Alaska Permanent Fund Corp., Juneau, made commitments and direct investments totaling $1.288 billion during the first quarter, according to a report for the $65.1 billion sovereign wealth fund's upcoming board meeting Wednesday and Thursday.
For its $7.6 billion private equity and growth opportunities portfolios, APFC committed $100 million to Kelso Investment Associates X, a middle-market buyout fund managed by Kelso & Co.; $85 million to buyout fund Sentinel Capital Partners VI; a total of $75 million to Lightspeed Venture Partners XII, an early-stage venture capital fund, and Lightspeed Venture Partners Select III, a late-stage/expansion venture capital fund; $50 million to venture capital fund Altitude Life Science Ventures Fund III; $36 million to venture capital fund Battery Ventures XII; and $26 million to Holtzbrinck Ventures VII, a venture capital fund managed by HV Holtzbrinck Ventures.
The sovereign wealth fund also made direct private equity investments of $40 million in Sound Inpatient Physicians Inc., $35 million in Camino Natural Resources LLC and $25 million in Dental Corp. of Canada Inc.
For its $3.7 billion infrastructure and special opportunities portfolio, APFC committed $200 million to KKR Global Infrastructure Investors III, managed by KKR & Co.; $100 million to a Heitman real estate debt separate account; and $15.9 million to a private credit co-investment managed by Clearlake Capital.
For its $2.6 billion absolute-return portfolio, APFC said it made direct hedge fund investments of $150 million in a systematic macro/CTA manager; $100 million each in a fixed-income arbitrage/relative-value manager and market-neutral equity manager; $90 million in a systematic macro manager; $50 million in a hedged event-driven manager; and $10 million in another market-neutral equity manager. The fund did not disclose manager or fund names.
Also in January, the sovereign wealth fund redeemed $1.3 billion from its $26.8 billion public equities portfolio, $600 million of which came from internally managed portfolios. External equity managers whose portfolios were reduced are active international equity manager Acadian Asset Management, reduced by $200 million, leaving it with $536 million; passive domestic large-cap equity manager State Street Global Advisors, reduced by $100 million, leaving it with $221 million; active emerging markets equity manager William Blair & Co., by $100 million, leaving it with $579 million; and active international equity manager J.P. Morgan Asset Management, by $70 million, leaving it with $579 million.
APFC also reduced domestic small-cap equity portfolios managed by Eagle Asset Management, Jennison Associates, Pzena Investment Management, RBC Global Asset Management and T. Rowe Price Group by $40 million each, leaving the portfolios with $190 million, $184 million, $183 million, $163 million and $178 million, respectively. APFC also terminated Hardman Johnston Global Advisors from its $30 million active international large-cap equity portfolio. No reason was given for the reductions or termination.
All assets were reallocated to cash.