Juneau – Alaska Permanent Fund Corporation (APFC) appreciates having been accorded the opportunity to meet with the Legislative Budget & Audit Committee and affirm APFC’s commitment as the Alaska Permanent Fund (Fund) fiduciaries. Ultimately, as Alaskans and dedicated public servants, we are all invested in the Fund’s success and strive to protect and grow these treasured financial assets for the intergenerational benefit of all Alaskans.
Chair Richards affirmed that “the responsibility of the Board is to make those difficult decisions in furtherance of its mission and responsibilities under the law.” He reassured the Committee that the Board’s decisions were “driven by the Trustees’ assessment of what would be the best course going forward to most effectively support the more than $84 billion financial investment portfolio and those charged with the investment and management of this Fund.”
The enduring stewardship and safeguarding of this essential Alaskan financial resource are based on the APFC’s commitment to ensuring that investment of the Fund is conducted in accordance with constitutional provisions, statutory mandates, governance structures and the Board’s set investment objectives.
The Alaska Permanent Fund is being managed and invested by the skilled and capable staff of APFC under the leadership of Acting Executive Director Valerie Mertz and Chief Investment Officer Marcus Frampton. The performance of the Fund is derived from the dedication and vision of the skilled professionals working together to bring forth desired outcomes to meet the needs of Alaskans today and into the future.
APFC is reviewing various investment fund governance structures across pensions, endowments and sovereign wealth funds. This assessment will determine if peers’ governance structures would benefit APFC and will provide information to support the targeted recruitment of an individual with the skill set needed to serve APFC and the Fund into the future. Following this governance structure review, the Board expects to follow the same process that it has utilized for previous Executive Director recruitments. A timeline has not been established at this time.