Alaska Permanent Fund Corp., Juneau, hired Barings and McKinley Capital Management to run the $65.8 billion sovereign wealth fund's new Alaska investment program.
APFC launched the program with an initial commitment of $200 million, said Steve Moseley, head of alternative investments.
Barings, focusing on infrastructure and private credit in the sovereign wealth fund's Alaska Future Fund, and McKinley, focusing on private equity through APFC's Alaska Private Investment Fund, will invest in emerging Alaska-based money managers and also provide seed capital to launch new Alaska-based managers.
The hires are the result of a September 2018 vote by the sovereign wealth fund's board to increase its allocation to in-state investments to 5% of the total fund by 2023 from 2% in 2020.
As of March 31, APFC had 12.9% and 8.1% allocated to private equity and special opportunities, and infrastructure and private income, respectively.
