Alaska Permanent Fund exceeds $65B, marking a new record
January 19, 2018
The Alaska Permanent Fund Corporation announced that the fund reached an unaudited market value of "well over $65 billion," on Thursday, Jan. 18.
According to APFC, this is a new record for the books.
The fund hit its $60 billion unaudited milestone value, approximately six months ago.
Alaska's fund was constitutionally established in 1976, as citizens voted to put at least 25 percent of the oil money in a dedicated fund: the Permanent Fund. It was an effort to save money for future generations.
APFC, which was created in 1980, manages the fund as a single investment pool; furthermore, the Permanent Fund contains two major accounts: the corpus and the earnings reserve. While principal money may not be spent, as instructed by the Alaska Constitution, the latter – containing the fund's interest – may be spent. The Legislature may spend this account money for any public purpose, including the annual Permanent Fund Dividend checks made out to Alaskans.