Other Funds Under Management
With the establishment of the Alaska Permanent Fund Corporation in 1980, the Legislature recognized that there might be a need to expand this important financial capability in the future. In Alaska Statute 37.13.040, the Legislature highlighted APFC's purpose to manage and invest the assets of the Permanent Fund and other funds designated by law in accordance with AS 37.13.010 — 37.13.190.
In accordance with this statute, assets held by several other funds are invested by the Corporation under the same investment authority and fiduciary responsibility as the Permanent Fund. The assets of these other funds are commingled with those of the Permanent Fund for investment purposes. Earnings are separately allocated to the other funds on a pro-rata basis.
Alaska Mental Health Trust
In 1994, APFC was entrusted for the investment management of the financial assets of Alaska Mental Health Trust.
As expressed in AS 37.13.300 APFC is responsible for the investment management, providing quarterly and annual reports, as well as periodically consult with the Alaska Mental Health Trust Authority's Board of Trustees on changes to long-term investment policy and asset allocation.
The Alaska Mental Health Trust Authority has the duty to provide leadership in the advocacy, planning, implementing and funding of services and programs for Trust beneficiaries.
Power Cost Equalization
The PCE Endowment Fund was created by the Alaska Legislature under AS 42.45.070. and capitalized in FY 2001 with Funds from the Constitutional Budget Reserve, sales proceeds from the Four Dam Pool Project , and further capitalized in FY 2007 and FY 2012 with General Funds. The PCE Endowment Fund is administered by the Alaska Energy Authority. APFC was entrusted by the Legislature to manage the PCE Fund investment since 2023.
The purpose of the PCE Endowment Fund is to provide for a long-term, stable financing source for power cost equalization which provides affordable levels of electric utility costs in otherwise high-cost service areas of the state.
Amerada Hess Settlement
During the fiscal years 1990 through 1999, the Fund received dedicated state revenues from North Slope royalty case (State v. Amerada Hess, et al.) settlements.
By statute, realized earnings from these settlement payments are treated in the same manner as other Fund income, except that earnings on these settlements are to be transferred to the Alaska Capital Income Fund created by AS 37.05.565. and managed by the Department of Revenue from which amounts can be appropriated by the Legislature for any public purpose, including for state facilities preventative or deferred maintenance and to cover annual debt service on bonds authorized by state law.
Previously Managed Funds
Since its establishment as a prudent investment manager, APFC has had the fiduciary responsibility of managing several funds on behalf of the people of Alaska.
- Alaska Science and Technology Endowment Fund (1989 - 2003)
- International Trade and Business Endowment Fund (1998 - 2003)