A SOVEREIGN WEALTH FUND
Created by constitutional amendment in 1976, the Alaska Permanent Fund was established on the principle that Alaska’s nonrenewable resource wealth could create lasting value long after those resources are gone. Through disciplined governance and long-term investment, it has grown into a globally diversified sovereign wealth fund built for every generation.
A SHARED LEGACY
For decades, the Permanent Fund has connected the benefits of Alaska’s natural resources to the people who call this state home. By contributing to public services in communities statewide and providing for the annual Permanent Fund Dividend (PFD), it connects Alaska’s resource wealth to a shared prosperity while reflecting the stewardship, accountability, and intergenerational responsibility carried forward by that original promise.
A VISION FOR THE FUTURE
The founders of the Permanent Fund understood that true wealth is measured not only by what is enjoyed today, but by what is preserved for tomorrow. That vision continues to guide the Fund's mission to protect purchasing power, generate risk-adjusted returns, and strengthen Alaska's long-term fiscal future.
VALUE GENERATED FOR ALASKA
For 50 years, the Alaska Permanent Fund has transformed resource wealth into a renewable financial resource for generations of Alaskans. Investment returns have fueled the Fund’s growth, supporting Alaska today while preserving its value for the future.
Growing Alaska's Wealth
12.42%
FY26 Total Return
8.93%
42.5-Year Annualized Return
$91.9B
Total Fund Value
As of June 30, 2026
Principal
$73.8B
Earnings Reserve Account
$18.1B
LETTER FROM THE
EXECUTIVE DIRECTOR & CEO
I often reflect on the extraordinary vision and selfless nature of those Alaskans from whom each of us benefits today. At a time when a young state had many immediate needs, Alaskans set aside a portion of their new resource wealth and created something for the future.
Through decades of disciplined stewardship, the Fund has maintained its purchasing power and grown by retaining more than $68 billion in earnings to provide for us and every generation that follows. Today, the Fund represents not only what Alaska has built; it is a central part of what Alaska is building.
The Permanent Fund was created to serve not just the current generation, but all who follow.
At APFC, our responsibility is to manage and invest with integrity, discipline, and purpose. We are proud to do that work on behalf of Alaskans, today and for generations to come.
The next 50 years will be defined in large part by how Alaskans manage the Permanent Fund, not in the amounts saved by Alaskans of the past but rather by how future Alaskans prudently invest and grow those savings—and the Alaskan quality of life that will make possible.
DEVEN MITCHELL
FROM THE ARCHIVES
“This accomplishment is something all Alaskans can take great pride in. It is also exciting to think about how large the Fund can grow in the future if we continue the prudent policies of the past.”
Oral Freeman, Trustee 1986-1995
BOARD OF TRUSTEES
The APFC Board of Trustees serves as a fiduciary for the Alaska Permanent Fund, providing oversight to guide the prudent management and investment of its assets.
Accountability to Alaskans begins with transparency and public engagement. Trustees invite the public to attend board meetings, stay informed about the Fund’s work, and share comments for Trustee consideration at boardpubliccomment@apfc.org.
FROM THE ARCHIVES
“As one of the early sovereign wealth funds, and the largest state-level fund of its kind in the United States, the Permanent Fund attracts attention from all over the world as a model for how to turn a non-renewable natural resource into a renewable financial resource. It is an important part of Alaska’s history and our state’s future.”
Michael J. Burns, APFC Executive Director 2004-2015
FUND VALUES AND RETURNS
FY26 ASSET ALLOCATION
The Alaska Permanent Fund has evolved since its early years, when the portfolio consisted entirely of U.S. Treasury bonds. Over time, the Alaska Legislature and the APFC Board of Trustees expanded the Fund's investment authority in accordance with the Prudent Investor Rule.
Today, the Fund is invested across eight asset classes that each play a distinct role within the portfolio, contributing growth, income, liquidity, or stability. Diversification remains one of the Fund's most important safeguards. The Board reviews the Investment Policy Statement and target asset allocation annually to ensure they continue to support the Fund's long-term objectives and mission. The review process aims to ensure the policy adequately balances opportunity and risk while preserving flexibility to respond thoughtfully to changing market conditions.
Click on an Asset Class to learn more.
35% | Target 32%
Fixed Income to provide steady income and liquidity
21% | Target 20%
Private Equity provides higher potential long-term returns
16% | Target 18%
9% | Target 11%
Private Income for steady income and diversification
8% | Target 10%
Absolute Return adds resilience across uncorrelated markets
8% | Target 7%
Cash supports liquidity, transactions and portfolio stability
2% | Target 1%
Tactical Opportunities for flexible high-conviction investments
1% | Target 1%