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Alaska OK’s $493 mln to 11 private equity funds

  • Allocates to Advent, Spectrum, JMI, others
  • PE portfolio up 5.4 pct in fiscal Q1
  • NAV of PE holdings is $3.2 bln as of Sept 30

The funds drawing commitments included: Hellman & Friedman Capital Partners VIIICenterbridge III, Kelso Investment Associates IX LP, Quantum Energy Partners VI, Charlesbank Equity Fund VIII, Canaan VIII, and Wynnchurch Fund IV, according to a person familiar with the fund.

Alaska also committed to Advent Latin America IV, Spectrum Equity VII and JMI Equity VIII, as well as Glendon Capital Management’s debut fund. Specific dollar values of fund commitments were not available.

The Alaska Permanent Fund dropped 1.2 percent in the first quarter of fiscal year 2015, ahead of its composite benchmark return of negative 1.6 percent, ending the quarter with a value of $50.7 billion.

Including all investments, the Alaska Permanent Fund ended its first fiscal quarter of fiscal 2015 with $50.7 billion, down 1.2 percent during the three months ended Sept 30.

The fund’s private equity portfolio rose 5.4 percent, the best return of all asset classes, with a boost from venture capital investments, a sub-category of private equity. 

The fund’s U.S. stock investments returned negative 0.9 percent, its non-U.S. portfolio fell 5.4 percent and its global portfolio moved down by 2.8 percent. The U.S. bond portfolio dipped 0.2 percent, while its non-U.S. portfolio rose 1.8 percent. Infrastructure holdings increased by 3.8 percent. Its real estate portfolio edged up 0.2 percent and absolute return investments edged up by 0.1 percent.

The net asset value of Alaska Permanent Fund’s private equity portfolio, which includes venture funds, was $3.2 billion as of Sept 30.

“After two years of rising markets, a correction isn’t unexpected,” CEO Michael Burns said in a prepared statement.