Alaska Permanent Fund approves $400m infra allocation

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Alaska Permanent Fund approves $400m infra allocation

The Alaska Permanent Fund Corporation (APFC) Board of Trustees has approved allocations to several private asset investment programs including a considerable amount of money for infrastructure.

APFC approved an investment of US$400 million to infrastructure, including up to US$200 million in co-investments. This allocation is in line with past years', and continues the steady buildup of the portfolio. The fund's infrastructure investments were valued at US$1.3 billion on March 31.

APFC's Board also approved the following private asset allocations at the two-day meeting in Ketchikan (Alaska) in late May:

  • US$800 million to private equity, including up to US$200 million in co-investments.
  • US$100 million to private credit investments.
  • US$750 million to form a strategic partnership with Apollo Global Management under the Fund's private market external CIO program.

The next regular meeting will be the Board's annual meeting, which will be held in Juneau (Alaska) in September this year.

The Alaska Permanent Fund Corporation (APFC) manages the Alaska Permanent Fund. The entire fund is managed as a single investment pool, and is invested in a range of assets including stocks, bonds and real estate. The fund is invested in a diversified portfolio of public and private asset classes.

Shortly after the oil from Alaska's North Slope began flowing to market through the Trans-Alaska Pipeline System, the Permanent Fund was created by an amendment to the Alaska Constitution. It was designed to be an investment where at least 25% of the oil money would be put into a dedicated fund for future generations.

In September 2013, the Alaska Retirement Management Board committed $300 million total to two infrastructure funds. $200 million to IFM's Global Infrastructure Fund and $100 million to J.P. Morgan Infrastructure Investments Fund.

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