annual revenue transfer to the State. If the ERA were reduced or depleted, the State could fall short of the resources needed to support both the dividend and the general fund. The APFC Board of Trustees supports a clear solution: move to a single-fund endowment that provides enduring wealth for every generation.
A single-fund endowment would:
- Protect the Fund’s value from inflation, automatically.
- Guarantee a reliable annual draw for dividends and the state budget.
- Leaves the power of appropriation for the Fund distribution up to the legislature.
- Expand constitutional protections to cover 95% of the Fund.
- Align Alaska with global best practices for endowments.
Alaskans can learn more about the Fund’s two-account structure, and how APFC generates revenue for today and tomorrow at apfc.org/fund-structure/.
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Board of Trustees
The APFC Board of Trustees serves as the Fund’s fiduciaries, ensuring prudent management and investment of its assets. The Board sets investment policy, determines asset allocation, monitors performance, and collaborates with management on the Corporation’s strategic direction.
As outlined in Alaska Statute (AS) 37.13.050, the six member Board includes the Commissioner of the Department of Revenue, another state department head, and four public members with expertise in finance, investments, or business management.
Trustees invite the public to attend and participate in Board meetings, recognizing that our success depends on informed and engaged Alaskans.
For more information on upcoming meetings, visit the Board of Trustees Meeting page.
Accountability drives Alaska forward. The Board welcomes public input. Comments written for the Trustees can be sent to: boardpubliccomment@apfc.org
Jason Brune
CHAIR
2022-2027
Craig Richards
2017-2025
Ethan Schutt
2020-2028
Ryan Anderson
COMMISSIONER OF THE ALASKA DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES
John Binkley
2025-2026
Janelle Earls
ACTING COMMISSIONER OF THE ALASKA DEPARTMENT OF REVENUE