Established By Alaskans For Alaskans
2026 MID FISCAL YEAR REVIEW
As the Alaska Permanent Fund marks 50 years, our mid fiscal year review reflects a legacy of disciplined stewardship and outlines how long-term investing continues to strengthen Alaska’s financial future.
Value Generated for Alaskans
Earnings Since Inception
$114.5B
Paid Out To Current Generations
$51.4B
For Future Generations
$63.1B
Half a century ago, the Fund served as a savings tool to preserve a piece of Alaska’s resource wealth. It has since evolved into the state’s primary source of revenue. Its realized earnings now support both state services and the Permanent Fund Dividend (PFD) program, illustrating how central it has become to Alaska’s fiscal stability.
Message from the Executive Director
This year marks the 50th anniversary of the Alaska Permanent Fund, an incredible milestone made possible by the foresight of those Alaskans who saved a portion of their generation’s state resource wealth for the benefit of future generations. What began with an initial deposit of $734 thousand has grown into an $86.3 billion Alaskan resource. Not only does it support the PFD and public services, it also stands as our nation’s largest and one of the world’s most well-respected sovereign wealth funds.
Deven Mitchell
Celebrating 50 Years of the Alaska Permanent Fund
Fifty years ago, Alaskans made a defining choice to set aside a portion of state revenues from oil and minerals, establishing the Alaska Permanent Fund in 1976 to benefit all generations. That decision reflected a shared commitment to transform finite resource wealth into a lasting, globally invested endowment for the people of Alaska.
Over five decades, disciplined investment management, strong governance, and a long-term perspective have enabled the Fund to generate substantial value for the state while preserving its real purchasing power for future Alaskans.
Today, the Permanent Fund plays a central role in Alaska’s fiscal foundation. Its earnings support the PFD and provide a majority of the state’s unrestricted general fund revenue through the POMV draw, supporting essential public services while promoting stability, predictability, and intergenerational equity.
As Alaska’s reliance on the Fund has grown, its role as a renewable financial resource has become increasingly vital. This 50-year milestone is a moment for Alaskans to celebrate what has been achieved together and to reaffirm the disciplined stewardship and public trust required to ensure the Alaska Permanent Fund continues to serve the state for generations to come.
Alaska Constitution
Article IX, Section 15
Alaska Permanent Fund
At least twenty-five percent of all mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments and bonuses received by the State shall be placed in a permanent fund, the principal of which shall be used only for those income-producing investments specifically designated by law as eligible for permanent fund investments. All income from the permanent fund shall be deposited in the general fund unless otherwise provided by law.
Diversification & Asset Allocation
Prudent Investment for Alaskans
From its beginnings in U.S. Treasury bonds, the Alaska Permanent Fund has evolved into a globally diversified portfolio spanning public and private markets. This disciplined asset allocation approach strengthens long-term returns while enhancing resilience across market cycles.
APFC constructs the portfolio to balance opportunity and risk, investing in non-correlated assets that help offset volatility and downturns. While investing inherently involves risk, broad diversification across asset classes supports smoother, more consistent performance and maximizes risk-adjusted returns.
In today’s environment, where major indices like the S&P 500 are heavily concentrated in a single sector, global diversification provides added protection and positions the Fund to deliver enduring value for all Alaskans.
FY26 Target Asset Allocation
50 years from the first deposit of $734,000 to $86.3 billion.
Fund Values & Returns
Since Inception | In Billions
Fund Values
Alaska’s Permanent Fund is a globally recognized investment model of success that Alaskans can take pride in.
8.80%
42-Year Annualized Fund Return
$86.3B
Total Fund Value as of December 31, 2025
$73.8B
PRINCIPAL
Mineral Royalties, Inflation Proofing, and Special Appropriations: $59.1B
Unrealized Gains/Appreciation: $14.7B
$12.5B
EARNINGS RESERVE ACCOUNT
Realized Earnings: $6.0B
Unrealized Gains: $2.5B
FY27 POMV Commitment: $4.0B
Looking forward to July 1, 2026 (the start of the fiscal year), $5.6 billion will be needed to commit the FY28 POMV draw ($4.1 billion) and provide inflation proofing for Principal deposits (est. $1.5 billion).