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Alaska fund drops alternatives mandates
Monday, 23 February 2009 12:35pm

The $43 billion Alaska Permanent Fund Corporation has axed two alternative investment mandates in light of the fund's shrinking assets.

According to a press statement by the American fund, the board decided "not to move forward with two planned alternative investments in light of changes to the fund's value, and the need to balance toward core asset classes".

The two funds that were set aside were a small/mid-cap private equity fund managed by Pathway and the Alinda II infrastructure fund. Both of these investments had been approved at the July 24, 2008 meeting.

Meanwhile the fund is also divesting its investments in directly-held companies doing business in Sudan this year - a move that shows their protest of the African country's genocide practices.

The Alaska Permanent Fund Corporation Board of Trustees endorsed legislation introduced by Governor Sarah Palin this year that would require divestment of directly-held companies doing business in Sudan.

"We appreciate that the situation in Sudan is unique because it has been labeled as genocide by the federal government, and in particular because Congress passed safe harbor legislation last year allowing fiduciaries to make this particular divestment," said board chair Steve Frank.

"We respect that Alaska's elected officials have the authority to make the final call on a divestment policy, and our preference is for legislation that has the least impact on the investments of the fund, in accordance with our role as fiduciaries."

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