Alaska Permanent Fund rehires Callan, adds rental property fund

Alaska Permanent Fund Corp., Juneau, rehired Callan Associates as general investment consultant, confirmed Laura Achee, spokeswoman for the $38.8 billion fund.

An RFP was issued on March 28.

Separately, the board made a $400 million commitment to American Homes 4 Rent, pending contract negotiations, Ms. Achee said in an e-mail. The fund purchases packages of vacant homes and manages them as rental properties.

Alaska Permanent has an 18% target allocation to special opportunities, which allows the fund to invest in special opportunities and to take advantage of dislocations in the markets. It includes opportunities in absolute return, distressed debt, commercial mortgage-backed bonds and other strategies as they arise, according to a document about the fund's asset allocation.

“The reported shift in consumer interest from owning homes to renting, combined with the surplus of single-family homes in many markets has created this unique opportunity,” said Alaska Permanent Fund Board Chairman Bill Moran in a news release. “When we created the allocation to special opportunities, the purpose was to create room within the fund where we could take advantage of unexpected investment opportunities such as this single-family homes strategy.”

The board also approved recommendations to allocate $820 million to private equity and $400 million to infrastructure in fiscal year 2013, which starts July 1 of this year.