Anchorage – The Governance Committee of the APFC Board of Trustees met in Anchorage and via webinar on May 9, 2023, to consider the initial recommendations of a contracted third-party advisor’s review of APFC’s governance policies.

The purpose of the review by Funston Advisory Services is to ensure that the Board’s existing governance policies remain consistent with best governance practices for an endowment fund of similar size and purpose to the Alaska Permanent Fund (Fund).

The Funston Advisory Services Group identified and recommended practical improvements to the governance policies that guide how APFC conducts its business; sets direction and delegates authorities; approves key decisions; oversees the execution of its direction within the policy; and verifies the reliability of the information it receives and it reports to stakeholders.

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The Governance Committee of the Alaska Permanent Fund Corporation will hold a Governance Committee Meeting on May 9, 2023. This meeting will be conducted via webinar through WebEx. The public is invited to attend this meeting via the webinar or phone, and there will be an opportunity for public comment and participation. Please see the agenda linked below for details on how to access the meeting.

**The phone number listed for public participation is having technical difficulties, to participate in the Governance Committee Meeting we would ask you to please use the Webex link found on the Agenda.

05.09.23 APFC Board of Trustees Governance Committee Meeting Agenda

05.09.23 APFC Board of Trustees Governance Committee Meeting Packet

Alaska Legislative Digest’s Tim Bradner interviews Deven Mitchell, APFC Executive Director.

Alaskans came together in November of 1976 to approve the establishment of the Alaska Permanent Fund through a constitutional amendment. 4 years later, it was decided how the Fund should ultimately be invested and managed.

On April 8, 1980, Governor Hammond signed SB161, establishing the Alaska Permanent Fund Corporation. This bill provided the mandate to safeguard the Principal and prudently manage the investment of the Permanent Fund for the maximum risk-adjusted return.

This important moment in Alaska’s history highlights the vision and perspective of those who worked tirelessly to protect our vital financial resources, setting the State on a course to support generations of Alaskans.

Anchorage – The Board of Trustees held a regular meeting in Anchorage and via webinar on April 12, 2023, to hear updates on portfolio activity, further conversations on the Fund’s Asset Allocation and the in-state private equity investment program, review elements of the Public Equities portfolio, and consider the Corporation’s peer group definition for compensation.

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The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a meeting on April 12, 2023 in Anchorage at the location identified in the agenda linked below. Agenda items include: continuation of In-State Private Equity discussion, Public Equities asset class update, Investment Advisor Presentation, Legislative update, 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 April 12, 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 noon April 11.

April 12, 2023 APFC Board of Trustees Meeting Agenda
April 12, 2023 APFC Board of Trustees Meeting Packet_with updated Resolution 23-01

Last week, U.S. banking regulators closed Silicon Valley Bank, a bank that specialized in commercial banking for the technology sector. Over the weekend, federal entities took measures to ensure that the depositors of Silicon Valley Bank would be held harmless. At this point, a handful of additional banks are experiencing substantial distress or have also been closed by banking regulators. These banks include Silvergate, Signature Bank, and First Republic.

The Alaska Permanent Fund Corporation has exposure to these banks in the form of passive investments in index funds. As of December 31, 2022, the market value of these investments totaled $7.6 million. The total market value of APFC investments on December 31 was $74.4 billion.

The APFC understands that many of the portfolio companies in its private equity portfolio used Silicon Valley Bank for operating purposes. As of today, APFC understands that those companies’ deposits have been guaranteed by the federal government.

“The APFC is a fully diversified global investor,” stated Executive Director Deven Mitchell. “At any point in time, some sector of the economy can experience distress.”

Chair Ethan Schutt stated, “The Board of Trustees is committed to maintaining prudent diversification of its investments. While the U.S. and global economies continue to make progress toward emerging from the global pandemic, we should not be surprised by periodic reversals in various sectors.”

The APFC will continue to closely monitor this situation.

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Quarterly Meeting on February 15, 2023, from 8:30 am to 4:15 pm. The public is invited to attend this meeting in person, via Webinar (information listed in the agenda below), or telephonically.

Please see the agenda for more details.

February 15, 2023 APFC Board of Trustees Quarterly Meeting Agenda_REVISED2

February 15, 2023 APFC Board of Trustees Quarterly Meeting Packet_REVISED2