Private Equity describes a broad range of investment strategies, investment structures, and underlying assets linked by several common characteristics. These investments are accessed through long-term commitments to funds managed by our investment partners and, where and when it will complement the activity of our partners, through targeted, direct investments into operating companies.

Investments in private markets are typically characterized by very long investment horizons and limited liquidity but bring to the Fund increased diversification and superior returns. The Fund’s scale, patience, and structural flexibility provide a comparative advantage in private markets and have allowed the fund to contribute to and benefit from the growth of more than 7,000 underlying investments. 



$15.4 B

as of June 30, 2023




Private Equity

APFC's private equity program seeks to build a diversified, global private equity portfolio, focusing on buyout, venture capital, real asset, and distressed credit opportunities through primary partnerships, secondary acquisitions, co-investments, and targeted direct investments in operating companies. We seek diversification across stage, industry, geography, and other factors.

Our mandate also includes the ability to seek longer-term, high-conviction, potentially more concentrated, theme-driven investments across asset classes, sectors, and geographies. Such investments may include direct investments in venture capital and buyout deals, co-investments alongside general partners, and strategic stakes in promising investment firms.


$25M - $250M

Direct / co-investment and fund investment range


IRR Underwriting target

3 - 10+ YEARS

Targeted Investment Horizon

Fund Commitments

APFC’s fund strategy emphasizes robust, long-term partnerships with exceptional investors applying specialized skills and unique insights to the companies or assets which they invest. Fund commitments represent the largest portion of our investing activities.

Identifying exceptional managers and succeeding with them over time is the key determinant of our long-term investment success.


The team evaluates and pursues targeted transactions alongside leading general partners. Co-investments enable the team to execute on APFC’s thematic areas and also identify targeted exposures to certain geographies, investment types and sectors as we build a well-diversified portfolio.

APFC engages in both pre-bid and post-bid syndication processes and can execute on tight timelines.

Direct Investments

We target exceptional themes and unique opportunities through co-investments alongside our investment partners and — when our investment horizon, scale, and structural flexibility provide an advantage — direct investments into promising growth companies and undervalued assets. 

We concentrate our investments behind exceptional themes and talented managers while maintaining a risk framework that ensures resilience if outcomes fall short of expectations.



APFC’s permanent capital profile allows us to take advantage of long-term trends and withstand short-term volatility. Average targeted investment duration is 5 years.


No predetermined asset type, credit quality, yield profile, industry sector, or legal structure. Each investments is designed to generate the highest possible risk-adjusted net-of-fee returns on invested capital within established risk guidelines.


Because different economic environments flourish and wither at different times for different reasons, the breadth of our global portfolio and investor network diversifies risks and allows the APFC to target growth across many regions. The PE portfolio currently includes investments in many different countries.


Targeted annualized investment returns are 20% to 30%. 

Performance reports for the portfolio can be found in the monthly performance reports and in the board meeting packets.