Alaska in need of infra, PE pro

A retirement has left the Alaska Permanent Fund Corporation in the market for an infrastructure and private equity manager.

The retirement of infrastructure and private equity head Maria Tsu has put the Alaska Permanent Fund Corporation (APFC) in a tight spot for a private markets investment professional.

Tsu had worked for APFC, administrator of the Alaska Permanent Fund, a $46 billion sovereign wealth fund, for the past five years. Alaska said Tsu is retiring to devote more time to her family and will remain in Anchorage, Alaska.

In 2011, Tsu, then equities manager, was in contention to become APFC chief investment officer. Alaska wound up hiring Jay Willoughby, a longtime Merrill Lynch & Company employee and a New Jersey resident, for the role.

Marcus Frampton, who APFC in November hired to run its newly created co-investment programme, has taken over for Tsu. Frampton, who worked for LPL Financial prior to Alaska, said he would like to hire a manager of co-investment, but speculated that “finding someone with co-investment experience and getting them to move to Alaska” would prove challenging.

Located on the extreme northwest of North America, Alaska is the fourth least populous US state.

Frampton said he is instead considering hiring a manager of fund investments while remaining in charge of co-investment. The job posting will be open through September, he said.

In May, APFC closed a co-investment deal with Global Infrastructure Partners (GIP), acquiring 35 percent of Terminal Investment Limited (TIL) for $1.93 billion. The Corporation has set aside $5 billion to put toward illiquid co-investments.

Alaska began allocating to infrastructure funds in 2007, committing $500 million to Citi Infrastructure Investors, $500 million with Goldman Sachs Infrastructure Partners II and $350 million to GIP.

In addition, APFC invested $40 million with EQT Infrastructure II, helping to seal its $1.5 billion final close, Frampton revealed. Real estate is not included in the APFC private markets bucket.