JUNEAU – The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held a special meeting focused on asset allocation and private markets investments via webinar on April 22, 2024. The meeting featured in-depth presentations from its partners at AQR Capital Management, Pathway Capital Management, and Callan. Additionally, APFC staff provided an update on legislation and the funding status of APFC’s FY25 budget priorities to support professional talent and recruitment opportunities.

The Trustees held this education session to hear from trusted partners on the private markets landscape and its role within the Fund’s portfolio. This serves as critical context for the planned asset allocation discussion during the May quarterly meeting. The Board is committed to ensuring the Fund’s investments are well diversified and can provide a compelling long-term risk-adjusted return under various market conditions for the benefit of Alaskans.

Click here to read the full news release.

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Special Meeting on April 22, 2024. The primary topic for the Special meeting is investment related presentations from Callan, AQR, and Pathway to provide education in advance of the May Quarterly meeting. There will also be a legislative update.

The public is invited to attend this meeting via webinar (link is in the agenda) and there will be an opportunity for public comment and participation at the beginning of the meeting. If the public wishes to sign up for public comment, please indicate so when registering via WebEx. Please sign up for public testimony by emailing jloesch@apfc.org by 4 pm on Friday, April 19.

April 22, 2024 APFC Board of Trustees Special Meeting Agenda

April 22, 2024 APFC Board of Trustees Special Meeting Packet

Juneau – The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting in Juneau and via webinar on February 15 and 16, 2024. The Board action items included the adoption of the 2024 Strategic Plan and Trustee Paper #10. Additionally, the Board considered the Fund’s second-quarter investment performance, associated capital markets insights, updates on the Private Income and Private Credit portfolios from internal and external managers, and perspectives on risk thresholds. 

“I appreciate the positivity and rapport demonstrated by our Trustees as they navigated through difficult dialogues to make decisions for the betterment of the Fund and Corporation,” remarked Deven Mitchell, Executive Director & CEO. 

The Board of Trustees voted to adopt Trustee Paper #10 with an addendum provided by Callan to inform the Board’s discussion. The paper will be published in the coming weeks and made available to our Alaskan stakeholders.  It includes a history and overview of the Fund’s structure, insights into the durability issues under the current construct, and potential solutions to bring the Fund in line with modern endowment practices.  

“Our responsibility is to educate Alaskans and respectfully provide policymakers with the necessary tools and options for their consideration given known concerns. Trustee Paper #10 identifies issues, explores options, and provides a menu of timely solutions,” noted Ethan Schutt, Chair of the Alaska Permanent Fund Corporation.  

An amended version of the 2024 Strategic Plan was adopted by the Board of Trustees. The amendment limited the use of Fund-level Leverage to $4 billion.

“Thank you to Alaskans who weighed in on the strategic plan during the public comment period. We appreciate your engagement and share in your belief in safeguarding the Fund. At the end of the day, our goal is clear – to maximize returns and protect the Principal for generations of Alaskans. The plan we approved today is aligned with our mission,” said Ethan Schutt, Chair of the Alaska Permanent Fund Corporation. 

Read the full news release for summaries of the Risk, Asset Class Allocation Study, and Private Income portfolio presentations and other items.