The Alaskan sovereign fund has set aside $550m (€493m) for investment in infrastructure and real assets in 2017.
At its most recent board meeting, trustees of the $53bn Alaska Permanent Fund Corporation approved a number of new private market allocations for the upcoming financial year.
Bill Moran, chair of the fund’s board, said: “The contributions from the fund’s private market investments remain positive, and we believe they will become increasingly important in providing both growth and income in this low interest-rate environment.”
As of 25 May, the fund had $6.9bn in real estate and $14bn in alternatives – of which $1.7bn was in infrastructure, according to more detailed monthly reports from the end of April.
“It makes sense to continue to build the private asset allocations,” Moran added.
It said its allocation for the 2017 fiscal year would include up to $350m in infrastructure “and other real assets”, splitting the allocation between co-investments and infrastructure funds.
“An additional $200m may be added to the total infrastructure allocation if warranted,” a statement by the board added.
The board further set aside capital for private equity, also within the alternatives portfolio, and up to $800m for opportunistic investments.