The Alaska Permanent Fund Corporation (“APFC”) manages the ~$80 billion Alaska Permanent Fund, a sovereign endowment established in 1976 to provide for all current and future generations of Alaskans. We are growing and are looking to add a top-notch associate to our world class Private Markets team.
The associate is responsible for assisting the Director and Portfolio Managers in the identification, evaluation, selection, and monitoring of investments in their respective portfolios. APFC expects that an associate will primarily focus on Private Equity, however due to the small, collegial nature of the team will have the opportunity to work across Private Markets. The Private Markets team focuses on building diversified portfolios through fund investments, co-investments, and direct investments. By combining best-in-class manager selection with the ability to strategically deploy capital directly into attractive opportunities, the Private Markets team seeks to deliver accretive risk-adjusted returns over the long term.
Support the sourcing, execution, and monitoring of fund commitments, co-investments, and direct investments across strategies and industries
Assist in the evaluation of prospective investment opportunities, including; valuation, market trends, competition, and other key investment risks and merits
Develop quantitative models to assess potential investments, investment themes, portfolio construction, and investment pacing
Conduct research on investment themes and perform special projects as needed
Prepare materials for, and participate in, internal meetings and external due diligence
Monitor current investments and maintain internal pipeline and investment reports
Prepare quarterly board meeting material and assist with accounting, finance, or administration functions when needed
Develop and maintain relationships with industry participants including other limited partners, general partners, and industry experts
Screen new opportunities and recommend investments for which full due diligence should be conducted
The successful candidate will have the following qualities:
Self-motivation and very strong sense of personal and professional integrity
Intellectual curiosity and excellent attention to detail
Humility, tenacity, and professional flexibility
A belief that great outcomes come from great teams; a demonstrated ability to collaborate well in a small, informal team environment
Ability to collaborate across investment teams and the entire organization
Solid project management skills, including successfully interacting in multiple time zones
Strong commitment to APFC’s vision and its shared values of integrity, stewardship and passion
APFC seeks to hire individuals who are highly motivated, have demonstrated excellence in prior endeavors, and have the following qualifications:
A bachelor’s degree and 2-3 years of directly relevant work experience
Sound working knowledge of portfolio management, business strategy, transaction execution (M&A), capital markets, accounting, and private equity or hedge fund investments
Ability to manage multiple tasks simultaneously and meet tight deadlines
Excellent verbal and written communication skills
High level proficiency in mathematics, Microsoft Excel, and financial modeling
Ability to perform cash flow, valuation, and capital structure analysis
Effective presentation skills
Exceptional critical thinking skills
Interest in a post-graduate degree or advanced professional designation (e.g., CFA)
Direct investment or manager selection experience in private markets or hedge funds
Associate – APFC will consider candidates with the required and preferred qualifications
Senior Associate – APFC will consider candidates that exceed the required qualifications and can be expected to demonstrate excellence in the key responsibilities.
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may be added, removed or changed at any time with or without notice.
AAP / EEO Statement
APFC provides equal employment and advancement opportunities to all. APFC follows all applicable Federal and State laws and does not discriminate in employment opportunities or practices on the basis of race, color, religion, sex, national origin, age, disability, or any other class protected by law.
Private Equity Overview
The Private Equity & Special Opportunities team manages approximately $15B across a diverse portfolio of investments as of June 30, 2021.
In Private Equity, APFC makes fund investments, co-investments, and direct investments in private equity, venture capital, and other illiquid, alternative investment opportunities. The team oversees the investment process from opportunity identification through evaluation, structuring, negotiation, execution, management, and exit. We aim to establish and develop robust and lasting relationships with exceptionally talented fund managers and help them create value in their partnerships and in their portfolios. For co-investments, we focus on non-control positions well-diversified across company stage, industry and geography in growing, innovative companies.
In Special Opportunities, we leverage our scale and stable, long-term capital to source, evaluate and execute high conviction, higher concentration, theme-driven investments. The team operates with a flexible mandate centering primarily around situations stemming from unusual supply and demand imbalances, capital flight, structural complexities, or unique opportunities with asymmetric payoffs. Investments cover a wide spectrum, including directly-sourced venture capital, real estate and private equity transactions, strategic co-investments alongside GPs, and ownership stakes in differentiated investment management firms.
The combined Private Equity and Special Opportunities portfolio represents a 15% target allocation of the overall fund, and is slated to grow to 19% by fiscal year 2025.
The Alaska Permanent Fund Corporation (APFC) was created by the Alaska Legislature in 1980 as a quasi-independent state entity tasked with the important mission of prudently investing and managing the assets of the Alaska Permanent Fund. As one of the first sovereign wealth funds, and the largest state-level fund of its kind in the United States, the Alaska Permanent Fund (Fund) has gained world-wide recognition as a model for converting a non-renewable natural resource into a renewable financial resource.
The successful stewardship of the Fund, one of Alaska’s treasured resources, is founded on the shared commitment of the APFC Board of Trustees and Staff to diligently protect the Fund’s Principal, while simultaneously striving to outperform its peers in up and down markets.
With a staff of just under 50 people comprised of highly accomplished professionals in the fields of investment management, accounting, IT, and administration, APFC is fortunate to have such talented, dedicated, and innovative team members. From managing investments of a multi-billion dollar Fund, to executing complex operational and administrative tasks, each staff member plays an essential role in ca...rrying out APFC’s important mission.
The Alaska Permanent Fund Corporation, as the name implies, applies a long range investment vision for Alaska. APFC’s guiding principles outline our commitment to act honorably and respectfully, in order to earn the enduring professional trust and confidence of our peers and of those we serve. In our service to Alaska and our partners around the world, APFC is united in our shared values of Integrity, Stewardship, and Passion.