Alaska Permanent Fund Corp., Juneau, committed $200 million to LS Power Equity Partners III, a private equity infrastructure fund managed by LS Power Equity Advisors that invests in operating power plants, according to a transaction report of investments made since the Nov. 20-21 board meeting.
It is the $49.9 billion sovereign wealth fund's first investment with LS Power.
Separately, the fund returned 12.65% for the year ended Dec. 31, surpassing the strategic risk benchmark by 22 basis points. Domestic equity was the top performer with a 37.04% return, followed by global equity, 26.24%; private equity, 14.71%; international equity, 12.42%; real estate, 9.81%; absolute return, 8.58%; infrastructure, 6.55%; real return, 1.83%; non-U.S. fixed income, 0.01%; and domestic fixed income, -0.88%.
The sovereign wealth fund reported an annualized three-year return of 8.37%, 34 basis points above the benchmark; and five-year return of 11.16%, four basis points below the benchmark.