Steve Moseley discusses the Alaska Permanent Fund Corporation's internal direct management capabilities across private market asset classes.
Prediction Not checkable as stated
Moseley: Talent and location constraints will ultimately derail APFC's success
“It's been very hard for us to open an office outside of Juneau, and so hiring and retaining the best people is a challenge for us. I think it's a challenge that will ultimately derail our success.”
Disclosure
Moseley: APFC Pulled Back From GP Stakes, Favors Manager Seeding
“So because of the pricing environment, and because of the time intensity, we haven't invested a lot of time and energy in stakes recently. I view the seeding business as a challenging but more sustainable opportunity.”
Insight
Moseley: Most LPs fail at pacing discipline by accelerating into hot markets
“One of the easiest things to get right for LPs, but still the thing that almost everybody seems to get wrong, is being disciplined about pacing, because there's so many structural mechanisms that push us as limiteds
To increase our pacing in hot markets, to in…”
Assertion Supported
Moseley: APFC owns 299 Park Avenue but cannot occupy space there
“Say, two 99 Park Avenue, which is a building we own, but I'm not allowed to occupy space there.”
Disclosure
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 …”
Insight
Moseley: Analyzing market opportunity before the team yields best PE outcomes
“Analytically, I think starting with a market opportunity and then trying to identify the best team to pursue, to execute on that market opportunity, that seems to have led to the best outcomes for me.”