FY 2025 as of December 31, 2024
MESSAGE FROM THE EXECUTIVE DIRECTOR & CEO
For almost five decades, Alaska’s leaders have made bold and selfless decisions: to save a portion of our resource wealth for the future. They chose to sacrifice short-term gains for long-term stability, creating a Fund that has become Alaska’s greatest renewable financial resource.
This legacy of vision and discipline is what drives us at APFC today to maximize long-term returns, uphold our accountability to Alaskans through transparency, and support Alaska’s fiscal stability with financial resources and clear reporting.
Deven Mitchell
Generating Revenue: Growing Pressure on the ERA
As stewards of the Fund, we are committed to providing transparent insights into the challenges and opportunities that impact its growth and sustainability. An inherent risk under the current structure is the availability of spendable funds in the Earnings Reserve Account (ERA) to fully meet the obligations of the Percent of Market Value (POMV) draw for the state’s general fund and for inflation proofing to maintain the Principal’s purchasing power.
PERFORMANCE
Halfway through the fiscal year, the Fund has delivered a fiscal year-to-date return of 3.65%, compared to the performance benchmark return of 4.08%.
Read Full Performance Report
In 2024, APFC was honored for the fourth consecutive year as one of the “Best Places to Work in Money Management” by Pensions & Investments. This recognition highlights our professionalism and the mission-driven focus that unites our team.
Asset Allocation & Investment Strategy
The Fund has grown from bond-only investments in 1977 to a diversified portfolio spanning eight asset classes in public and private markets, generating both income and long-term growth. APFC’s diverse portfolio competes effectively as a global institutional investor.
APFC’s long-term investment strategy is designed to maximize risk-adjusted returns while protecting the Principal, as provided in AS 37.13.020 the legislative findings for the purpose of the Permanent Fund.
Board
OF Trustees
The APFC Board of Trustees is charged with serving as fiduciaries for Alaskans and ensuring the prudent management and investment of the Fund’s assets. The Board is responsible for setting the investment policy and asset allocation, reviewing the portfolio’s performance, and working with management to determine the Corporation’s strategic direction.
Jason Brune
Chair
2022-2027
Adam Crum
Vice Chair, Commissioner of the Alaska Department of Revenue
2022-2027
Ryan Anderson
Commissioner of the Alaska Department of Transportation and Public Facilities
2023-2027
Craig Richards
2017-2025
Ethan Schutt
2020-2028
John Binkley
2024-2026