The Alaska Permanent Fund Corporation is looking for an investment officer to head its $5 billion illiquid co-investment programme.
The $39 billion oil and gas endowment’s co-investment strategy includes investments in private equity, infrastructure and other illiquid assets.
In addition to managing the co-investment programme, the investment officer will also provide analytical support for existing and prospective investments in funds or portfolio companies, perform due diligence and represent the AFPC on LP advisory boards, according to the job description.
The investment officer will initially target “existing and prospective” opportunities in infrastructure, while also providing private market analysis of the private equity, infrastructure, private credit and distressed debt portfolios.
The endowment posted the position to its website on 21 May. The position will report to Director of Private Markets Maria Tsu.
It is unclear if this is a new position. An APFC spokesperson was unavailable for comment at press time.
The APFC’s investment policy, dated 22 February, 2012, allows for co-investments in private equity, mezzanine, infrastructure, distressed debt and absolute return.
Last year, the APFC’s Board of Trustees expressed interest in learning more about direct and co-investing, according to the board’s meeting minutes.
“There are many examples now where staff is actually sourcing investments and, typically with outside help, doing the due diligence on the investments and making the decisions to make the investment in the private area. They generally have at least a consultant or some other fiduciary involved in underwriting those deals but they are working in a co-investment role with that outside party,” according to the May minutes.
In its September meeting, the board approved amendments to its investment policy that would allow staff to explore infrastructure co-investments, which would be subject to board approval, as well as allow the AFPC to possibly set up “a separate account arrangement much like a private equity gatekeeper, although at this time staff did not contemplate using that option”, according to the minutes.
The California Public Employees’ Retirement System made similar changes to its investment policy recently. The changes explicitly allowed for the formation of its $500 million separate account, which will be managed by The Blackstone Group.
Alaska has a 6 percent target allocation to private equity. As of 30 April, the endowment’s private equity portfolio was valued at $1.66 billion, according to state documents.