By Mario Marroquin
The US$75 billion AUM Alaska Permanent Fund Corporation (APFC)
moved $1.4 billion across public equities, and readjusted its private equity,
private income and infrastructure, and real estate exposure in the fourth
quarter of the 2022 fiscal year.
Meeting materials from APFC’s Board of Trustees meeting slated
for September 21-22 report the fund made seven contributions and three
redemptions from its public equities allocation, which accounted for a fraction
of the 22 investment actions taken by the fund in non-cash assets.
APFC reported moving $300 million in tactical allocations in
public equities to cash, while committing $500 million to tactical allocations in both
U.S. and non-U.S. public equity in the same quarter. The fund also
redeemed US$1.4 billion across three funds (MCM S&P 500, Mellon FTSE RAFI
and SSGA Russell Fundamental).
Investment actions taken by APFC across private income and
infrastructure, private equity and real estate break down as follows:
·
US$175.2 million in fund investments to Keros
and HCP Studio funds.
·
US$51.3 million in co-investment to ION
Intermediate Holdings and KKR.
·
US$196.4 million in fund commitments to HIG
Advantage Buyout, L Catterton Growth, Fortissimo Capital, Charlesbank COF and
Bain Capital Europe.
·
US$400 million to a joint venture with Greystar
and CBRE US Logistics Partners.
APFC reported a negative 1.32% one-year return and
a 9.03% five-year return at the end of June.
CIO Marcus Frampton told
Markets Group in July that the sovereign wealth fund will focus on new
development and core existing investments instead of fund investments. The
investment actions report from APFC comes one month after the sovereign wealth
fund agreed to fund
up to US$1 billion in a joint venture with Denver-based REIT Apartment
Investment & Management Co. (Aimco).
Related stories:
CalPERS
Looks to Up Its Private Equity & Infrastructure Investing
Singapore’s
GIC and Oak Street to Acquire STORE Capital for $14B
NZ
Super Fund Allocates US$15 billion Towards Low-Carbon Indices