Juneau – The Board of Trustees held its quarterly meeting in Juneau and via webinar on February 16-17, 2022, to consider the Alaska Permanent Fund’s second-quarter investment performance, associated capital markets insights, updates on the Public Equities portfolio from internal and external managers, perspectives on risk and associated thresholds, and a discussion on the portfolio’s annual asset allocation.

The Alaska Permanent Fund ended the quarter on December 31 with $82.5 billion. The trailing quarter performance placed the Total Fund below-median relative to other large public funds and above-median relative to a large endowments/foundations peer group. For the quarter, the Total Fund outperformed the CPIU+5% return target but fell short of the Performance and Passive Index benchmarks. Over the 1-, 3-, 5-, and 10-year periods, the Fund outperformed and was ahead of all three targets.

Read More

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold their Quarterly Meeting February 16-17, 2022.

The public is invited to attend this meeting in person or via webinar and there will be an opportunity for public comment and participation at the beginning of the meeting on February 16. Please see the agenda for meeting details (location, time, and webinar link).

APFC February BOT Meeting Agenda

APFC Board of Trustees Quarterly Meeting Packet

Updated Callan Asset Allocation Presentation

The Alaska In-State Private Equity Program has recently received increased attention. The Alaska Permanent Fund Corporation (APFC) and the independent managers of this program understand that Alaskans are interested in learning more about how the assets of the Alaska Permanent Fund are being invested in our State.

APFC, however, is also obligated to ensure that the disclosure of this information is consistent with requirements of Alaska law, including Alaska Statute 37.13.200, which requires APFC to maintain the confidentiality of records that contain proprietary information. Maintaining the confidentiality of a private company’s business information is not just important to the companies that the Permanent Fund invests in; it is also important to investment returns of these Permanent Fund investments. So, while we agree on the importance of disclosures related to the use of state funds, we also recognize the importance of maintaining the confidentiality of this proprietary information, the disclosure of which could undermine the success of these companies and the Permanent Fund’s investments.

To this end, APFC has been working with our two In-State Private Equity Program external managers, Barings, LLC and McKinley Capital Management, LLC, to voluntarily disclose additional information regarding the investments of this program, to the extent that such disclosure would not harm the investment returns or the underlying investments within this program.

Provided in the link below is a summary by both managers of the investments they have made under this In-State Private Equity Program.

20220204_APFC In-State Private Equity Managers Provide Investment Insights

Juneau – On Monday, January 24, the Alaska Permanent Fund Corporation posted a Request For Information (RFI) to the State of Alaska’s Online Public Notice (OPN) system APFC- Executive Search Firm- Request for Information, seeking information from executive search firms. This pre-procurement process is intended to collect information, including anticipated costs, from competitive vendors in the industry. The information that we collect from this RFI will help us determine the appropriate type of procurement process that should be followed in selecting an executive search firm to assist the APFC Board of Trustees in recruiting and selecting a new Executive Director. This non-mandatory step is considered a good practice as it assists with collecting the data necessary for drafting a thorough solicitation in a specialized field.

In selecting an executive search firm, APFC is working to develop a competitive procurement in accordance with State of Alaska procurement rules. When finalized, the solicitation will be published on OPN and distributed to interested vendors.

###

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.

Read More

New York, NY – APFC was awarded the 2021 Best Places to Work in Money Management by Pensions & Investments this week.

Rising to meet the challenges presented in 2021, APFC’s staff continued to excel becoming more empowered to optimize the workplace to best suit their strengths, while building a stronger Corporate culture. Having closed the 2021 fiscal year at an all time high value, earning record returns of 29.73% for the period, APFC is viewed as one of the largest, most effective, and globally-positioned sovereign wealth funds in the nation. The Alaska Permanent Fund Corporation is committed to safeguarding and investing the assets of the Permanent Fund, and in our service to Alaska and our partners around the world, APFC remains united on our shared values of integrity, stewardship and passion.

“It is incredibly humbling to have our team acknowledged by Pensions & Investments as a Best Place to Work.” said Chad Brown, APFC’s Director of Human Resources. “As only the 2^nd public fund and the only Sovereign Wealth Fund in the US to have won, I couldn’t be more proud of every member of our team who brings a deep commitment and passion to their work.  I couldn’t think of a better group of people with whom to surround myself.”

Read More

Together, APFC’s resilient team of talented professionals continue to do the work that Alaskans, our global financial partners, and ourselves demand – Invest and manage the Alaska Permanent Fund for the intergenerational benefit of all Alaskans.

Built on a strong foundation of knowledge and expertise, APFC is strengthened by the sum of its parts. Our culture incorporates the values that unite us, and we remain invested with Alaskans.  Each and every day, APFC is committed to bringing forth our vision – to deliver outstanding returns for the benefit of all current and future generations of Alaskans.

The energy of transition inspires action, and APFC’s Board and staff remain deeply committed to continuing the vital work necessary to prudently manage and grow the Permanent Fund.

Ultimately, we are deeply grateful for the enduring support of our fellow Alaskans and our partners, who like us, want to see Alaska’s largest, renewable financial resource succeed at providing for generations to come.

News Release
For Immediate Release: December 9, 2021
Contact: Paulyn Swanson 907.796.1520

APFC’s Board of Trustees Seeks New Executive Director

Anchorage – After the review and completion of the annual Executive Director evaluation, the Board of Trustees of the Alaska Permanent Fund Corporation have decided to undertake a search for a new executive director to lead the Permanent Fund in its continued growth and evolving role in support of Alaska.

The Board is grateful for Director Rodell’s service and engagement during her tenure and wishes her well.

In the interim, while the Board conducts a search for a replacement executive director, the Board has designated the Chief Financial Officer Valerie Mertz as the acting Executive Director.  The Board has complete confidence in her ability to manage the Corporation and the Fund during this transition.

###

APFC’s Board of Trustees Updated on the In-State Investment Program

 Anchorage – The Board of Trustees held its quarterly meeting in Anchorage and via webinar on December 8 – 9, 2021 to consider the Alaska Permanent Fund’s first-quarter investment performance and associated capital markets insights, the In-State Investment program, the role of Cash within the portfolio, and an update on Callan’s modeling of the Earnings Reserve Account.

After the review and completion of the annual Executive Director evaluation, the Board of Trustees of the Alaska Permanent Fund Corporation have decided to undertake a search for a new executive director to lead the Corporation in its continued growth and evolving role in support of Alaska.

The next meeting of the Board of Trustees will be the quarterly meeting on February 16-17, 2021, in Juneau and via WebEx.  Meeting information can be found at https://apfc.org/the-board-of-trustees/board-of-trustees-meetings/.

Archived video recordings of all Board of Trustees meetings can be found on our website at https://apfc.org/bot-video-archive/ in the coming days.

Download the full summary of the Board of Trustees Quarterly Meeting.

###