Editing Alaska Permanent Fund (section)

==History==
Shortly after the [[Petroleum|oil]] from Alaska's [[Alaska North Slope|North Slope]] began flowing to market through the [[Trans-Alaska Pipeline System]], the Permanent Fund was created by an [[constitutional amendment|amendment]] to the [[Alaska Constitution]]. It was designed to be an investment where at least 25% of the oil money would be put into a dedicated fund for future generations, who would no longer have oil as a resource.<ref>{{cite web|url=https://apfc.org/frequently-asked-questions/#why-did-alaskans-create-the-fund|title=Why did Alaskans create the Fund?|publisher=Alaska Permanent Fund Corporations|access-date=March 26, 2019}}</ref> This does not mean the fund is solely funded by oil revenue.{{explain|date=November 2018}} The Fund  includes neither property taxes on oil company property nor income tax from oil corporations, so the minimum 25% deposit is closer to 11% if those sources were also considered. The Alaska Permanent Fund sets aside a certain share of oil revenues to continue benefiting current and future generations of Alaskans. Multiple citizens {{Who|date=February 2010}} also believed that the legislature too quickly and too inefficiently spent the $900 million bonus the state got in 1969 after leasing out the oil fields.  This belief spurred a desire to put some oil revenues out of direct political control.

The Alaska Permanent Fund Corporation manages the assets of both the Permanent Fund and other state investments, but spending Fund income is up to the Legislature.{{Citation needed|date=December 2016}} The corporation is to manage for maximum prudent return, and not—as some Alaskans at first wanted—as a development bank for in-state projects. The Fund grew from an initial investment of $734,000 in 1977 to approximately $53.7 billion as of July 9, 2015.<ref>{{cite web|title=Alaska Permanent Fund - Balance Sheet|url=http://www.apfc.org/_amiReportsArchive/APFC201208.pdf|publisher=Alaska Permanent Fund Corporation|access-date=September 27, 2012|archive-url=https://web.archive.org/web/20121021015410/http://www.apfc.org/_amiReportsArchive/APFC201208.pdf|archive-date=October 21, 2012|url-status=dead}}</ref>  Some growth was due to good management, some to inflationary re-investment, and some via legislative decisions to deposit extra income during boom years. Each year, the fund's realized earnings are split between [[inflation]]-proofing, operating expenses, and the annual Permanent Fund Dividend.

The fund is a member of the [[International Forum of Sovereign Wealth Funds]]<ref name="IFSWF001">{{cite web|url=http://www.ifswf.org/members |title=IFSWF Our members |author=International Forum of Sovereign Wealth Funds |access-date=September 24, 2016 |url-status=dead |archive-url=https://web.archive.org/web/20160927094338/http://www.ifswf.org/members |archive-date=September 27, 2016 }}</ref> and has therefore signed up to the [[Santiago Principles]] on best practice in managing sovereign wealth funds. The Fund's current chief investment officer is Marcus Frampton.<ref>{{cite web |title=APFC Promotes Marcus Frampton to Chief Investment Officer - Alaska Permanent Fund Corporation |url=https://apfc.org/fund-news/apfc-promotes-marcus-frampton-to-chief-investment-officer/ |website=Alaska Permanent Fund Corporation |date=September 29, 2018}}</ref>

In July 2015, execute director Michael J. Burns died having led the corporation since 2004.<ref>{{Cite web|url=https://www.adn.com/alaska-news/article/former-permanent-fund-director-dies/2015/07/17/|title=Former Alaska Permanent Fund director dies|website=Anchorage Daily News}}</ref>