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

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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