Alaska’s Largest Renewable Financial Resource
The Fund
The Alaska Permanent Fund stands among the most remarkable achievements in Alaska’s history, reflecting foresight and a commitment to benefit all generations of Alaskans. Through its creation and disciplined stewardship, Alaskans have transformed royalty wealth from nonrenewable resources into a sustainable, renewable source of state revenue.
Constitutional Foundation
Alaska Constitution Article IX, Section 15
Section 15. Alaska Permanent Fund.
At least twenty-five percent of all mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments and bonuses received by the State shall be placed in a permanent fund, the principal of which shall be used only for those income-producing investments specifically designated by law as eligible for permanent fund investments. All income from the permanent fund shall be deposited in the general fund unless otherwise provided by law.
$89.3B
Unaudited
Fund Values
as of April 30, 2026
Understanding the Fund’s Structure
Fund Values in Action
The Fund is composed of two primary components: the Principal and the Earnings Reserve Account (ERA).
The Principal is the constitutionally protected, nonexpendable foundation of the Fund. The ERA is statutorily established to hold realized earnings and serves as the Fund’s spendable component. Through legislative appropriation, the ERA supports public purposes, including annual Percent of Market Value (POMV) distributions for current state needs and inflation proofing to help preserve the Fund’s value for all generations.
Both components are invested together under a unified asset allocation strategy, with each receiving a pro rata share of unrealized gains that remain invested to support long-term growth. For transparency, known appropriations, such as the upcoming fiscal year’s POMV draw and current-year inflation proofing, are reflected as committed amounts within the ERA.
Fund values are updated regularly based on monthly unaudited financial statements. See APFC’s Financial and Performance Reports for more information.
Constitutionally Protected Savings
Principal Deposits
Under the State Constitution, at least 25 percent of the State’s mineral royalties are deposited into the Principal to be used for income-producing investments. Statutes further increase this requirement to 50 percent for leases issued after 1979, ensuring a significant share of revenue is saved and invested for the future. AS 37.13.010 (a)(1) and (a)(2)
The legislature may make additional deposits to the Principal from the ERA or other sources, such as the General Fund, strengthening the Fund’s long-term growth. AS 37.13.010 (a)(3)
An annual appropriation from the ERA to the Principal protects the value of the permanent deposits against inflation. Since the Principal does not retain realized investment gains, inflation proofing is essential to preserve the Fund’s purchasing power and ensure its benefits for all generations of Alaskans. AS 37.13.145 (c)
Contributions to Principal
As of June 30, 2025 | Since Inception
Statutory Net Income (SNI) at Fiscal Year End
As of June 30, 2025 | In Billions
Alaska’s Primary Source of General Fund Revenue
Earning Reserve Account (ERA)
The ERA, established under AS 37.13.145(a), holds the Fund’s realized earnings, known as Statutory Net Income (SNI), and is available for legislative appropriation by a simple majority vote for public purposes.
Currently, the ERA serves as Alaska’s primary source of revenue for the Unrestricted General Fund and is the source of inflation proofing, helping ensure the Principal maintains its purchasing power for future generations.
SNI reflects actual investment results and excludes unrealized gains and losses. It includes cash inflows from dividends, bond interest, and real estate leases, as well as net income from the sale of investments.
Because SNI is directly related to investment activity, it can vary significantly from year to year. APFC manages the portfolio to maximize long-term, risk-adjusted returns rather than focusing on SNI or realized gains as performance targets.
Fund Earnings
$114.5B — Total earnings since inception
As of December 31, 2025
These earnings reflect the Fund’s original mission: converting one-time resource wealth into a renewable source of value. By balancing distributions for today with careful preservation for tomorrow, the Fund continues to support current generations while ensuring long-term benefits for those yet to come.
Paid Out to Current Generations: $51.4B
- $26.4B — POMV distributions supporting the PFD & state services since FY19
- $24.4B — PFD payments through FY18
- $0.6B — Alaska Capital Income Fund / Amerada Hess earnings
For Future Generations: $63.1B
- $27.6B — Inflation proofing to preserve Principal
- $8.3B — Special appropriations to grow the Fund
- $10.0B — Undistributed realized income
- $17.2B — Unrealized investment appreciation
Predictable Revenue
Percent of Market Value
The Alaska Permanent Fund has become a key renewable financial resource for Alaskans, with the annual Percent of Market Value (POMV) draw providing more than 66% of the state’s general fund revenue.
Under Alaska Statute 37.13.140(b), withdrawals from the ERA follow the POMV methodology. The draw is calculated as a percentage of the average market value of the Fund over the first five of the preceding six fiscal years, which smooths out fluctuations across market cycles and provides predictable payouts for the state’s revenue needs. By law, the POMV draw is capped at 5.0% and limited to the amount available for appropriation in the ERA under the two-account structure.
POMV Draws Since FY19
| FY26 | $3,798,900,000 |
| FY25 | $3,657,300,000 |
| FY24 | $3,526,000,000 |
| FY23 | $3,360,600,000 |
| FY22 | $3,069,300,000 |
| FY21 | $3,091,000,000 |
| FY20 | $2,933,100,000 |
| FY19 | $2,723,000,000 |
FY27 POMV Calculation
AS 37.13.140(b) (Value Based)
| FY25 | $84,675,500,000 |
| FY24 | $80,038,500,000 |
| FY23 | $77,587,500,000 |
| FY22 | $75,912,800,000 |
| FY21 | $81,472,800,000 |
| FY20 | $64,877,800,000 |
$79.9 billion
$4.0 billion
Quick Video Intros
Understanding the Permanent Fund
One Fund. Built for Generations.