Alaska Permanent Fund Corp., Juneau, approved $379 million total in alternative investments, said documents prepared for this week’s board meeting.
In private equity and special opportunities, the $54.8 billion sovereign wealth fund committed $129 million total to four funds:
- $50 million to Vista Foundation Fund III, a buyout fund managed by Vista Equity Partners;
- an additional $50 million to Kelso Investment Associates IX, bringing the permanent fund’s total commitment to the buyout fund to $125 million;
- $22 million to Industrial Growth Partners V, a buyout fund; and
- $7 million to Mayfield XV, an early stage venture capital fund managed by Mayfield Fund.
In private credit, the permanent fund committed $50 million each to H.I.G. Whitehorse Direct Lending Fund, managed by WhiteHorse Capital and TPG’s TSSP Adjacent Opportunities Partners.
In hedge funds, the permanent fund invested $150 million in an equity market neutral fund managed by Alyeska Investment Group. The meeting documents also disclosed that the sovereign wealth fund is in the process of redeeming its $2.5 billion total investment with hedge funds-of-funds managers Crestline Investors, Mariner Investment Group and Lazard Asset Management, and is building out a portfolio of direct hedge fund investments.
The sovereign wealth fund also sold 19 limited partner interests totaling $265 million and directly invested $164 million total with three companies — $86 million to Denali Therapeutics, following an initial $8 million investment in 2015; $48 million to Indigo Agriculture, an agricultural technology company; and $30 million to Asurion Corp., a private mobile device protection and service company.
A permanent fund spokeswoman could not immediately provide additional information by press time.