Alaska Permanent Fund Corp. officials met Thursday to choose their first hedge fund investments, one day after Gov. Frank Murkowski signed into law a bill that will permit the Juneau-based fund to invest 10% of assets in alternative strategies. The $27.8 billion fund's current alternatives cap is 5%. Alaska fund officials declined to name their selections until managers that bid on the business are notified.
Also, Gov. Murkowski signed into law a separate bill that will require sufficient cause to be shown before any of four public members on the fund could be removed before their four-year terms expire, Bob Storer, the fund's executive director, said in a press release. Previously, incoming governors had sometimes replaced up to five of the six trustees at once, he added. The other two board members serve in the governor's cabinet.