15 AAC 137.460. Alternative investments; other investment types and strategies

(a) The assets of the permanent fund may be invested in the following additional investment types and strategies:

(1) limited liability private equity investment entities and funds-of funds whose investments and investment strategies include one or more of the following approaches:

(A) acquisitions, including buyouts, growth buyouts, platform add-ons, and industry consolidation;

(B) venture capital, including seed, early, middle, late, expansion, and diversified;

(D) special situations, including industry-focused, turnaround, and diverse;

(E) other, including secondaries;

(2) co-investments with entities and funds-of funds described in (1) of this subsection;

(3) limited liability hedge fund investment entities and funds-of funds whose investments and investment strategies include one or more of the following approaches:

(A) relative value, including equity market neutral, fixed income arbitrage, and convertible arbitrage;

(B) event-driven, including merger arbitrage, distressed securities/discounted bank debt, and special situations;

(4) commodities and commodity-linked securities and derivatives, including forwards, futures, options, swaps, and structured notes;

(5) hybrid investments and strategies; these investments may include domestic, nondomestic, public and private market equity, or fixed income securities, financial derivatives, and short positions in publicly traded domestic and international equity and fixed income securities;

(6) managed futures funds.

(b) An investment under (a) of this section may be made only

(1) through an investment manager under contract with the APFC with demonstrated skill and experience investing in the specific investment type or strategy authorized under (a); or

(2) on the recommendation and advice of an independent fiduciary retained by the APFC to evaluate a specific proposed investment or investment strategy.

History: Eff. 1/1/2006, Register 177

Authority: AS 37.13.120

AS 37.13.206

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