Alaska Mental Health Trust Authority Trust Fund

At a glance. The Alaska Mental Health Trust is a perpetual state trust that funds care for Alaskans with mental illness, addiction, cognitive disabilities and brain injury. Its Trust Fund, invested by the Alaska Permanent Fund Corporation, was USD 754.5 million at 30 June 2025, and it owns about one million acres of land with timber, minerals and real estate. It spends no state general funds. S1

Key points

• Trust Fund of USD 754.5 million at 30 June 2025, up 9.3 percent in the year. S1
• Investment income of USD 74.8 million in fiscal 2025, an 8.1 percent return. S1
• Annual withdrawal rises from 4.25 to 4.5 percent of the four-year average value from fiscal 2027. S1
• Trustees approved USD 30.3 million of grants to partners and state agencies in fiscal 2025. S1
• The Trust Land Office earned USD 12.8 million in fiscal 2025, half added to principal. S1
• Wider financial assets, including reserves and real estate, total about USD 865.5 million. S1

Interesting facts

• Its Icy Cape project holds an indicated 1.126 million troy ounces of gold. S1
• There are 1,078 active mining claims on Trust lands. S1
• It gives top-quality Southeast Alaska trees to Alaska Native carvers for totems. S1

Mandate and goals

Manage Trust land and cash in perpetuity to fund an integrated mental health programme that improves beneficiaries' lives, adding to state services rather than replacing them. S1

• Grow and protect Trust assets for current and future beneficiaries. S1
• Fund grants and system change, such as crisis response. S1
• Earn revenue from land, minerals, timber and real estate. S1
• Spending rule: 4.5 percent of the previous four-year average value of invested assets (from fiscal 2027), plus spendable land income and interest S1

How it invests

Published criteria

• Grants go to groups serving Trust beneficiaries. S1
• Land is managed for return and in the beneficiaries' best interest. S1

Past investments

Case studies

Icy Cape: minerals on Trust land S1

• What: Ten years of exploration produced a technical report with resource estimates for gold and garnet.
• When: FY2025
• Size: Not published
• Why: Mineral land could give the Trust a long-term revenue stream.
• Outcome: 1.126M oz gold and over 350,000 tonnes of garnet indicated; titanium and zirconium potential.

Crisis Now S1

• What: A multi-year Trust initiative to build community crisis response and stabilisation services.
• When: Ongoing
• Size: Not published
• Why: To keep people in crisis out of emergency rooms and jails.
• Outcome: 9,500 mobile crisis team responses in five cities.

Exiting commercial real estate S1

• What: Trustees approved selling investment properties bought in fiscal 2012 to 2017.
• When: FY2024 to 2026
• Size: Not published
• Why: To move proceeds into invested reserves.
• Outcome: Three properties sold; proceeds lift future withdrawals.

Investment process

Trustees set strategy and approve the annual budget and grants; APFC and the Department of Revenue invest the cash; the Trust Land Office manages land. S1

1. Land proceeds go to principal; rents are spendable. S1
2. A fixed share of invested assets is withdrawn yearly. S1
3. Trustees approve grants to partners and state agencies. S1
4. Results reported in an annual report. S1

How to approach: Grant seekers apply through the Trust's grant programmes; there is no investment intake. S1

Size and returns

• Headline size: USD 754.5M (Fund market value, as of 2025-06-30) S1
• In US dollars: about USD 0.7545B. Fund reports in US dollars
• Primary financial assets, including reserves and real estate: USD 865.5M (Total assets (balance sheet), as of 2025-06-30) S1
• Return, Fiscal 2025: 8.1 percent (APFC-managed portion earned 9.4 percent) S1
• Size over time (USD million): June 2024 (derived from 9.3% rise) 690.3, June 2025 754.5 S1

Leadership

Governance and transparency

• Legal basis: 1956 federal land transfer and the 1994 settlement establishing the Trust Authority S1
• Oversight: Board of Trustees of a state corporation S4
• The Trust Land Office is a unit of the Alaska Department of Natural Resources. S1

Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S4
• Partly published: asset allocation. S1
• Not published: long-term returns, geographic or sector split, holdings or deal list. S1

History

Reports

• 2025 Annual Report: https://alaskamentalhealthtrust.org/wp-content/uploads/2026/02/MHTA-2025-Annual-Report.pdf S1

Common questions

How big is the Trust Fund?

USD 754.5 million at 30 June 2025. S1

Who invests it?

The Alaska Permanent Fund Corporation and the Department of Revenue. S1

Who leads the Trust?

CEO Mary Wilson and Board Chair Brent Fisher. S5 S1

Who benefits?

Alaskans with mental illness, addictions, cognitive disabilities, brain injury and related conditions. S1

Related profiles

• Alaska Permanent Fund United States (Alaska) · USD 91.9B
• New Mexico State Investment Council (SIC) United States (New Mexico) · USD 74.63B
• Texas Permanent School Fund United States (Texas) · USD 60.6B
• Texas Permanent University Fund (PUF) United States (Texas) · USD 40.29B
• Alberta Heritage Savings Trust Fund Canada (Alberta) · C$31.9B
• North Dakota Legacy Fund United States (North Dakota) · USD 15.10B

All sovereign wealth funds in North America · All sub-national permanent funds · All funds in United States

Sources

1. S1Alaska Mental Health Trust Authority, 2025 Annual Report
2. S2IFSWF, members list
3. S3Alaska Mental Health Trust Authority, website
4. S4Alaska Mental Health Trust Authority, Board of Trustees
5. S5Alaska Mental Health Trust Authority, new CEO announcement