The $65.8bn (€59.1bn) Alaska Permanent Fund Corporation (APFC) plans to increase its real estate and infrastructure allocations over the next two to three years.

According to a board meeting report, the sovereign wealth fund plans to raise its real estate target from 11% this year to 12% in 2020 and 13% in 2021.

Similarly, infrastructure and private-income investments are set to rise from 7% today to 8% next year and 9% in 2021.

Both sets of increases will coincide with a rise in APFC’s private equity allocation and a reduction in equities and fixed income.

For new real estate investments, APFC plans to invest in build-to-core, niche and debt strategies.

Its $3.9bn real estate portfolio is currently overweight core, at 96% versus its long-term target of 75%.