By the end of March 2023, the corporation that manages Alaska’s $80 billion trust fund expects to have $200 million invested in projects and companies with ties to Alaska. It’s the fund’s biggest investment within its home state since the 1980s.
Stocks are what’s considered “public equity.” An ordinary person can see their value and buy a share from open markets. But public equity investments account forA growing share of the fund, including the new in-state program, is what’s called “private equity.”
Private equity investors will go out and give that company money in exchange for a share of the company. Sometimes, instead of a new company, it’s an established company that’s looking to expand or change operations. It takes time for those home runs to develop — years, sometimes a decade or more — and there’s rarely a quick exit. Losses tend to come in the first few years, causing what Allen and other financial experts call a “J curve.” The value of the total investment drops at first, then rises as successes outweigh the losses., but that kind of investment grew rapidly, making up 4% of the fund by the late 2000s, 11% by 2017, and it’s about 20% now.
To manage the new in-state private equity program, the Permanent Fund has hired Anchorage-based McKinley Capital Management and Barings, a global firm. In the early 2000s and 2010s, neighbors dubbed it “Space Pork Kodiak” for its reliance on government-funded contracts and subsidies. Now, about half of the business at the spaceport comes from small startup companies, and it hasn’t received a direct state subsidy in years.
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