Investors - FEBRUARY 28, 2014

Alaska Permanent Fund commits $200m to power infrastructure

by Reg Clodfelter

The $49.9 billion Alaska Permanent Fund Corp. has committed $200 million to LS Power Equity Partners III, an infrastructure equity fund managed by LS Power Equity Advisors, a subsidiary of LS Power Group.

Laura Achee, director of communications with the Alaska Permanent Fund Corp., has confirmed the commitment.

LSPEP III, which launched in July 2013, announced its final close earlier this week after reaching its hard cap of $2.075 billion and exceeding its initial goal of $1.5 billion. Other investors in the fund included U.S. and European public and private pension plans, insurance companies, corporations, not-for-profit organizations, endowments, foundations, family offices, and Asian and Middle Eastern sovereign wealth funds. 

“We are very pleased with the outcome of the fundraising process,” Jim Bartlett, president of LS Power Equity Advisors, said in a statement.

The fund will invest in operating power assets and improve their commercial and physical operations. Since 2005, LS Power Equity Advisors has raised $6.36 billion and acquired more than 20,000 megawatts of power generation capacity with its three private equity funds.

Established in 1976, the Alaska Permanent Fund is a sovereign wealth fund managed by the APFC. The fund’s real estate portfolio is valued at $5.3 billion, as of Feb. 25, 2014. The real estate portfolio’s 10.8 percent return for the fiscal year 2013 was just behind the fund’s total return for that period of 10.9 percent, and just below its 10.9 percent benchmark.

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