Alaska Permanent Fund reaches $45 billion
FEB 20 - The Alaska Permanent Fund reached a new high water mark on February 19, closing for the first time with an unaudited value of $45.0 billion.
“Significant milestones in the Permanent Fund’s value provide us with the opportunity to stop and reflect on what has been a very successful public policy experiment,” said Alaska Permanent Fund Corporation Board Chair Bill Moran. “The total value is less important than the fact that the Fund’s investments have turned a non-renewable natural resource into a renewable financial resource.”
CEO Mike Burns added, “In July 2007, shortly before the beginning of the recent recession, the Fund first closed at $40 billion. Reaching $45 billion is a welcome sign the Fund has not only regained lost ground, but is growing again.”
The Alaska Permanent Fund was created in 1976 by a vote of the people, and received its first royalty deposit of $734,000 in early 1977. Since then the Fund has received more than $16.5 billion in mineral royalties and general fund appropriations, and has paid out $19.8 billion in dividends.