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Permanent Fund Board reviews Fund’s Infrastructure Investments and other programs


Nov 29 - The Alaska Permanent Fund Corporation Board of Trustees held a regular meeting in Anchorage on November 28 and 29. The Board reviewed the Fund’s infrastructure program, heard presentations from other Fund managers and reviewed the Fund’s first quarter performance.

“APFC’s infrastructure program has been in place for several years and we are pleased with the diversification that it has added to the Fund,” said Board Chair Bill Moran. “We have the foundation in place to begin the next phase of our program, implementing a co-investment alongside of our managers. This will allow our portfolio to grow at a lower cost, but with the same high quality of investments that are currently in place.”

The presentations reviewed by the Board included the following:

  • Staff from Mariner Investment Group, Lazard Asset Management and Crestline Investors, Inc. presented information on the absolute return portfolios that each firm manages on behalf of the Permanent Fund. This included information on portfolio performance, structure, investment process and possible future opportunities.
  • The Board’s general consultant, Callan Associates, provided an overview of the Fund’s private equity program.
  • Staff from Capital Guardian Trust Company and Pacific Investment Management Company (PIMCO) provided information on the respective portfolios that they manage on behalf of the Fund, highlighting similarities and differences in their approaches. They also discussed past performance and current conditions in emerging markets.
  • PIMCO staff also provided an overview of the real return portfolio that they manage for the Permanent Fund. This portfolio is one of five mandates in the Fund’s real return program.

The Board’s next regular meeting will be held February 27 and 28 at the Corporation’s offices in Juneau.

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