APFC Board adds to existing investments
APR 24 - The Alaska Permanent Fund Corporation Board of Trustees approved additions to current investments and changes to its Investment Policy at a special board meeting held in Anchorage on April 23.
The Board added new elements to an existing property when it approved the construction of new office, residential and hotel space within the footprint of Tysons Corner Center outside Washington D.C. The retail property, which the Permanent Fund owns in partnership with Macerich, has over 300 stores and is visited by 22 million people each year.
“Tysons has been one of the Permanent Fund’s strongest properties since we made our first investment there in 1985, and we’re pleased with this opportunity to see it grow,” said Bill Moran, Board Chair. “There will be a metro stop at Tysons on the new line from the city to Dulles Airport, and this new transportation option is allowing us to expand our property’s uses and enhance its value.”
In a shift within the $980 million absolute return mandate managed by Mariner Investment Group, the Board reallocated up to $500 million to a fund that will focus on new securities management firms with experienced investment professionals and attractive strategies. Mariner will identify promising firms and take them through two stages of evaluation over several years. These new firms are expected to provide greater returns to the Permanent Fund than those of comparable strategies at established firms.
The Board also approved a change to APFC’s Investment Policy, clarifying that concentration tests applied to absolute return managers will apply at the time of investment. This would allow the funds room to grow with rising markets when lock-up provisions may not allow for rebalancing.
The next regular Board of Trustees meeting will be held in Anchorage May 22nd through the 24th.