Alaska’s Permanent Fund Corporation has a new mandate to increase the amount of the Permanent Fund that is invested in the state.
The fund’s Board of Trustees adopted the new policy Thursday during a meeting in Anchorage.
It sets a goal of increasing the amount of the Permanent Fund assets invested in-state to at least 5 percent in five years.
Permanent Fund CEO Angela Rodell told the board what that would look like in dollars.
“…By 2023, at least $2.4 billion of the fund — if the fund stays flat — would be invested in state,” she said.
To qualify as an in-state investment, it would be handled by an investment manager who isn’t employed by the Permanent Fund Corporation. That manager would either need to have an office in Alaska and an Alaska-based employee managing its assets. Or, it could also be direct investment into a project in the state.
In addition to the new policy, the board also directed the Permanent Fund Corporation to put $200 million into a program that would use Alaska-based investment managers.
Alaska has a lot going on right now.
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- Donna Arduin is no longer in charge of the state budget for Gov. Mike Dunleavy’s administration. Dunleavy’s chief of staff says the decision was “made unanimously within the leadership of the governor’s office.”
- The move frees up nearly $11 million in funding from federal law enforcement programs, including money for local communities and tribal entities for addressing domestic violence, sexual assault, and other violent crimes. The state will also get three new federal prosecutors who will be focused on rural Alaska.
- An email from Alaska's former first lady sheds new light on the actions that drove Lt. Gov. Byron Mallott from office, suggesting he may have invited a woman into his room, newly released emails show.
- A new Alaska group hopes to overhaul the state's oil and gas tax credit system through a ballot initiative called the Fair Share Act.