Juneau – The Alaska Permanent Fund Corporation (APFC) was named Pensions & Investments 2022 Best Places to Work in Money Management, winning this prestigious title for the second year in a row.

Announced today by Pensions & Investments, the global news source of money management, the 11th annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry.

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Juneau – The APFC Board of Trustees held its quarterly meeting in Juneau and via webinar on December 7-8, 2022, to review the Alaska Permanent Fund’s first-quarter FY23 investment performance. The Board held discussions on capital markets insights, staff recruitment and retention efforts, insights into the Infrastructure portfolio from internal and external managers, perspectives on risk, and a look ahead to the upcoming portfolio’s annual asset allocation.

Quarter-end financial results

Financial results for the first quarter of FY23, ending September 30^th, 2022, showed the Total Permanent Fund portfolio with $73.3 billion in assets, a decrease of 3.8% for the quarter. Despite the downturn, the Total Fund outperformed the performance benchmark by .16% and the passive benchmark by 3.17%, though with persistent inflation, it underperformed the long-term objective of CPI + 5% benchmark. Over the 10- and 20-year periods, the Fund outperformed and was ahead of all three targets. The Fund also saw a year-to-date realized statutory net income of $518 million.

Given the Fund’s current two-account structure, the Principal can only grow through royalty deposits, special appropriations, and annual inflation proofing. During the first quarter of the fiscal year, $369 million of mineral deposits were made to the Principal, which included $200 million for FY18 & FY19 deposits. Inflation proofing has been appropriated for FY23, and the final amount will be calculated at the end of the year.

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The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Governance Committee Meeting and a regular Quarterly Meeting on the following dates:

December 5, 2022 – Governance Committee Meeting – 9:00-11:00 a.m. – The public is invited to attend this meeting via Webinar (information listed in the agenda below), or telephonically.

December 7-8, 2022 – Quarterly Meeting – (times vary, see agenda) – The public is invited to attend this meeting in person, via Webinar (information listed in the agenda below), or telephonically.

Please see the agendas for more details.

12.05.22 Governance Committee Agenda
12.05.22 Governance Committee Meeting Packet
12.7-8.22 BOT Quarterly Meeting Agenda
12.7-8.22 Quarterly Board of Trustees Meeting Packet

This October, I was provided the opportunity to serve as the executive director of the Alaska Permanent Fund Corp. As a lifelong Alaskan, leading APFC is my childhood dream come true. From meeting with Gov. Jay Hammond with my third-grade class in 1976, to receiving the benefits of the fund’s existence throughout my life, to now having the experience to manage the corporation is truly special.

To tell a little about myself, I was born in Cordova and raised in Yakutat and Juneau, where my wife Erin and I reside and raised our two sons. For several decades, I served as Alaska’s Debt Manager and executive director of the Alaska Municipal Bond Bank Authority.

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APFC welcomes Adam Crum, Alaska Department of Revenue Commissioner, to the Board of Trustees.

Trustee Crum is a lifelong Alaskan with significant public and private sector experience in strategic management, organizational development, and executive consulting. He brings to the APFC Board a proven commitment to community, dedication to public service and respected leadership abilities.

In his role as a Trustee and fiduciary of the Alaska Permanent Fund, Trustee Crum says he is, “looking forward to working with an active Board of Trustees to continue growing both the value and reputation of the Permanent Fund.”

The APFC Board of Trustees is composed of six governor-appointed members. Per Alaska statute, two Trustees must be heads of principal departments of state government, one of whom shall be the Commissioner of Revenue. Four public members fill the remaining Trustee seats serving staggered, four-year terms.

Get to know our Trustees | https://apfc.org/know-your-trustees/

APFC is pleased to welcome Deven Mitchell as Executive Director (ED). Together with APFC’s Board of Trustees, leadership and staff, Deven will work to ensure that the Corporation achieves its mission of prudently investing and managing the assets of the Alaska Permanent Fund.

“Knowing the importance of the Permanent Fund to all Alaskans, I’m honored to have this opportunity to lead the Corporation,” noted Executive Director Mitchell. “I look forward to working with the Board and the professionals at APFC as we strive to achieve our goals and meet the expectations of our fellow Alaskans.”

From his 30-year career in public service to the State of Alaska, Deven understands the importance of the Permanent Fund and the Corporation’s mandates to protect and maintain the Principal, generate returns and provide a sustainable source of revenue to the State for the benefit of all generations of Alaskans.

Juneau – The Alaska Permanent Fund Corporation Board of Trustees selected Deven Mitchell as Executive Director to work with the Board in setting the strategic vision and direction of the Corporation, fulfilling our corporate mandate to manage and invest the assets of the Permanent Fund and other funds designated by law.

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The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Special Meeting on October 3, 2022 to conduct public interviews of the final three candidates for the position of Executive Director of the APFC. This meeting is open to the public, and there will be an opportunity for public comment.

The public is invited to attend this meeting in person, via Webinar (information listed in the agenda below), or telephonically.

We are experiencing technical difficulties, please use call-in information to access the meeting live.

Call in Information: 1-844-740-1264
Access Code: 2463 011 0408
Webinar password: 2732268

10.3.22 APFC Board of Trustees Special Meeting Packet

10.3.22 APFC Board of Trustees Special Meeting Agenda

Anchorage – The Board of Trustees met for their Annual Meeting this week to review the Alaska Permanent Fund’s investment performance for fiscal year 2022 (FY22) and hear strategic insights, including current market perspectives from the Investment Advisory Group, APFC staff and external investment partners.

Chair Richards remarked that, “The past year has been challenging, and despite it all, the Fund had excellent performance returns amidst volatile markets. The Corporation remains strong and staff are committed to advancing our vision. The Board and staff look forward to continuing to excel in our investment management role.”

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