APFC’s investment leaders are a select group of highly accomplished professionals committed to adding value to the Alaska Permanent Fund through their active management of the portfolio. Our results driven Directors and their teams strive to out-perform select benchmarks on a daily basis, as they work to generate wealth and grow the value of the Fund.



Marcus Frampton serves as the Chief Investment Officer for the Alaska Permanent Fund.

He joined APFC in September of 2012 and has served as the Director of Investments, Real Assets & Absolute Return.  

Prior to joining the APFC, Marcus held diverse roles ranging from investment banking (Lehman Brothers), private equity (PCG Capital Partners), and acted as an executive of a private equity backed portfolio company (LPL Financial).

Mr. Frampton holds a BA in Business-Economics with a minor in Accounting from UCLA.


Rose Duran is the Director of Real Estate Investments for the APFC where she leads an internal team of four dedicated professionals, and a bench of five external management teams. Rose is directly responsible for setting the strategic direction for the $6 billion real estate portfolio, which is invested across domestic and non-U.S. markets, property types, and within different ownership structures. The real estate portfolio consists of approximately 60 separate properties, in addition to a large ownership position in Simpson Housing (a REOC with approx 21,000 multifamily units throughout the U.S.). Rose joined the Alaska Permanent Fund Corporation in 1991, and has been Director of Real Estate Investments since 2007. 

Ms. Duran holds a B.A. in Finance and International Business, with dual minors in Economics and Spanish from Oregon State University.


Valeria Martinez is APFC’s Director of Asset Allocation. Valeria works closely with portfolio managers, the CIO, Executive Director, and the APFC Board of Trustees recommending and implementing asset allocation and defining risk guidelines around the Fund investments. Valeria is also responsible for the asset allocation strategies including Real Return, Fund’s Liquidity, and FX Management.

Valeria began her career with the Alaska Permanent Fund Corporation in 2006 as a member of the Finance team working as an accountant for private markets and alternative investments including real estate, private equity, fund of hedge funds and infrastructure, and a member of the investment team responsible for investments in Absolute and Real Return strategies. She is an adjunct professor of Finance at the University of Alaska; is a member of the Institutional Society of Risk Professionals (ISRP) Advisory Board and the BNY Mellon Global Risk Solutions (GRS) Advisory Board.

Ms. Martinez received her undergraduate degree in Business Administration with an emphasis in Management and a Masters in Business Administration from the University of Alaska.


Steve Moseley is Head of Alternative Investments for the Alaska Permanent Fund Corporation. Steve manages approximately US$ 11.5 billion in commitments and leads all private equity fund investment, co-investment, and direct investment activity for the APFC.

Before joining the APFC, Steve restructured, managed, and subsequently sold Marston-Ross Corporation, a Connecticut-based family investment office. Before that he was president of StepStone Group, a global manager of diversified private market assets and, prior to that, co-president of the direct investment division of StepStone’s predecessor company, Pacific Corporate Group (“PCG”). During his time at PCG he also served as CIO.

Earlier in his career, Steve served as a vice president in investment banking at Credit Suisse First Boston (“CSFB”) and as a principal in CSFB’s private equity investment affiliate, Windward Capital Partners. Before CSFB, he was an investment banker with Merrill Lynch in New York, Tokyo and London.

Mr. Moseley received his MBA from Yale University and his BA from Wesleyan University.


As Director of Fixed Income Investments for APFC, Jim Parise leads a team of four other Fixed Income professionals in the management of the $8+ billion APFC internal fixed income mandate, which includes the US Aggregate Portfolio, IG Corporate Bond, Global Rates and TIPS portfolios. In addition to Jim’s responsibility for internal fixed income portfolio management, performance, and compliance, he oversees the APFC’s fixed income plus outside managers that includes high yield, emerging market debt, TIPS, REITS and Listed Infrastructure mandates.

Jim started with the Permanent Fund in July of 2001, as a Senior Fixed Income Investment Officer. In 2004, he took over leadership of the team as Director of Fixed Income Investments. Jim’s career includes employment as a Senior Fixed Income Portfolio Manager/Trader with Cedar Hill Associates in Chicago, a Municipal Bond Broker’s Broker with Chapdelaine & Company, also of Chicago and municipal bond trader with National City Bank in Cleveland. His career began at the Chicago Board of Trade.

Mr. Parise holds a BS in Finance with a minor in Economics from Ball State University.


Fawad Razzaque is the Director of Public Equity Investments for the Alaska Permanent Fund’s (APFC) Public Equity investments, approximately 40 percent of APFC’s assets. Fawad’s key responsibilities include asset allocation, external manager selection, and internal management of equities. As a key member of the investments department he contributes knowledge and perspectives and assists the Chief Investment Officer with overall investment decisions.

Prior to joining the Alaska Permanent Fund Corp in March 2012, Fawad was at Legato Capital Management in San Francisco, where he was a Portfolio Manager for multimanager strategies. Prior to this, from 2005 to 2009, Fawad was at Russell Investments, Inc. where his primary role was evaluating money managers in their ability to outperform relevant indices and peers. Before joining Russell, Fawad was at A.G. Edwards & Sons, Inc. in St Louis MO., where he researched investment managers across equities and fixed income asset classes.

Mr. Razzaque earned his BS at the University of Engineering & Technology with honors, at Lahore, Pakistan. He holds an MBA with a concentration in Finance at the Lahore University of Management Sciences, Pakistan.