Alaska Permanent commits over $600 mln in Q3

The $64.8 billion sovereign wealth fund committed to platforms from Advent, Permira, H.I.G. and Carlyle, among others.

Alaska Permanent Fund committed more than $600 million to private equity in the third quarter of 2019, plus an additional $85 million to co-investments, according to a presentation delivered at its board of trustees meeting this week.

The commitments were to 10 managers. They are:

• $75 million to Stone Point Capital’s Trident VIII fund, a North American and European buyouts fund with a $5.75 billion target and a $6.5 billion hard cap, as sister publication Private Equity International has reported;

• $60 million to Advent GPE IX, a $17.5 billion global buyout fund run by Advent International that closed in June;

• $81 million to Permira VII, a €11 billion European buyout fund run by Permira that closed in October;

• $15 million to Incline Elevate Fund, a $314.5 million fund extension platform managed by Incline Equity Partners that closed in July;

• $30 million to NEA 17, a venture and growth equity fund managed by New Enterprise Associates with a $3.6 billion target, according to a Form D;

• $70 million to H.I.G Middle Market LBO Fund III, a $3.1 billion middle-market buyouts fund that closed in November;

• $25 million to Carlyle International Energy Partners (CIEP) II, focused on international oil and gas investments and managed by Carlyle Group with a $4 billion target, according to Pensions & Investments;

• $50 million to L Catterton IX, a middle-market buyout fund managed by L Catterton with a $4 billion target, as sister title PE Hub reported.

$200 million was also committed as part of the fund’s new in-state investment program, as Buyouts has reported. McKinley Capital Management and Barings both received $100 million commitments.

Another $85 million was committed to directs and co-investments. They are:

• $25 million to InnovaCare, a New Jersey-based health care company;

• $35 million to Smartfit, a California-based “visual-cognitive-motor rehabilitation technology”;

• $25 million to Digicert, a Utah-based technology company.

As of October 31, Alaska Permanent Fund was valued at $64.8 billion. As of November 28, its private equity holdings were valued at $8.9 billion.

Action Item: Read Alaska Permanent’s meeting packet here.