Alaska Permanent Fund Corp., Juneau, disclosed $887 million in commitments and investments for the quarter ended June 30, in a report from CIO Marcus Frampton included with materials for the $81.8 billion sovereign wealth fund's board meeting scheduled for Tuesday and Wednesday.
Within its private income and infrastructure asset class, APFC committed $250 million to KKR Global Infrastructure Investors IV, an infrastructure fund managed by KKR & Co.; $75 million to SSG Secured Lending Opportunities Fund III, a pan-Asian secured lending fund managed by Ares SSG; and $50 million to Incline Aviation Fund II, an infrastructure-focused direct lending fund managed by BBAM Aircraft Leasing & Management.
The sovereign wealth fund also made a co-investment of $20 million with Charlesbank Capital Partners in its Alaska Direct Alternative Credit Portfolio. Investments in ADAC include the portfolio of co-investments alongside the sovereign wealth fund's existing private credit managers, as well as a liquid portfolio of internally managed non-investment-grade bonds and exchange-traded funds.
As of June 30, the actual allocation to private income and infrastructure was 7.3%.
Within its private equity and special opportunities asset class, APFC committed $60 million to TA XIV, a middle-market growth equity fund managed by TA Associates; $45 million to venture capital fund Flagship Pioneering Origination Fund VII; $40 million to Ara Fund II, a private equity fund focused on investments in the U.S., Canada and Europe that can achieve significant reductions in carbon emissions that is managed by Ara Partners; $25 million each to middle-market buyout fund Genstar Capital Partners X and Providence Strategic Growth V, a growth equity fund; and $22 million to Quad-C Partners X, a middle-market private equity fund managed by Quad-C Management.
Also in private equity and special opportunities, the sovereign wealth fund made a follow-on commitment of $50 million to Capital Constellation, a joint venture with four other global sovereign wealth funds that seeds promising alternative investment managers. APFC originally committed $200 million when the venture was launched in 2018 and followed with an additional $100 million in 2020.
Also, the sovereign wealth fund disclosed a follow-on commitment of $25 million to buyout fund L Catterton Latin America III. APFC originally committed $25 million in the first quarter of 2020.
As of June 30, the actual allocation to private equity and special opportunities was 18.2%.
Finally, within the sovereign wealth fund's absolute-return asset class, APFC made a direct investment of $150 million in a hedge fund managed by Brevan Howard and an investment of $50 million in a fund managed by Gamma Q, a hedge fund manager that specializes in agricultural futures products. Mr. Frampton's report did not provide further information on the nature of the funds.
As of June 30, the actual allocation to absolute return was 5.6%.
APFC spokeswoman Paulyn Swanson could not be immediately reached for further information.
