SovereignWealthFunds.comAlaska Permanent Fund
Alaska Permanent Fund: what it invests in
Geography Domestic and global
Alaska Permanent Fund: how big it is, and on what basis
In US dollars: about USD 91.9B. APFC reports in US dollars.
Return fiscal 2026 12.42% (objective 8.54%)
Alaska Permanent Fund: what it publishes
Published 10 · Partly 0 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Alaska Permanent Fund saves part of the state's oil and mineral revenue for all future generations of Alaskans. It held USD 91.9 billion at 30 June 2026 (audited) and returned 12.42 percent that year. The Alaska Permanent Fund Corporation invests it globally across eight asset classes, mostly through external managers, and a 5 percent annual draw funds the dividend and state services. S1
Key points
- Return of 12.42 percent in fiscal 2026 against an 8.54 percent objective; 9.28 percent a year over ten years and 8.93 percent since inception. S1
- Record statutory net income of USD 8.2 billion in fiscal 2026. S1
- Since inception the fund has earned USD 119.8 billion: 42.9 percent paid out to Alaskans and 57.1 percent kept for the future. S1
- The annual draw is 5 percent of average market value and supplies about two-thirds of the state's unrestricted general fund revenue. S1
- The 2026 dividend was USD 1,000 per person plus a USD 200 energy relief payment. S3
- 76 percent of holdings are in the United States; 97 percent of public equities are run by external managers. S1
- APFC does not announce single deals; it publishes quarterly holdings and private market reports instead. S4
Interesting facts
- It started with a deposit of USD 734,000 in 1977 and first invested entirely in US Treasury bonds. S5 S1
- The dividend has been paid every year since 1982; payouts total more than USD 31 billion, peaking at USD 3,284 per person in 2022. S6
- Early on some Alaskans wanted it run as an in-state development bank; it was set up instead to seek the highest prudent return. S5
Mandate and goals
APFC invests the Permanent Fund and other state funds designated by law. State law asks it to save part of mineral revenue for all generations, keep principal safe while maximising total return, and serve as a savings device for purposes set by law. S1
- Conserve a portion of mineral revenue for current and future generations of Alaskans. S1
- Protect the principal while seeking maximum total return. S1
- Deliver outstanding long-term returns for all Alaskans. S1
- Give preference to in-state investments when risk and return are comparable to other options. S7
- Return target: CPI plus 5 percent a year, set by the Board (8.54 percent for fiscal 2026). S1
- Spending rule: Percent of Market Value draw: 5 percent of average market value over five of the previous six fiscal years, appropriated by the Legislature. S1
How it invests
| Industries | Technology, Financial services, Healthcare and life sciences, Industrials and manufacturing, Real estate, Infrastructure and utilities, Consumer and retail, Energy: oil and gas. Sector agnostic S1 |
|---|---|
| Asset classes | Public equities, Fixed income, Private equity, Real estate, Infrastructure, Private credit, Hedge funds and absolute return, Cash and money markets S1 |
| Stages | Public markets, Buyout, Growth, Venture, Real estate, Infrastructure, Credit S1 S7 |
| Geography | Domestic and global. Domestic here means the United States as a whole; investment in Alaska itself is small S1 |
| Direct / through funds / co-invest | Yes / Yes / Yes S1 S7 |
| Ticket size | No ticket size is published. S7 |
| External managers | Public equity managers are held for 13 years on average; management fees were USD 516.6M (0.55 percent of assets) in fiscal 2026 S1 |
| Co-investment programme | Selective co-investments alongside private equity fund managers to target themes, regions and sectors S7 |
Asset mix: Public equities 35%, Fixed income 21%, Private equity 16%, Real estate 9%, Private income 8%, Absolute return 8%, Cash 2%, Tactical opportunities 1% (as of 2026-06-30) S1
Sector weights: Private equity: information technology 29%, Private equity: financials 20%, Private equity: health care 14%, Private equity: industrials 11% (as of 2026-06-30) S1
Largest country weights: United States 76%, Asia excluding Japan 5%, Central and South America 4% S1
Largest holdings: Microsoft USD 554M, Apple USD 415M, Alphabet USD 406M, Amazon USD 351M (as of 2021-06-30) S12
Published criteria
- Private equity targets returns of 15 to 25 percent over 3 to 10 years, with an average targeted holding of five years. S1 S7
- No fixed asset type, region, sector or legal structure in private equity; each deal must offer the best risk-adjusted net return within limits. S7
- Co-investments can join pre-bid and post-bid syndications on tight timelines. S7
- Real estate aims for steady cash flow and capital preservation, measured against the NCREIF property index. S11
Past investments
| Year | Investment | Type | Sector |
|---|---|---|---|
| 2018 | Alaska In-State Investment Program. Invests in Alaska private market deals through external managers; new allocations paused in April 2023. S7 | Fund commitment | Multi-sector |
Case studies
Private equity: fund commitments plus co-investment S1
- What: Built a global private equity book mainly through long-term fund commitments, topped up with co-investments.
- When: Since the early 2000s
- Size: USD 15.3B at 30 June 2026
- Why: To earn a premium over public markets from patient capital.
- Outcome: USD 38.9B of total value from USD 21.7B contributed.
From royalties to a yearly dividend S1 S6
- What: Royalty deposits are invested and part of the earnings pays a dividend to every eligible resident.
- When: 1982 to 2026
- Size: Dividends of more than USD 31B in total
- Why: To share resource wealth with all Alaskans while keeping the principal.
- Outcome: The 2026 payment was USD 1,200 per person.
Investment process
The six-member Board of Trustees sets the Investment Policy Statement and target asset mix each year. Staff under the CEO and CIO choose managers and investments within it. The Legislature, not APFC, decides how earnings are spent. S1 S13
| Committee | Role |
|---|---|
| Ethics, Audit and Cybersecurity Committee | Reviews audited accounts and controls S8 |
| Governance Committee | Board governance; chaired by the Vice Chair S9 |
| Benchmark Review Committee | Set up in October 2026 to review benchmarks S9 |
- The Board approves the Investment Policy Statement and asset mix each year. S1
- Asset class teams select external managers, fund commitments and co-investments. S7
- Risk is managed against tracking error limits set by the Board. S1
- Results are reported monthly and audited each year. S10
How to approach: No unsolicited pitch channel is published. Managers should read the asset class pages and Investment Policy Statement on apfc.org. S7
Size and returns
- Headline size: USD 91.9B (Fund market value, as of 2026-09-02) S1 S8
- In US dollars: about USD 91.9B. APFC reports in US dollars.
- Principal (protected): USD 73.8B (Fund market value, as of 2026-06-30) S1
- Earnings Reserve Account: USD 18.1B (Fund market value, as of 2026-06-30) S1
- Total assets managed by APFC: USD 93.8B (Assets under management, as of 2026-06-30) S1
- Return, fiscal 2026 (to 30 June): 12.42 percent S1
- Return, 3 years: 9.84 percent a year S1
- Return, 5 years: 6.61 percent a year S1
- Return, 10 years: 9.28 percent a year S1
- Return, since inception (42.5 years): 8.93 percent a year S1
- Size over time (USD billion): 2015 53.7, 2019 64, 2025 85.1, 2026 91.9 S1 S5
Leadership
| Name | Title | Since |
|---|---|---|
| Jason Brune | Chair, Board of Trustees S9 | Not published |
| Ethan Schutt | Vice Chair, Board of Trustees S9 | Not published |
| Deven Mitchell | Executive Director and Chief Executive Officer S14 | 2022-10 |
| Marcus Frampton | Chief Investment Officer S5 | Not published |
| Allen Waldrop | Deputy CIO, Private Markets S1 | Not published |
| Jim Parise | Deputy CIO, Public Markets S1 | Not published |
| Valerie Mertz | Chief Financial Officer S8 | Not published |
| John Binkley | Trustee S1 | Not published |
| Ralph Samuels | Trustee S1 | Not published |
| Ryan Anderson | Trustee; Commissioner, Alaska Department of Transportation and Public Facilities S1 | Not published |
| Janelle Earls | Trustee; Commissioner, Alaska Department of Revenue S1 | Not published |
Governance and transparency
- Legal basis: Alaska Constitution Article IX, Section 15 and Alaska Statutes 37.13 S1
- Oversight: Six trustees: two state commissioners and four public members appointed by the Governor to staggered terms S1
- Auditor: KPMG LLP, Anchorage S1
- Santiago Principles: IFSWF member and signatory to the Santiago Principles S2 S5
- Two accounts: a constitutionally protected Principal and an Earnings Reserve Account the Legislature can spend by simple majority. S1
- The Board has long backed a constitutional change to merge the two accounts and lock in the 5 percent draw with inflation protection. S1
Transparency score: 10.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1976 | Voters approve the constitutional amendment creating the fund. S1 |
| 1977 | First deposit of USD 734,000. S5 |
| 1980 | Alaska Permanent Fund Corporation created. S1 |
| 1982 | First dividend paid: USD 1,000 per person. S6 |
| 2018 | Alaska In-State Investment Program set up. S7 |
| 2022 | Record dividend of USD 3,284 per person. S6 |
| 2022-10 | Deven Mitchell appointed CEO. S14 |
| 2026-09-02 | Board approves audited fiscal 2026 accounts: USD 91.9B. S8 |
| 2026-10-01 | Annual meeting in Nome re-elects the Chair and Vice Chair. S9 |
For family offices
APFC has no programme for family offices. Outside firms work with it as external managers or as sponsors offering co-investments to its private equity team. S7 S1
Reports
- 2026 Annual Report: https://apfc.org/wp-content/uploads/2026/09/2026-APFC-Annual-Report-Web-FINAL.pdf S1
- Portfolio level reports (quarterly holdings): https://apfc.org/reports/portfolio-level-reports/ S4
- Investment Policy Statement: https://apfc.org/download/35/governance-and-corporate-policies/5678/apfc_investment-policy_july-2025.pdf S13
Common questions
How big is the Alaska Permanent Fund?
USD 91.9 billion at 30 June 2026 on an audited basis. S1
What did it return in fiscal 2026?
12.42 percent, above its 8.54 percent objective. Over ten years it returned 9.28 percent a year. S1
How much was the 2026 dividend?
USD 1,000 per person plus a USD 200 energy relief payment, USD 1,200 in total, paid from 1 October 2026. S3
How is it invested?
Public equities 35 percent, fixed income 21, private equity 16, real estate 9, private income 8, absolute return 8, cash 2 and tactical 1 percent at 30 June 2026. S1
Who runs it?
Deven Mitchell is CEO and Marcus Frampton is Chief Investment Officer. Jason Brune chairs the Board of Trustees. S14 S5
Does APFC publish its holdings?
Yes. It posts quarterly top 50 stock holdings, holdings by country and private equity and private income reports. S4
Related profiles
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- 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
- Permanent Wyoming Mineral Trust Fund United States (Wyoming) · USD 13.02B
All sovereign wealth funds in North America · All sub-national permanent funds · All funds in United States
Sources
- S1APFC, 2026 Annual Report (audited fiscal 2026)
- S2IFSWF, Our members
- S3Alaska Beacon, 2026 dividend payments, 30 September 2026
- S4APFC, Portfolio level reports
- S5Alaska Permanent Fund, Wikipedia
- S6Alaska Department of Revenue, Permanent Fund Dividend summary of payments
- S7APFC, Private equity portfolio
- S8APFC, FY26 audit and budget proposal news
- S9APFC, home page
- S10APFC, Financial and performance reports
- S11APFC, Real estate portfolio
- S12APFC, Top 50 stock holdings at 30 June 2021
- S13APFC, Investment Policy Statement, July 2025
- S14APFC, Deven Mitchell biography
Disclaimer
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