2024 ANNUAL REPORT
Illuminating
The Future
The establishment of the Alaska Permanent Fund and the Alaska Permanent Fund Corporation was and remains visionary—to secure Alaska’s financial future through the prudent and diversified investment of a portion of our state’s resource-based wealth. Just as the aurora brightens our northern skies, the transformation of a nonrenewable resource into a renewable intergenerational benefit illuminates the future, underscoring the exceptional foresight of Alaska’s leaders.
Value Generated for Alaskans
Realized Earnings (since inception)
$87.8 B
Paid Out To Current Generations
$43.9 B
Saved For Future Generations
$43.9 B
A Word From Our CEO & Executive Director
Alaskans voted to do something extraordinary 48 years ago: to give up a portion of the revenues they could have otherwise spent on pressing needs of the day and instead save that money in the Alaska Permanent Fund for the generations of Alaskans to come.
This 2024 annual report provides me with the opportunity to reflect on what we’ve achieved together in the latest chapter of stewardship of the Alaska Permanent Fund.
Deven Mitchell
Fund Values & Returns
Asset Allocation
While the Board is responsible for setting asset allocation, APFC staff execute the Investment Policy set forth by the Board by making prudent investment decisions to maximize risk-adjusted returns.
APFC’s investments are strategically structured into a diverse portfolio of eight asset classes, which include international and domestic public markets, real estate, and alternative investments.
The asset class portfolios are managed by experts in their respective fields to achieve the long term targets set by the APFC Board of Trustees. APFC Chief Investment Officer Marcus Frampton oversees the asset classes and the Fund’s investment activity.
FY24 Asset Allocation Actuals & Target
A RULES-BASED PERMANENT-ENDOWMENT MODEL FOR ALASKA
Trustees’ Paper Volume 10 explores the history, structure, limitations of continuing to use a two-account structure, and potential solutions to bring the Fund in line with modern endowment practices. The paper explores transitioning the Fund from its current two-account system to a unified account system. The Trustees’ Paper can be found at apfc.org/report-archive/#14-33-trustees-papers.
View By Chapter
FY24 Fund Values
Value Generated for Alaska
Investment Strategy
Risk Management
Performance: A Long Term Horizon
Fund Structure
Revenue Generation
For Alaska
Revenue For Today & Tomorrow
Investing in Alaska's Future Leaders
Alaska's Renewable Revenue Curriculum
Asset Allocation
Asset Classes
Management & Performance Fees
Financial Statements
Staff & Values
Board
of Trustees
The APFC Board of Trustees is charged with serving as fiduciaries for Alaskans and ensuring the prudent management and investment of the Fund’s assets. The Board is responsible for setting the investment policy and asset allocation, reviewing the portfolio’s performance, and working with management to determine the Corporation’s strategic direction.
As the Permanent Fund has become the primary source of revenue for the state, its relevance and importance have also grown. Recognizing its critical role, the Board urges Alaskans to participate and attend its meetings, all of which are open to the public and provide opportunities for testimony. The Trustees understand that Alaska functions best when its stakeholders are informed and engaged.
The Board consists of six Trustees who are appointed by the governor. Per Alaska Statute, AS 37.13.050, two of the Trustees are heads of principal departments of state government. One of these seats is reserved for the Commissioner of the Department of Revenue. The other four Trustee positions are for public members who must have expertise in finance, investments, or business management.
Jason Brune
CHAIR
2022-2027
Adam Crum
VICE CHAIR, COMMISSIONER OF THE ALASKA DEPARTMENT OF REVENUE
2022-2027
Ryan Anderson
COMMISSIONER OF THE ALASKA DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES
2023-2027
Craig Richards
2017-2025
Ethan Schutt
2020-2028
Public Seat
Pending Appointment