Wednesday, 27 August 2014
Last updated 1 hour ago
Jul 30 2013 | 10:04am ET
The Alaska Permanent Fund has made commitments to several private-equity funds run by the Blackstone Group and the Carlyle Group.
The $42 billion fund's board of trustees committed $1 billion to two Blackstone funds and $750 million Carlyle. Half of the Blackstone commitment will go to the Blackstone Strategic Holdings Fund, and the other half to a no-fee fund that makes co-investments alongside that fund.
Half of the Carlyle commitment will go to two or three of the firm's funds, including the Carlyle International Energy Partners and NGP Natural Resources XI. Some of the money may also go to agribusiness or metals and mining funds that Carlyle may form. The other half will pre-fund direct Carlyle investments in natural resources, metals and energy sectors.
The commitments won't be funded immediately but over the next three years.
“These investment opportunities provide the Permanent Fund with greater diversification in our holdings and exposure to high quality private asset investments,” Bill Moran, the board's chairman, said. “In addition, the structure of these investments allows the Fund to make additional investments through no-fee funds, lowering the overall cost for these programs compared to other private assets held by the Fund.”
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