Juneau – The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting in Juneau and via webinar on February 15 and 16, 2024. The Board action items included the adoption of the 2024 Strategic Plan and Trustee Paper #10. Additionally, the Board considered the Fund’s second-quarter investment performance, associated capital markets insights, updates on the Private Income and Private Credit portfolios from internal and external managers, and perspectives on risk thresholds.
“I appreciate the positivity and rapport demonstrated by our Trustees as they navigated through difficult dialogues to make decisions for the betterment of the Fund and Corporation,” remarked Deven Mitchell, Executive Director & CEO.
The Board of Trustees voted to adopt Trustee Paper #10 with an addendum provided by Callan to inform the Board’s discussion. The paper will be published in the coming weeks and made available to our Alaskan stakeholders. It includes a history and overview of the Fund’s structure, insights into the durability issues under the current construct, and potential solutions to bring the Fund in line with modern endowment practices.
“Our responsibility is to educate Alaskans and respectfully provide policymakers with the necessary tools and options for their consideration given known concerns. Trustee Paper #10 identifies issues, explores options, and provides a menu of timely solutions,” noted Ethan Schutt, Chair of the Alaska Permanent Fund Corporation.
An amended version of the 2024 Strategic Plan was adopted by the Board of Trustees. The amendment limited the use of Fund-level Leverage to $4 billion.
“Thank you to Alaskans who weighed in on the strategic plan during the public comment period. We appreciate your engagement and share in your belief in safeguarding the Fund. At the end of the day, our goal is clear – to maximize returns and protect the Principal for generations of Alaskans. The plan we approved today is aligned with our mission,” said Ethan Schutt, Chair of the Alaska Permanent Fund Corporation.
Read the full news release for summaries of the Risk, Asset Class Allocation Study, and Private Income portfolio presentations and other items.