The Alaska Permanent Fund Corporation (APFC) gathered its Board of Trustees for the annual meeting on September 30‑October 1, 2026, in Nome, Alaska. Residents could attend in person or join via a Teams webinar, ensuring broad community participation.
Key agenda items
During the two‑day session, trustees examined portfolio performance, discussed a proposed charter amendment for benchmark reviews, and received an asset‑class overview. Public and private market presentations were offered, alongside a corporate operations update from the IT department. The board also elected corporate officers and set the meeting calendars for 2027 and 2028.
Recent audit and financial results
Earlier in September, the board approved the audited FY26 financial statements and advanced the FY28 budget. Independent auditor KPMG performed the audit as required by state law, and the findings will appear in APFC’s upcoming Annual Report.
On September 2, the Ethics, Audit & Cybersecurity Committee reviewed KPMG’s audit results. Committee Chair Ryan Anderson emphasized that “independent review is an important part of ensuring the Fund is managed with integrity, transparency, and accountability.” Chief Financial Officer Valerie Mertz and Senior Portfolio Accountant Jacki Mallinger presented the audited numbers.
As of June 30, 2026, the Alaska Permanent Fund held a total audited balance of $91.9 billion. The principal’s permanent savings totaled $59.4 billion, with $14.4 billion in unrealized appreciation. The Earnings Reserve Account (ERA) contained a $4.0 billion commitment for the FY27 Percent of Market Value (POMV) draw, $10.6 billion in realized earnings, and $3.5 billion in unrealized appreciation. The fund delivered a net return of 12.42% after fees for the fiscal year.
GAAP net income reached $10.1 billion, combining realized and unrealized gains. Realized statutory net income of $8.2 billion was deposited into the ERA for legislative appropriation, supporting inflation‑proofing, the annual POMV dividend draw, and other state needs. Because the legislature did not appropriate inflation‑proofing funds for FY26, no transfer was made from the ERA to the principal, leaving an estimated $1.5 billion unallocated for that purpose. The FY26 POMV draw to the general fund amounted to $3.8 billion, and mineral royalty deposits added $535 million to the corpus.
Legal, cybersecurity and risk updates
The September 2 meeting also featured updates from General Counsel Chris Poag, Chief Information Security Officer Scott Balovich, and Chief Risk & Compliance Officer Sebastian Vadakumcherry. CEO Deven Mitchell provided an ethics briefing, underscoring the corporation’s commitment to responsible stewardship.
How to stay involved
Video recordings of both the Ethics, Audit & Cybersecurity Committee meeting and the full Board of Trustees meeting are available online. Residents can review the complete agenda, submit comments by emailing the board, or join future webinars through the provided Teams links.
The Alaska Permanent Fund remains a cornerstone of the state’s financial stability, preserving mineral wealth for current and future generations while delivering annual dividends that support Alaskans’ livelihoods.
Original reporting: Must Read Alaska (Anchorage) — read the source article.
