The Alaska Permanent Fund Corporation (APFC) will hold its Annual Board of Trustees Meeting on September 30-October 1, 2026, in Nome. Alaskans can attend in-person or virtually via Teams Webinar. At this meeting, APFC will review portfolio performance, consider the new proposed charter for the annual review of Benchmarks, provide an asset class overview, host public and private market presentations, provide a corporate operations overview from IT, elect corporate officers, and review the 2027 & 2028 meeting calendars.
Earlier in September, the APFC Board of Trustees held meetings to review and approve the annual audited financial statements and advance the FY28 budget. The annual audit was conducted by an independent external auditor— KPMG— as required by state statute. The results of the audit will be included in APFC’s Annual Report, which will be published ahead of the Annual Board of Trustees Meeting at the end of September.
On September 2, the Board’s Ethics, Audit & Cybersecurity Committee reviewed the results of KPMG’s external audit of the
Alaska Permanent Fund’s FY26 financials.
“Independent review is an important part of ensuring the Fund is managed with integrity, transparency, and accountability,” commented Committee Chair Ryan Anderson after the committee’s review. “The results presented today provide important validation of APFC’s financial reporting and reflect the high standards the Corporation works to uphold on behalf of all Alaskans.”
Chief Financial Officer Valerie Mertz and Senior Portfolio Accountant II Jacki Mallinger presented an overview of the audited financial statements. As of June 30, 2026, the end of FY26, the Alaska Permanent Fund had an audited total Fund balance of $91.9 billion. The value of the permanent savings in the Principal amounted to $59.4 billion, with $14.4 billion associated 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 total Fund return for the fiscal year was 12.42% net of fees.
According to an APFC press release, APFC reported a Generally Accepted Accounting Principles (GAAP) net income of $10.1 billion, incorporating both realized and unrealized gains. The realized statutory net income totaled $8.2 billion and was deposited into the ERA for legislative appropriation, which is available for appropriation to support inflation proofing, the annual POMV draw for dividends and government services, or other purposes. Given the lack of appropriation, there was no transfer from the ERA to the Principal for FY26 inflation proofing, which is estimated to be $1.5 billion. The FY26 POMV draw to the general fund amounted to $3.8 billion, and mineral royalty deposits to the corpus totaled $535 million.
The September 2 meeting also included a legal update from General Counsel Chris Poag, a cybersecurity update from Chief Information Security Officer Scott Balovich, an internal control framework update from Chief Risk & Compliance Officer Sebastian Vadakumcherry, and an ethics update from Chief Executive Officer Deven Mitchell.
Sept 2 meeting recordings
Video recordings of the Ethics, Audit & Cybersecurity Committee meeting and the Regular Board of Trustees Meeting can be found here: Board Meetings – APFC
Participate in Sept 30-Oct 1 meeting
The full agenda for the Annual Board of Trustees Meeting September 30-October 1 in Nome, Alaska, can be reviewed here: Sept.-30-Oct.-1-2026-APFC-Board-of-Trustees-Annual-Meeting-Agenda.pdf.
Webinar link for Day 1, September 30: https://events.teams.microsoft.com/event/b4ec1189-e828-422d-8b9d-3d7809a0db0e@f64a57bf-8495-4905-a783-5c01f55b2fa4?source=copyLinkOneEventsShareDialog
Webinar link for Day 2, October 1: https://events.teams.microsoft.com/event/de8db8f2-397a-4352-8d19-71a8a41d8924@f64a57bf-8495-4905-a783-5c01f55b2fa4?source=copyLinkOneEventsShareDialog
Submit comments to the Board by emailing [email protected].
About APFC
The Alaska Permanent Fund Corporation (APFC) manages the assets of the Alaska Permanent Fund, a globally recognized sovereign wealth fund. Established in 1976, the Fund preserves a portion of Alaska’s nonrenewable mineral wealth as a renewable financial resource for current and future generations of Alaskans. The Fund also serves as the primary source of revenue for Alaska’s unrestricted general fund, supporting the state’s economic stability and prosperity.
APFC is a quasi-independent state agency with one mission: to manage and invest the assets of the Alaska Permanent Fund and other funds designated by law. The Alaska Permanent Fund is the largest sovereign wealth fund in the U.S., with $91.9 billion in assets as of June 30, 2026.
For more information, visit www.apfc.org.
