Alaska Permanent Fund Corp., Juneau, will likely add to its infrastructure portfolio following a one-percentage-point increase in its allocation to the asset class at its annual meeting Sept. 29-30, confirmed Laura Achee, spokeswoman for the $36.7 billion sovereign wealth fund.
The change was part of a broader asset allocation change that increased company exposure to 55% from 53%, increased infrastructure to 4% from 3% and reduced special opportunities to 18% from 21%, according to an APFC news release.
The news release said the increase to its company exposure allocation — 36% global equity, 11% global credit, 6% private equity and 2% public/private credit — represents the transfer of mezzanine debt and credit opportunity mandates from the special opportunities allocation. Changes to those two asset classes will not result in new mandates, according to the release.
The infrastructure asset class will grow over the next few years as a result of the one-percentage-point increase, the news release said. Information on when searches would begin was not available.
Along with the company exposure asset class, the fund's asset allocation has 12% real estate, 4% infrastructure and 3% U.S. TIPS under real assets; 7% real return, 6% absolute return, 2% each for emerging markets and other future opportunities and 1% debt opportunities under a special opportunities allocation; 4% U.S. government bonds and 2% international developed government bonds (currency hedged) under an interest-rate allocation; and cash is 2%.
Executive Director Michael J. Burns could not be reached for comment.