Alaska Permanent Fund Corp. plans to invest as much as $2.5 billion in real assets and private income in fiscal year 2019, according to a quarterly board meeting packet.
The fund's current exposure to real assets and private income is $8.2 billion, representing 12.7% of its $65 billion fund.
The fund primarily invests in private real estate through direct investments via limited liability corporations, and it said its new focus is on international funds and co-investments. The current net asset value of its private real estate investments is $4.1 billion.
For its $2.3 billion private infrastructure program, it invests in a mix of private equity-style fund structures with 10- to 25-year lives as well as longer-term direct investments and joint ventures.
Alaska Permanent Fund has a $1.2 billion private credit program, and it largely invests in private equity-style programs with 7- to 12-year lives.
Its income opportunity program has an NAV of $740 million, and its investments include direct investments, funds and in-house non-investment grade direct credit.
Current unfunded commitments total $2.7 billion, excluding commitments that are in the fund's unilateral control.
