Alaska Administrative Code
Title 15 - Revenue
Chapter 137 - Receipt, Custody, Investment, and Management of State Funds
Article 3 - Alaska Permanent Fund Corporation Investment Activities
15 AAC 137.460 - Alternative investments; other investment types and strategies
Universal Citation: 15 AK Admin Code 15 AAC 137.460
Current through August 30, 2024
(a) The assets of the permanent fund may be invested in the following additional investment types and strategies:
(1) limited liability
private equity investment entities and funds-of funds whose investments and
investment strategies include one or more of the following approaches:
(A) acquisitions, including buyouts, growth
buyouts, platform add-ons, and industry consolidation;
(B) venture capital, including seed, early,
middle, late, expansion, and diversified;
(C) debt, including mezzanine/subordinated
debt, distressed debt, and venture leasing/debt;
(D) special situations, including
industry-focused, turnaround, and diverse;
(E) other, including secondaries;
(2) co-investments with entities
and funds-of funds described in (1) of this subsection;
(3) limited liability hedge fund investment
entities and funds-of funds whose investments and investment strategies include
one or more of the following approaches:
(A)
relative value, including equity market neutral, fixed income arbitrage, and
convertible arbitrage;
(B)
event-driven, including merger arbitrage, distressed securities/discounted bank
debt, and special situations;
(C)
directional/tactical/opportunistic, including long-short equity, managed
futures, and global macro;
(4) commodities and commodity-linked
securities and derivatives, including forwards, futures, options, swaps, and
structured notes;
(5) hybrid
investments and strategies; these investments may include domestic,
nondomestic, public and private market equity, or fixed income securities,
financial derivatives, and short positions in publicly traded domestic and
international equity and fixed income securities;
(6) managed futures funds.
(b) An investment under (a) of this section may be made only
(1) through a
manager of permanent fund assets with demonstrated skill and experience
investing in the specific investment type or strategy authorized under (a) of
this section; or
(2) on the written
analysis, of a consultant, with demonstrated skill and experience evaluating
the specific investment type or strategy, retained by the APFC to evaluate a
specific proposed investment or investment strategy.
Authority:AS 37.13.120
AS 37.13.206
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