The $43 billion Alaska Permanent Fund Corporations (APFC) is not letting the bear market slow its private equity investments as the fund hires HarborVest Partners to manage a new PE portfolio.

APFC last week appointed US investment specialist HarborVest Partners to manage its new global equity portfolio.

HarborVest, based in Boston, MA, will manage a separate account for APFC with a discretionary broadly diversified global mandate.

APFC first ventured into the private equity space four years ago and HarborVest is the second manager hired to manage their investments.

The other manager, Pathway Capital Management, currently manages two private equity portfolios for the fund.

Meanwhile the APFC board also approved a minimum $310 million investment each to HarborVest and Pathway over the next five years.

The board also updated the private equity investment policy resolution, including clarifying the types of ownership structures within the fund.

APFC is also looking to increase the maximum number of its non-US partnerships to 40 per cent of each private equity portfolio.