Juneau – The Alaska Permanent Fund Corporation (APFC) welcomes the recognition by PEI’s Private Debt Magazine as one of the “30 Most Influential Investors in Private Credit” for our internal management team’s pioneering contributions to this asset class.
On learning of this honor, Marcus Frampton, APFC’s Chief Investment Officer, remarked that “the purpose of our work is to generate attractive returns for the State not win awards, but it is great to see hard work and innovative thinking recognized with an industry ranking.”
The Alaska Permanent Fund’s Private Credit portfolio as of June 30, 2018 is valued at $1.2 billion and is comprised of investments that are asset backed and designed to generate high, regular income within the risk guidelines established by APFC’s Board of Trustees. This portfolio exemplifies APFC’s work to bring more management in-house. Since coming on staff in 2016 Jared Brimberry, Senior Portfolio Manager, has been successful in developing this program from a fund-of-funds approach to a leading direct allocator and co-investor, while providing excellent returns, earning 8.79%, 6.47%, and 7.20% in the fiscal year, 3 years, and 5 years ended June 30, 2018.
In May of this year, APFC launched the $1 billion hybrid credit effort named Alaska Direct Alternative Credit (ADAC), which is a collaboration between our Private Credit and Fixed Income Plus internal management staff. Investments in ADAC include a liquid portfolio of internally managed non-investment grade bonds and ETFs, and a private portfolio of co-investments alongside APFC’s private credit managers.
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