2020 Limited Partner of the Year in North America by PEI

In Uncategorized by Paulyn

APFC is honored for the recognition as the 2020 Limited Partner of the Year in North America by the global magazine Private Equity International for our ability to invest in private equity effectively.

This award is highly regarded in the financial industry, and this is the third year that our team has won, having also been recognized by our peers in 2017 and 2018.

It reflects APFC’s commitment to developing a worldwide competitive investment strategy with partnerships that serve Alaskans today and for many generations into the future.

Angela Rodell Elected Chair of the PPI Board

In Board of Trustees, Uncategorized by Paulyn

APFC congratulates Angela Rodell on being elected Chair of the Pacific Pension & Investment Institute’s (PPI) Board of Directors.

CEO Angela Rodell was elected to serve as the Chair during PPI’s Annual Meeting on February 24, 2021.

“Angela is deeply respected among her investment peers and the global PPI Community. She has brought tremendous insight to PPI’s board, and we look forward to continued progress in serving our institutional investor membership under Angela’s capable leadership,” said PPI President Lionel Johnson.

About PPI: Pacific Pension & Investment Institute (PPI) is a global organization with individual and institutional members from leading pension funds, sovereign wealth funds, endowments, foundations, commercial asset management and other investment experts.

PPI has held forums for over two decades that inform the investment decisions of the world’s major institutional investors as they relate to Asia and the Pacific Rim.

Trustees Adopt Risk Tolerance Metrics for Long-Term Investment Management

In Board of Trustees, Uncategorized by Paulyn

Juneau – The Board of Trustees held its quarterly meeting via webinar on February 17-18, 2021 to consider the Alaska Permanent Fund’s mid-fiscal year performance, assess risk appetite for the portfolio, review capital markets insights, and assess the long-term asset allocation.

The Board adopted a quantitative risk metric to support its comprehensive asset allocation review. APFC’s risk appetite is defined in terms of a Risk Tolerance Portfolio based on an 80/20 Equity/Bond mix and a Liquidity level floor for the combined allocation to Public Equities, Fixed Income and Cash.

Chair Moran noted that “the adoption of this metric provides the Board with an additional benchmark tool for the long-term investment of the portfolio. The Trustees have an established target return level, and we now have identified a risk appetite to provide a framework for the asset allocation and a reference for the overall risk tolerance in the portfolio.”

As the meeting concluded, Chief Executive Officer Angela Rodell remarked that “asset allocation is the most important undertaking we do. It is the foundation that generates return and minimizes risk. The work done by the Trustees at this meeting, the upcoming asset allocation workshop, and the board meeting in May is instrumental in delivering on Alaskans’ expectations. It is equally imperative to note that we rely on Alaskans to provide us with the stability we need to inform our decisions.”

The next meeting of the Board of Trustees will be held in Juneau, Alaska, on May 19-20, 2021.

Full News Release_APFC BOT Meeting Q2

 

APFC Board of Trustees Quarterly Meeting

In Board of Trustees, Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation (APFC) will hold its Quarterly Meeting of the Board of Trustees on February 17-18. The public is invited to attend this meeting via Webinar (information listed on the agenda linked below) or telephonically. There will be an opportunity for public comment and participation at 8:30 a.m. when the meeting commences on February 17. If the public wishes to sign up for public comment, please indicate so when registering via WebEx. If you have any issues registering for public comment, please reach out to Jennifer Thorsteinson ([email protected]) at least one business day before the meeting.

APFC BOT Quarterly Meeting Agenda
APFC BOT Quarterly Meeting Packet

Notice of APFC Regulation Changes

In Board of Trustees, Uncategorized by Paulyn

APFC’s investment authority under AS 37.13.120 (a) Investment Responsibilities requires the Board of Trustees to adopt regulations “specifically designating the types of income-producing investments eligible for investment of fund assets” in accordance with the prudent investor rule.

AS 37.13.206 Regulations guides this process, including the public notice requirements.

APFC is proposing to amend the regulation regarding the investment of permanent fund assets into real estate (15 AAC 137.450) to allow our investors to consider a broader array of real estate investment opportunities and remain competitive in today’s market. The proposed it is designed to include all of the foreseeable, real estate investment opportunities that the APFC Real Estate Team believes are prudent to achieve the risk and return profile appropriate for this asset class.

This proposed regulation change will be included on the February 17-18 Board of Trustees’ meeting agenda.

202101_APFC public notice of proposed regulation changes

202101_DRAFT APFC REGULATION CHANGES 15 AAC 137.450

Trustees Review First Quarter Performance and Consider Capital Market Insights

In Board of Trustees, Uncategorized by Paulyn

Juneau – The Board of Trustees held its quarterly meeting via webinar on December 9-10, 2020 to consider the Alaska Permanent Fund’s first-quarter investment performance and associated capital markets insights. …

Marcus Frampton, Chief Investment Officer, recognizes that “the expected return environment for institutional portfolios today are challenged by high stock valuations and low-interest rates that are prevailing.  Staff’s two most notable strategies for achieving the Fund’s stakeholders’ return expectations are a material overweight to value stocks over growth stocks and the continued growth of our private equity program.  As we reviewed at this Board meeting, the ten-year returns on APFC’s private equity strategy have been outstanding, and in the fourth quarter of the calendar year 2020, we started seeing markets turn in favor of value stocks.” …

Angela Rodell, Chief Executive Officer, remarked that “the presentations highlighted the challenges that APFC faces in our dual role of protecting the Principal of the Fund and in generating revenue to support draws for state services. Currently, the stock market reflects strong growth, but the long-term outlook is tempered at best. Energy and tourism, two sectors Alaska heavily relies on, are both in transition, indicating the state’s continued reliance on the Fund in the coming year.” …

In conclusion, Chair Moran notes that “throughout this pandemic, the APFC team and our global partners continue to deliver results and returns that benefit the portfolio, and thus benefit Alaskans.” He encourages Alaskans to learn more about the Permanent Fund’s history and APFC’s investment management role in the recently released publication ‘An Alaskan’s Guide the Permanent Fund.’

The next meeting of the Board of Trustees will be held in Juneau, Alaska, on February 17-18, 2021.

 

Full news release: 202012_APFC BOT Meeting Q1

APFC Board of Trustees Quarterly Meeting

In Board of Trustees, Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation (APFC) will hold their Quarterly Meeting of the Board of Trustees on December 9-10 telephonically and by Webinar. The public is invited to attend this meeting via Webinar (information listed on agenda linked below) or telephonically. There will be an opportunity for public comment and participation at 8:30 a.m. when the meeting commences on December 9. If the public wishes to sign up for public comment, please indicate so when registering via WebEx. If you have any issues registering for public comment, please reach out to Jennifer Thorsteinson ([email protected]) at least one business day prior to the meeting.

APFC Board of Trustees Quarterly Meeting Agenda
APFC Board of Trustees Quarterly Meeting Packet

Please note: The event password for December 9, 2020 was accidentally set up with the acronym transposed, so the password to get into today’s meeting is AFPC120920. So, the password on the agenda for today is incorrect. This password for tomorrow’s event is correct.

Opinion Piece from APFC’s Board of Trustees

In Board of Trustees, Uncategorized by Paulyn

Trustees Explore Best Practices to Sustain the Permanent Fund

With the State relying on the Alaska Permanent Fund’s realized earnings for more than 70% of its unrestricted general funds, the Alaska Permanent Fund Corporation’s Board of Trustees is keenly focused on the Fund’s ability to provide both enduring intergenerational equity and reliable income-generation.

This paradigm brings its own set of risks and rewards, and as the Fund’s stewards, it is our job to equip the Fund for success for decades to come. To that end, we asked Dr. Malan Rietveld, a leading expert in sovereign wealth funds, to analyze our peer funds in the U.S. and worldwide to determine why some flourish and some flounder. Based on this work, we published Trustees Paper Volume 9, identifying five lessons critical to any sovereign wealth fund’s intergenerational success.

The five lessons are included in the full opinion piece: APFC Trustee Paper 9_BOT Opinion

Trustees Paper Volume 9, “The Role of Sovereign Wealth Funds in Saving, Stabilization, and Generating Income,” is posted in the Report Archive/Trustees’ Papers at apfc.org.

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How is the Alaska Permanent Fund Structured?

In News by MSI

The Alaska Permanent Fund Corporation emphasizes transparency in everything we do, and we want Alaskans to know how to manage the Fund and what we’re planning for the future. Watch this short video that explains how it works and how it’s used to benefit all Alaskans.