Alaska Permanent Fund Corp., Juneau, hired HarbourVest Partners to manage the $28 billion funds $804 million private equity portfolio, confirmed spokeswoman Laura Achee.
HarbourVest joins Pathway Capital Management, which was hired as the funds private equity gatekeeper in late 2003. The two will split $200 million in commitments annually for the next five years.
The board is always looking at ways to make the permanent funds investments more diverse, board Chairman Steve Frank said in a written statement. Bringing in new managers who can provide a different approach to the market adds to that diversity.