The Alaska Permanent Fund Corp. has selected two fund managers to implement a new Alaska-focused private markets investment program, the fund announced on Sept. 20.
The $65.3 billion sovereign wealth fund selected McKinley Capital Management and Barings to manage the Alaska Investment Program, following a competitive bidding process.
The program was created to capitalize on the opportunity to earn attractive returns by backing emerging private market fund managers and private market investment opportunities in Alaska. The program has an initial allocation of $200 million.
“We are excited to get this program under way and look forward to working with these two managers to achieve competitive, market-based investment returns and capture investment potential right here in Alaska,” noted Angela Rodell, CEO of the fund at a presentation before Accelerate Alaska in Anchorage.
Charlotte, N.C.–based Barings will focus on infrastructure and private credit investments. The firm and its subsidiaries have $325 billion in assets under management, as well as business and investment professionals located across North America, Europe and Asia Pacific.
McKinley Capital Management, the largest private financial services company in Alaska, will focus on private equity investments for the Alaska Permanent Fund. McKinley manages $5 billion in assets worldwide for corporate and public pension funds, sovereign wealth funds, and other institutional investors.
As of Sept. 20, the Alaska Permanent Fund’s infrastructure and real assets portfolio was valued at approximately $2.5 billion.
