Alaska Permanent allocates $564 million in commitments, direct investments

Alaska Permanent Fund Corp., Juneau, made $564 million in new commitments or direct investments, according to a report for the $65.4 billion sovereign wealth fund's board meeting Wednesday and Thursday.

Within its private equity and special opportunities asset class, APFC committed $200 million to Sequoia Capital Global Growth Fund III, a growth equity fund focused on investing primarily in China- and U.S.-based technology companies; $49 million total to two funds managed by Index Ventures: Index Ventures Growth IV, a growth equity fund, and Index Ventures IX, a venture capital fund; $48 million to Advantech/Redview II, a joint venture Chinese private equity fund between Advantech Capital and Redview Capital; and $29 million to Bain Capital Europe V, a large-market buyout fund.

The sovereign wealth fund also made direct private equity investments of $40 million in Sound Inpatient Physicians and $25 million in Dental Corp. of Canada.

As of June 30, the actual allocation to private equity and special opportunities was 11.2%.

Within its infrastructure/private credit/income opportunities asset class, APFC committed $123 million to ICG Europe Fund VII, a middle-market mezzanine fund managed by Intermediate Capital Group, and $50 million to North Haven India Infrastructure Fund, an infrastructure fund managed by Morgan Stanley (MS)'s infrastructure group.

As of June 30, the actual allocation to infrastructure/private credit/income opportunities was 6.7%.