APFC was pleased to have the opportunity to welcome a group of UAF Rural Development students, along with Professor Emeritus Mike Davis and Assistant Professors Laura Zimin and Tav Ammu.
Informal Request for Proposals – Governance Consultants
The Alaska Permanent Fund Corporation posted an Informal Request for Proposals (IRFP) to the State of Alaska’s Online Public Notice (OPN) system seeking information from governance consultants to assist in the periodic review of existing APFC governance policies.
APFC governance policies call for a review every three years. While this review has traditionally been carried out internally, the Board of Trustees would like to engage an external, third-party consultant to assist in the upcoming three-year review to ensure that existing governance policies meet best practice standards.
The IRFP #FY23-006 can be found on the State of Alaska’s Online Public Notice (OPN) system. The deadline for receipt of proposals is 4:00 pm on Friday, January 20th.
Infrastructure, Changing the Definition
Changing the definition
Investments in infrastructure, the backbone of those things societies depend on every day, have proven their ability to generate consistent revenues over the long term. Since 2007, APFC has been investing in infrastructure assets in the United States and internationally. The definition of infrastructure itself has continued to expand and evolve over the years. The asset class used to primarily consist of utilities, transportation assets, waste, and water systems. Today, the asset class includes telecommunications infrastructure such as cellular towers, fiber optic networks, and data centers; renewable electricity generation, energy storage, and social infrastructure such as specialty healthcare facilities. Investments in assets that were once considered risky, like telecommunications assets or renewable power generation, are now quite common.
Alaska Permanent Fund Corporation Named Best Places to Work in Money Management for the 2nd Time
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.
APFC’s Board of Trustees Q1 Meeting Overview
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 30th, 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.
Upcoming Board of Trustees Meetings
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
It’s an honor to lead Alaska’s largest renewable resource
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.
APFC Welcomes Trustee Crum
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 welcomes Deven Mitchell as Executive Director
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.
Deven Mitchell selected as APFC’s Executive Director
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.
