Alaska Permanent Fund Corp., Juneau, made $1.9 billion in new commitments and direct investments, a report for the $65.7 billion sovereign wealth fund's board two-day meeting that ended Tuesday disclosed.
Within its private equity and special opportunities asset class, APFC committed $75 million each to growth equity funds JMI Equity Fund IX and buyout fund Ridgemont Equity Partners III; $60 million each to buyout fund Hellman & Friedman Capital Partners IX and Technology Crossover Ventures X, a private equity fund that focuses on technology firms; $55 million to middle-market buyout fund Lee Equity Partners Fund III; $50 million each to ARCH Venture Fund X Overage, managed by ARCH Venture Partners, and buyout fund Providence Equity Partners VIII; $40 million each to The Resolute Fund IV, a North American upper-middle-market buyout fund managed by The Jordan Co., and buyout fund Thoma Bravo Fund XIII; $35 million each to H.I.G. Growth Buyouts & Equity Fund III, a middle-market fund managed by H.I.G. Growth Partners and Vista Equity Partners Fund VII, a buyout fund with a focus on software, data and technology-enabled solutions companies managed by Vista Equity Partners Management; $20 million to Bain Capital Asia Fund IV, a private equity fund focused on Asia-based investment opportunities, and $12 million to NorthEdge Capital SME Fund I, a middle-market buyout fund focused on the north of England and the Midlands.
The sovereign wealth fund also made direct private equity investments totaling $302 million: $100 million in Cranemere Group Ltd.; $75 million in Asurion LLC; $50 million in HUB International Ltd.; $25 million in Netskope Inc.; $23 million in CCS-CMGC Holdings Inc.; $15 million in Rubrik-The Cloud Data Management Co.; $9 million in Actifio Inc.; and $5 million in Indigo Agriculture.
As of Sept. 30, the actual allocation to private equity and special opportunities was 11.9%.
Within its infrastructure and private income asset class, APFC committed $200 million to Aurelius Capital Partners II, a distressed debt fund managed by Aurelius Capital Management; $75 million to Crestline Specialty Lending Fund II, a direct lending fund managed by Crestline Investors; €65 million ($74 million) to European debt growth fund Kreos VI, managed by Kreos Capital; and $50 million to TSSP Opportunities Partners IV, a private credit fund managed by TPG.
The sovereign wealth fund also disclosed $50 million each in infrastructure co-investments with EnCap Flatrock Midstream, Global Infrastructure Partners and KKR Global Infrastructure Investors.
The permanent fund also made co-investments of $26 million to LBC Credit Partners and $14 million to Clearlake Capital Group. Those co-investments with Clearlake and LBC are included in APFC's $1 billion hybrid credit portfolio called Alaska direct alternative credit, which includes the co-investment funds along with internally managed non-investment-grade bonds and exchange-traded funds.
APFC also made an additional investment of $20 million in Generate Capital Inc., a sustainable energy financing company, in which it originally invested $100 million in 2017.
As of Sept. 30, the actual allocation to infrastructure and private income was 7.2%.
APFC also disclosed $400 million in direct hedge fund investments but did not identify the managers. The sovereign wealth fund invested $200 million and $50 million, respectively, in two hedged event-driven managers, $100 million in an Asia discretionary macro manager and $25 million each in two market-neutral equity managers.
As of Sept. 30, the actual allocation to absolute return was 4.7%.