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Permanent Fund board discusses investment referrals after concerns with vice-chair

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The board didn’t make any final decisions on Monday, but members discussed how investment referrals could be better managed.

The Alaska Permanent Fund Corporation offices in downtown Juneau, photographed on Monday, Nov. 14, 2022.

Board members, and the fund’s three-member investment advisory group, said on Monday that there was a need to reestablish public trust in the Permanent Fund. The fund’s Chief Investment Officer, Marcus Frampton, raised concerns about conflicts of interest in the leaked emails that involve Rubenstein, co-founder of the Manna Tree Partners private equity firm and daughter of David Rubenstein, who is co-founder of the Carlyle Group, one of the world’s largest private equity funds.

Board members asked a series of hypotheticals. Rubenstein said there was a nine-month period when the fund did not have a head of private equity and Frampton filled in. She asked what should happen then with investment referrals.

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