Juneau, Alaska — Dec. 11, 2024 — The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) convened for its quarterly meeting in Juneau and via Teams Webinar on December 10-11, 2024. Key discussions included the Fund’s performance, an in-depth review of the Absolute Return asset class, and updates on compliance, governance, and operations.

“This meeting provided an opportunity to hear from our investment team on the performance and strategy behind the Fund’s diverse investments,” said Board Chair Jason Brune. “As Trustees, we set thresholds and guide priorities, but it’s the work of APFC’s team—much of it done in-house—that continues to outperform, cost less, and deliver exceptional results. We remain committed to thoughtful oversight and ensuring the Fund benefits all Alaskans.”

Click here to read the full press release.

Pictured are APFC Trustees and staff who wore holiday sweaters at the Quarterly Meeting. (Seated Left to Right): Trustee Ryan Anderson, Chair Jason Brune, Vice Chair Adam Crum. (Standing Left to Right): Joseph Jeralds, Juliette Alldredge, Shannon McCain, Masha Skuratovskaya, Larissa Murray, Marcus Frampton, Jedediah Smith.

The Alaska Permanent Fund Corporation (APFC) was recognized by Pensions & Investments as one of the “Best Places to Work in Money Management.” The 13^th annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry who demonstrate a commitment to building a strong workplace culture.

“The recognition is a source of pride and highlights the strength of our staff and the camaraderie within our organization, which all Alaskans expect from their Permanent Fund Corporation,” noted Deven Mitchell, CEO & Executive Director of APFC. “APFC competes daily with the private sector, and being recognized as the Best Place to Work in Money Management greatly enhances our ability to attract and recruit top talent, supporting our ability to deliver on our mission for generations to come.”

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The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold their Quarterly Meeting on December 10-11, 2024 at the location identified in the agenda linked below. Agenda items include: Fund performance presentations, private and public markets overviews, information on surety bond requirements, Absolute Return asset class presentations, and more. Written comments can be sent to Trustees anytime at boardpubliccomment@apfc.org.

The public is invited to attend this meeting in person, via Teams Webinar, or telephonically (please see the agenda for details). There will be an opportunity for public comment and participation on both days (times listed in the agenda).

*Please note that we have transitioned to using Teams Webinars for Board Meetings, which may require some extra time when registering for the first time. Please be aware of the change and allow yourself a few extra minutes.

December 10-11, 2024 APFC Board of Trustees Quarterly Meeting Agenda

December 10-11, 2024 APFC Board of Trustees Quarterly Meeting Packet

ANCHORAGE, ALASKA – The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) convened for its Annual Meeting in Anchorage and via Teams Webinar on September 25-26, 2024. Key discussions included the Fund’s Fiscal Year 2024 performance, investment strategy, and governance initiatives focused on ensuring the Fund’s sustainability and growth for all Alaskans.

The Board approved the recommended revisions to their Charters and Governance Policies, the annual independent audit report, the proposed FY26 budget, and the meeting calendar for 2025-2026. The Board elected corporate officers and appointed committee roles, extending the tenures of Trustee Jason Brune as Chair, Trustee Adam Crum as Vice Chair and Governance Committee Chair, and Trustee Ryan Anderson as Audit Committee Chair.

“The Board of the Alaska Permanent Fund Corporation is committed to providing prudent and meaningful oversight as fiduciaries. The Permanent Fund holds great significance and importance to Alaska. I encourage Alaskans to engage with and learn more about it. Our Board of Trustees meeting discussions with APFC management, advisors, and stakeholders demonstrates our dedication to transparency by the highest industry standards,” stated Trustee Chair Jason Brune.

Jim Parise, Director of Fixed Income/Deputy CIO, and Matt Olmsted, Senior Portfolio Manager of Fixed Income, presented on the resilience and stability of the Fixed Income portfolio, which achieved a return of 4.93%.

“We are proud to consistently outperform our benchmarks, resulting in exceptional returns for the fixed income portfolio,” said Jim Parise. “Since bringing all fixed income assets in-house two years ago, we’ve been able to deliver strong returns for Alaskans while upholding the legacy of the Fund’s first asset class.”

In a commitment to strong governance, the Board also voted to approve updates to the APFC Governance Manual. The updates are aimed at aligning APFC’s governance framework with industry best practices and ensuring that APFC remains at the forefront of investment management and oversight. The Board elected to expand the Audit Committee’s scope of authority to include ethics disclosures and cybersecurity program review. Also, amendments were adopted to the Charters to enhance the Investment Advisor Group (IAG)’s contributions in supporting the work of the Board and Staff.

Chair Brune expressed his appreciation for the IAG, stating, “I would like to thank the work of our IAG members, George Zinn, John Skjervem, and Britt Harris, for providing relevant and insightful perspectives on all aspects of managing a multi-billion dollar endowment. Their time, commitment, and knowledge sharing are particularly valuable given the complexities of institutional investing, and we thank them for their contributions to the stewardship of the Alaska Permanent Fund.”

202409_Annual Meeting_Press Release

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold their Annual Meeting on September 25-26, 2024 at the location identified in the agenda linked below. Agenda items include asset class overview (Fixed Income presentation), report of the annual audit, FY26 proposed budget approval, Governance Manual update, and more. Written comments can be sent to Trustees anytime at boardpubliccomment@apfc.org.

The public is invited to attend this meeting in person, via Teams Webinar (information listed in the agenda linked below), or telephonically. There will be an opportunity for public comment and participation at 8:30 a.m. when the meeting commences on September 25 and at 11:50 am on September 26. If the public wishes to sign up for public comment, please indicate so when registering via Teams.

*Please note that we are transitioning to using Teams Webinars for Board Meetings, which may require some extra time when registering for the first time. Please be aware of the change and allow yourself a few extra minutes.

September 25-26, 2024 APFC Board of Trustees Annual Meeting Agenda

September 25-26, 2024 APFC Board of Trustees Annual Meeting Packet_revised

JUNEAU – The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees held a Budget Work Session and Audit Committee Meeting in Juneau, Alaska, and via Teams webinar on September 5, 2024.

Budget Work Session

During the Budget Work Session, the Trustees reviewed and discussed the proposed elements of the Fiscal Year 2026 APFC Budget presented by staff. The feedback received from today’s meeting will be used to refine the FY26 proposed budget, and the final version will be presented to the Board for consideration during the upcoming Annual Meeting. Once approved, it will be submitted to the governor for inclusion in the state’s operating budget, scheduled for release in December, and presented to the Legislature for consideration.

“Our Budget Work Session is critical in refining our approach to the FY26 budget, ensuring that it aligns with both our long-term goals and the expectations of Alaskans. The feedback from the Trustees will guide us in crafting a budget that supports the sustainable growth of the Fund.” said Deven Mitchell, CEO, Alaska Permanent Fund Corporation.

Audit Committee

The Audit Committee focused on reviewing insights from KPMG, the Corporation’s auditor, on its financial statements and external audit results for FY24. The final audit will be released alongside APFC’s FY24 Annual Report during the Board of Trustees’ Annual Meeting in September.

Read the full press release here.

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Budget Work Session and Audit Committee Meeting on September 5, 2024, at the location identified in the agenda linked below. The Budget Work Session will focus on the proposed components of the Fiscal Year 2026 APFC Budget and the Audit Committee Meeting will focus on the financial statements and external audit results for Fiscal Year 2024. Written comments can be sent to Trustees anytime at boardpubliccomment@apfc.org.

The public is invited to attend this meeting in person, virtually via Teams Webinar (registration information listed in the agenda linked below), or by phone. There will be an opportunity for public comment at the beginning and end of both meetings.

*Please note that we are transitioning to using Teams Webinars for Board Meetings, which may require some extra time when registering for the first time. Please be aware of the change and allow yourself a few extra minutes.

September 5, 2024 APFC Board of Trustees Budget Work Session Agenda
September 5, 2024 APFC Board of Trustees Budget Work Session Packet_revised 9.4.24

September 5, 2024 APFC Board of Trustees Audit Committee Agenda
September 5, 2024 APFC Board of Trustees Audit Committee Packet_revised 9.4.24