Saturday, 5 September 2015
Last updated 8 hours ago
Mar 13 2007 | 10:38am ET
The $37 billion Alaska Permanent Fund Corporation’s board of trustees has authorized an additional commitment of up to $500 million to Crestline Investors’ distressed opportunities fund. Crestline, which was the first absolute return manager hired by the APFC in 2004, currently manages $581 million in the fund’s $1.5 billion absolute return strategies portfolio.
"Distressed opportunity periods are cyclical in nature, and some are predicting that a new wave may be on the horizon," said Michael Burns, CEO of the APFC. "The board believes that by making a specific commitment to a fund of distressed investment specialists now, the APFC will be prepared to take advantage of opportunities that may appear."
Alaska currently has exposure to distressed investments of approximately $50 million in private equity and $150 million in its absolute return portfolio. The fund currently has $230 million invested in private equity and 4% of its total portfolio allocated to the asset class. Like private equity, the new Crestline allocation will only be invested as opportunities arise and remains invested in bonds in the interim.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…