Alaska Permanent Fund Corp., Juneau, disclosed $1 billion in alternative fund commitments and investments completed during the first quarter in a report from CIO Marcus Frampton included with materials for the $78.9 billion sovereign wealth fund's upcoming board meeting Wednesday.
Within its private equity and special opportunities asset class, APFC committed $50 million to TA XV, a middle-market buyout fund managed by TA Associates; $40 million to buyout fund GTCR Fund XIV; $25 million each to Asia buyout fund Bain Capital Asia Fund V and large-cap buyout fund Hellman & Friedman Capital Partners XI; and $15 million each to Canaan XIII, an early stage venture capital fund managed by Canaan Partners, and Parthenon Investors VII, a growth equity fund managed by Parthenon Capital.
As of Feb. 28, the actual allocation to private equity was 19.7%; the target is 17%.
Within real estate, the sovereign wealth fund made a direct investment of $578 million in the purchase of Centerpoint Life Science Campus in Waltham, Mass.; made a follow-on commitment of $100 million to a joint venture with Greystar Real Estate Partners to develop a property in Denver (following two prior $100 million commitments); and committed $66 million to a joint venture with Allen Morris Co. to develop Stella at Star Metals, an Atlanta-based mixed-use tower.
As of Feb. 28, the actual allocation to real estate was 9.6%; the target is 9%.
Within private income and infrastructure, APFC committed $50 million to oil and gas fund EnCap Flatrock Midstream Fund V, and $50 million to a co-investment with KKR & Co. in a "private infrastructure transaction," according to the materials.
As of Feb. 28, the actual allocation to private income and infrastructure was 8.3%; the target is 9%.