Quarterly Meeting of the Board this Week

In Board of Trustees by Juliette Alldredge

JUNEAU –   The APFC Board of Trustees will hold their quarterly meeting in Juneau on December 13-14.

“The funding that comes from the Permanent Fund Corporation’s work provides for state services that correlate to local services and programs, including the dividend. We encourage Alaskans to stay informed,” said Deven Mitchell, Executive Director, Alaska Permanent Fund Corporation.

You may submit written comments and testimony anytime! To provide public comments and statements to the APFC Board of Trustees, email boardpubliccomment@apfc.org

Time for spoken public testimony will be available at the beginning of the meeting; please see the agenda to sign up and by emailing jloesch@apfc.org by 4 pm December 12.

Information including the agenda and webinar, is on the Board of Trustees Meeting page.

The Role of Co-Investments in the APFC Portfolio

In APFC Perspectives by Juliette Alldredge

APFC has been an active co-investor, having completed over 50 different investments over the last decade. This tool enables APFC to tactically deploy capital in a more attractive investment environment to drive stronger returns and asset growth. Unlike other groups that may have a formalized program or targeted deployment rate, APFC employs an opportunistic approach where we seek out interesting and attractively priced opportunities.

While co-investment activity declined in the last several years as private markets valuations reached record levels, recent activity has increased, with four deals completed from March through August 2023 accounting for almost one-third of the capital deployed during the same period. “We saw the opportunity to invest in some very high-quality businesses at attractive prices and were able to capitalize on those opportunities,” remarked Allen Waldrop, Director of Private Equity. These recent co-investments also bring significant potential fee savings to APFC, which further contributes to growing the asset base.

“If we see compelling opportunities in the spaces we like, then we will do them, but if the market isn’t cooperating or we are not seeing interesting deals, we are fine sitting on the sidelines.”  – Allen Waldrop

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December 13-14, 2023 Board of Trustees Quarterly Meeting

In Board of Trustees by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold their Quarterly Meeting on December 13-14, 2023. Agenda items include: approval of the four-year Strategic Plan, a Governance Committee recommendation regarding changes to the Executive Director Evaluation process, asset class overview (Absolute Return presentations), and more.

The public is invited to attend this meeting in person, via Webinar (information listed above), or telephonically. There will be an opportunity for public comment and participation at 8:30 a.m. when the meeting commences on December 13, 2023. If the public wishes to sign up for public comment, please indicate so when registering via WebEx. Please sign-up for public testimony by emailing jloesch@apfc.org by 4 pm December 12.

Dec. 13-14, 2023 APFC Board of Trustees Quarterly Meeting Agenda

Dec. 13-14, 2023 APFC Board of Trustees Quarterly Meeting Packet_Revised 12.13.2023

Governance Committee Forwards Simplification of the Executive Director Review Process

In Board of Trustees by Juliette Alldredge

The Governance Committee of the APFC Board of Trustees recommends simplifying the APFC Executive Director evaluation and review process. The Committee decided on making the recommendation during a scheduled public meeting on November 29, 2023.

With the upcoming end-of-year review of the Executive Director’s performance, the Governance Committee took steps to ensure an effective evaluation process that will allow the Board to provide productive performance feedback to the Executive Director.

This consideration is part of a comprehensive third-party review of the Board’s governance charters that were first presented to the Governance Committee meeting on May 9, 2023, and then at the quarterly Board meeting on May 17-18.

The recommendations will be presented to the full Board at the December quarterly meeting for consideration. For additional information, see the Board of Trustees Meeting page.

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APFC Board of Trustees Governance Committee to Consider the Executive Director Review Process

In Board of Trustees by Juliette Alldredge

The Governance Committee of the APFC Board of Trustees will meet on November 29, 2023, to review and discuss recommendations to simplify the APFC Executive Director evaluation and review process. The resulting recommendations from the committee’s discussion will be presented to the full Board at the December quarterly meeting for consideration.

This consideration is part of a comprehensive third-party review of the Board’s governance charters that were first presented to the Governance Committee meeting on May 9, 2023, and then at the quarterly Board meeting on May 17-18. The purpose of the third-party review was to ensure the Board’s governance policies are consistent with best governance practices for an endowment fund of similar size and purpose to the Alaska Permanent Fund.

The Executive Director evaluation and review process is conducted at the end of each calendar year.

To access the meeting, use the following link:
https://apfc.webex.com/apfc/j.php?MTID=mad7ffb583df9fa84c1f134d448fe05ce

Webinar number (access code): 2630 576 8885
Webinar password: GovCom (468266 from phones and video systems)

For additional information, see the Board of Trustees Meeting page.

Board of Trustees Governance Committee Meeting

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation Board of Trustees will hold a Governance Committee Meeting on November 29, 2023. The primary topic for the meeting is the proposed changes to the Governance charters that relate to the Executive Director evaluation process.

The public is invited to attend this meeting via Webinar or telephonically (please refer to the agenda). There will be an opportunity for public comment and participation at 11:00 a.m. when the meeting commences. 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 Loesch (information in the agenda) at least one business day prior to the meeting.

November 29, 2023 APFC Board of Trustees Governance Committee Agenda

November 29, 2023 APFC Board of Trustees Governance Committee Packet_REVISED

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30-Foot Totem Poles Return to Goldbelt

In News by Juliette Alldredge

The 30-foot-tall totem pole outside the Michael J. Burns building came down today, following the two indoor poles that were already removed. Tlingit artists Ray Peck and Jim Marks carved the Legends and Beliefs, Creation of Killer Whale and Strongman totems, in addition to the fifteen bronze sculptures affixed to the outside of the building.

“We’re honored to have been the caretakers of the totem poles for the last several decades. It is bittersweet to watch the totems leave our care, but at the same time see the positive impact of their return to Goldbelt,” said APFC CEO Deven Mitchell.

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APFC Board Welcomes Engagement in Strategic Planning Process

In Board of Trustees by Juliette Alldredge

Alaska works best when Alaskans are involved and informed; APFC is grateful for the public’s engagement in the October 30 Special Board Meeting. APFC values the public process and transparency that sets us apart as a leading Sovereign Wealth Fund.

The Board of Trustees met to explore strategic initiatives aimed at growing the Fund and enhancing corporate functionality. Trustees sought recommendations from staff and advisors to prioritize each potential initiative.

Deven Mitchell, Chief Executive Officer, remarked that he “appreciated the conversation about the target rate of return. The ability of the Board to acknowledge and rely on the professionals and consultants – that was impactful.”

Chief Investment Officer Marcus Frampton noted that he ” found the fulsome discussion that occurred during the Board meeting to be helpful. It’s important to understand the risk appetite and return objectives of our stakeholders.”

The Board agreed to maintain the long-standing target return objective of CPI +5% for the portfolio as they navigate their strategic planning process. With further vetting of concepts, the Trustees will take final action on the strategic plan initiatives during the December Board Meeting scheduled for December 13-14, 2023, in Juneau and via webinar.

Read the full press release, watch the recording, or review the packet at our revamped Meeting Information page.

Board of Trustees Explore Strategic Initiatives

In Uncategorized by Paulyn

The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held a meeting on October 30, 2023 to discuss the strategic planning for the Corporation and the Alaska Permanent Fund. APFC expresses gratitude to Alaskans and stakeholders who provided valuable insights through public testimony during the meeting. We appreciate their interest in the public process and meaningful contributions.

The focus of the meeting was to explore a series of strategic initiatives aimed at growing the Fund and enhancing corporate functionality. During the meeting, the Trustees sought recommendations from staff and advisors and discussed the prioritization of each potential strategic initiative.

Deven Mitchell, Chief Executive Officer, remarks that he “appreciated the conversation about the target rate of return. The ability of the Board to acknowledge and rely on the professionals and consultants – that was impactful.”

The Board maintains the long-standing target return objective of CPI +5% for the portfolio.

Chair Schutt states, “Today’s meeting piqued public interest and may have appeared to be a brainstorming session – but was ultimately a public meeting in action as the Trustees, staff, and advisors debated important topics for the future of the Corporation and the Fund.” He further notes that “none of this is final yet as staff has a bit more work to do to inform the process.”

With further vetting of concepts, the Trustees will take final action on the strategic plan initiatives during the December Board, including-

  • Growing the Fund to ensure long-term sustainability and real growth
  • A constrained approach to tactical Fund leverage with defined parameters
  • Advancing work on key person risk mitigation measures
  • Consideration of an Incentive Compensation funding structure for long-term retention of talent
  • A long-term vision for expanding APFC’s presence in the heart of financial markets
  • Further consideration of the need for Personnel Record Exemptions

APFC’s Board of Trustees approved the following strategic initiatives –

  • Enhanced communications to bring together the interests of APFC’s diverse stakeholder groups through a team-based approach that offers statewide, national, and global support.
  • Outperformance in the execution of innovative private equity investment strategies through staff expertise and building up the direct investment team.

Allen Waldrop, Director of Private Equity, remarks, “We appreciate the Board’s input into the strategic plan and are looking forward to enhancing our capabilities and deployment approach within the private equity program.”

In discussing measures to support corporate functionality –

  • The Board and staff recognized the importance of effective corporate functionality and the need for public transparency. To better serve the mission, the Board discussed measures and ways to support APFC’s effectiveness through improved processes. At this time, APFC will not be pursuing exemptions to the Open Meetings Act and the procurement statutes within the strategic plan.

The next meeting of the Board of Trustees will be on December 13-14, 2023, in Juneau and via webinar.

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CEO Mitchell Remarks on October 30 Special Meeting

In Uncategorized by Paulyn

The Board of Trustees will meet from 10:30 a.m. – 4:30 p.m. on October 30 in Juneau and via webinar to discuss the strategic plan of the Alaska Permanent Fund Corporation. Agenda topics include:

  • Increase AUM to $100 billion.
  • Improve corporate functionality.
  • Establish a long-term organizational structure plan to accommodate growth.
  • Delivering a comprehensive communications plan.
  • Review and assess the optimal structure of the Fund.

APFC has been working to establish up-to-date strategic goals and initiatives to gauge progress while setting direction from the Board. The Trustee’s decision-making process, including public testimony and discussions with management, will lead to setting the strategic initiatives through a board vote.

“We’ve been working for several months to identify a list of potential goals and initiatives with a smaller subset of the Board that we expect to be debated and then prioritized by the full Board on October 30″ said Deven Mitchell, CEO, Alaska Permanent Fund Corporation.

“After the meeting, it will be up to staff to implement the direction that’s determined by the Board. We’ll be working to do so in a fashion that adheres to high professional standards and our longstanding commitment to Alaskans.”

You can find the packet and webinar link at Board of Trustees Meetings-APFC.

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