Alaska Permanent Fund Corporation
also referred to as: alaska permanent fund
21 statements across 3 episodes · 5 bullish · 6 bearish · 3 people on the record · first statement May 4, 2020 by Daniel Adamson · said 40 times in 6 episodes since 2017 · across every show →
Mentions by year
brought up most by Steve Moseley (19), Ted Seides (9), Daniel Adamson (8), Ashby Monk (2), Sulaiman Alderbas (1), Jon Glidden (1)
tap a year for its mentions
2026 1 mention in 1 episode
2024 1 mention in 1 episode
2021 29 mentions in 2 episodes 15 per episode
2020 8 mentions in 1 episode
2017 1 mention in 1 episode
Everything said about Alaska Permanent Fund Corporation, oldest first
May 4, 2020 neutral
Adamson: Constellation is equally owned by Alaska, Railpen, and Kuwait's PIFIS
“Constellation should be owned in equal parts by Alaska, Railpen, and PIFIS in Kuwait. And it's as simple as that. It's owned 33% by each group. We then structured it in such a way that other investors, such as the Swedish and the Kuwait Investment Authority, w…”
May 3, 2021 negative
May 3, 2021 bearish
May 3, 2021 bearish
May 3, 2021 neutral
Moseley: APFC sold secondary assets three times over eight years
“We've sold assets in the secondary market three times in the last eight years because we thought there was a, at least a temporary premium attached to certain assets, and in particular to a collection, to a portfolio of assets that could be aggressively levere…”
May 3, 2021
Moseley: 25% non-fund PE allocation consumes two-thirds of APFC team time
“So while 75% of the capital is deployed through funds, the other 25% takes probably more like two-thirds of our time, and that's a range of activities that include co-investments, structured investments of different kinds in funds.”
May 3, 2021 bullish
May 3, 2021
May 3, 2021 positive
Moseley: In-House Direct Investing Matters More for Deal Access Than Fee Savings
“Our view then and our view now was we need to take out some of those layers and the benefit, the reward for that wouldn't be just avoiding some fees. That's actually sort of the smallest component of the incremental value that We identified, but that we would …”
May 3, 2021 bearish
Moseley: Commodity Co-Investment Capital Yields Lower Returns Than Underserved Niches
“Those are great managers, and there are lots of great deals out there, but blended, cumulatively, hard to earn, very high returns on what's essentially commodity capital. But if we can deliver co-investment capital to a corner of the market that's not getting …”
May 3, 2021
APFC hires multiple outside consultants for larger private equity co-investments
“For a larger than average co-investment, we typically have More than one consultant often will have two or three, an industry expert, a banker, and sometimes a private equity sort of fund consultant, like a pathway or a step stone, and they're hugely helpful t…”
May 3, 2021 negative
Moseley: Not interested in staying at APFC without competitive resources
“If we're able to deliver those resources, which really just translate into money and focus, a larger team, a well-paid team, if we can't deliver those resources, then we won't win. And I'm not really interested in sticking around if we don't have the tools to …”
May 3, 2021
Moseley: Sponsor incentives matter more in co-investments than valuation multiples
“Understanding the context, understanding fully the incentives of the different players, that turns out to be more determinative than I would have guessed. If you go back and look at these deals, turns out some of those factors matter a lot more than the factor…”
May 3, 2021
May 3, 2021 neutral
Moseley: Alaska's initial $900M oil lease dwarfed its $219M state budget
“The first lease sale Which I think was in 1969 or 19 70 in Alaska, was nine hundred million dollars. So nine hundred million dollars in those 19 70 dollars went to the state treasury. But the state was tiny and the economy was stalled. The whole budget, the Al…”
May 3, 2021 positive
May 3, 2021
Moseley: APFC holds $75B, with $20B in actively managed private markets
“So the overall fund is about seventy five billion dollars today, and 16% of that Today, it's marked at about, ah, 12 and a half billion is private equity. Altogether, we have, excluding real estate and excluding hedge funds, it's about twenty billion in assets…”
May 3, 2021 neutral
May 3, 2021 positive
Moseley: APFC used secondaries and co-investments to avoid the J-curve
“We bought secondary assets, and that's because we were launching the program, and that's a great way, and it's the only secondary Asset acquisition that we've done because of a view on pricing, but there it made perfect sense because we were able to eliminate …”
May 3, 2021 negative