Alaska Permanent Fund commits $80m to Asia-focused investment funds

Shanghai, China. Photo by Li Yang on Unsplash

Alaska Permanent Fund Corporation, the largest sovereign wealth fund in the United States, committed $80 million to Asia-focused alternative investment funds in the quarter ended March 31, 2021. 

According to material for its board of trustees quarterly meeting this week, Alaska Permanent committed a total of $309 million to private equity and special opportunities funds in the Jan-March quarter. Of this, $50 million was allocated to Chinese private equity firm Boyu Capital’s fifth fund, Boyu Capital Fund V, and Boyu Capital Growth Fund I, a growth vehicle launched in March 2021.

Reuters reported in February that Boyu Capital Fund V is targeting to raise as much as $6 billion and is likely to close in the near term. The Chinese firm closed its fourth fund at $3.6 billion earlier this year.

The two Boyu Capital funds had previously secured a total capital commitment of $30 million from the New York State Common Retirement Fund (NYSCRF).

Alaska Permanent also committed $14 million to Bain Middle Market Japan fund, Bain Capital’s first Japan buyout fund focused on mid-sized companies in the country. Launched in September 2020, the fund was reported to have recently closed at 110 billion yen. 

Meanwhile, the US wealth fund also closed a $16 million follow-on co-investment in Global Infrastructure Partners’s Vena Energy, a Singapore-based renewable energy developer. 

Vena Energy develops, constructs, owns and operates solar photovoltaic power generation, wind power generation and energy storage projects in the Asia-Pacific region. According to its website, the firm has eighteen offices across Australia, India, Indonesia, Japan, the Philippines, Singapore, South Korea, Taiwan and Thailand.

The APFC recorded a 22.69% total return for the first three quarters of the fiscal year, mostly fueled by private and public equity returns that stood at 18.77% and 8.49%, respectively. 

Its portfolio is currently 39% allocated to public equity, 21% to fixed income, and 40% to alternative investments. 

The figures represented a decrease in public equity and an increase in alternative investments compared with the quarter ended December 31, 2020. 

In terms of geographic exposure, the US continues to be its largest market with 76% of overall exposure, followed by non-US developed (14.7%), emerging markets (6.6%), frontier markets (0.3%), and other markets (1.9%).

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.