Alaska Permanent Fund Corp., Juneau, made more than $1.1 billion in manager hires, commitments and investments in the quarter ended Sept. 30, a report for the $67.9 billion sovereign wealth fund's board meeting this week shows.
In real estate, APFC hired Mesa West Capital to run $250 million in a separately managed credit program and committed $100 million to Realterm Logistics Income Fund, a core industrial real estate fund.
As of Sept. 30, the actual allocation to real estate was 6.9%; the target is 7%.
Within its private equity and special opportunities asset class, APFC committed $75 million to Marlin Heritage Europe II, a European special situation fund managed by Marlin Management Co., and $50 million each to Charlesbank Credit Opportunities Fund II, a mezzanine debt fund managed by Charlesbank Capital Partners, and Goodwater Infinity I, a venture capital fund managed by Goodwater Capital and Y Combinator Early Stage and Continuation Funds 2020, managed by venture capital manager Y Combinator.
The sovereign wealth fund also made a follow-on commitment of $38 million to Holtzbrinck Ventures VII, a venture capital fund managed by HV Holtzbrinck Ventures. APFC originally committed $26 million to that fund in 2018.
Also during the third quarter, APFC committed $35 million to buyout fund H.I.G. Capital Partners VI; $31 million to CVC Capital Partners VIII; $30 million to Canaan XII, an early-stage venture capital fund managed by Canaan Partners; and $20 million in aggregate to buyout funds Thoma Bravo Fund XIV and Thoma Bravo Discover Fund III.
APFC also made a direct co-investment of $42 million to InfoBip Ltd.
As of Sept. 13, the actual allocation to private equity and special opportunities was 15.3%; the target is 15%.
Within its infrastructure and private income asset class, APFC committed $75 million to emerging markets energy fund Actis Energy 5 and $50 million to Atalaya Asset Income Fund V, a direct lending fund managed by Atalaya Capital Management.
APFC also made a co-investment of $11 million with Clearlake Capital Group 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 infrastructure and private income asset class's actual allocation was 7.1%; the target is 9%.
Within absolute return, the sovereign wealth fund invested $158 million in Bridgewater's Pure Alpha II hedge fund and $50 million in a hedge fund managed by Complus Asset Management.
As of June 30, the absolute return asset class's actual allocation was 5.8%; the target is 6%.