Alaska Permanent Fund Corp. board all but rejects plan for riskier investment target

The Alaska Permanent Fund Corp. almost certainly will not seek riskier investments as it tries to increase the value of the fund to $100 billion, its board of trustees decided Monday as the board prepared to finalize a new four-year strategic plan.

“I think it’s likely it will stay at the CPI-plus-5, based on the robust discussion today,” said board chair Ethan Schutt. Mathematically, hitting $100 billion in five years would require an average annual return of 9.3% — roughly 7% atop expected inflation.“Would I set that goal personally? I don’t know,” he said. “I’m not sure I’d be there with that 9.3 number.”

Britt Harris, the interim CEO of the Texas Permanent School Fund and a member of the Permanent Fund Corp.’sBoth Harris and fellow investment advisory group member George Zinn, treasurer of Microsoft, advised the board to target 4% returns instead — a figure that’s below, not above, the fund’s current 5% target.

“Anything above 5% is starting to look like an outlier when you’re considering public money,” said Greg Allen of Callan, the Permanent Fund Corp.’s third-party advisory firm. Doing so would allow candidates to apply for those jobs without their current employer knowing. Schutt said he’s been discouraged from applying for public jobs, himself.

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Alaska Permanent Fund Corp. board all but rejects plan for riskier investment targetBoard members had been considering a four-year plan that included an aggressive strategy to reach $100 billion by 2028.
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