The glass is half-full for Alaska’s sovereign boss
APFC chief executive Angela Rodell sees opportunity in the Covid market disruption.
The Alaska Permanent Fund Corporation (APFC) is the oldest and largest sovereign wealth fund in the US, and one of the oldest in the world, having been founded in 1980. Today it has $64.7 billion under management.
As an oil fund, it acts as a diversifier for the Alaskan economy, both for the future and for the present. For many years it paid out a dividend to every qualified Alaskan and now makes a contribution to the state budget each year, which in financial 2021 will be 5% of the market value of the fund.
“Alaska is unlike the other 49 states who live year to year on tax collections and don’t have the type of reserves that we have,” says APFC chief executive Angela Rodell.