Alaska Permanent Fund ends FY26 at $91.9 billion after 12.42% return

The Alaska Permanent Fund Corporation reported an audited fund value of $91.9 billion as of June 30, 2026, up $6.8 billion from the previous year, according to its fiscal year 2026 annual report. The fund posted a 12.42% return, beating its 8.54% target but falling short of its 12.90% performance benchmark.

The corporation transferred $3.8 billion to the state's general fund, covering roughly two-thirds of Alaska's unrestricted general-fund revenue. The transfer comes through the fund's Percent of Market Value draw, which equals 5% of the fund's average market value over five of the previous six fiscal years. It supports both the Permanent Fund Dividend and state services.

The fund recorded a record $8.2 billion in statutory net income. No inflation-proofing appropriation was made for fiscal 2026, an amount the report estimates at $1.6 billion.

Jason Brune, chair of the APFC Board of Trustees, told the Nome Common Council on Sept. 28 that trustees now oversee "the nearly $92 billion that we're investing right now." He said the Alaska State Legislature sets dividend amounts and that "67% of our state's general fund budget is now funded by the permanent fund."

The fund traces to a $734,000 deposit of oil revenue on Feb. 28, 1977, following a 1976 constitutional amendment. Brune said it was created "to save money for a rainy day," funded by a quarter of the state's oil, gas and mining royalties and invested worldwide. For roughly its first 40 years, dividends came only from fund earnings, he said. A 2017 Alaska Supreme Court ruling and subsequent legislative action made dividends subject to annual appropriation, despite a statutory formula for calculating them.

Trustees met for their annual meeting in Nome on Sept. 30 and Oct. 1, reviewing fiscal 2026 performance and the fund's real estate holdings. They adopted an updated investment policy and reelected Brune as chair and Ethan Schutt as vice chair.

Allen Waldrop said infrastructure returns fell over the past year as strong earlier power investments "rolled off the reporting period." He added that the private income allocation keeps shrinking as the fund's total assets grow.

The corporation says the fund marks its 50th anniversary in 2026 and has asked Alaskans to share photos, videos and stories for its annual report.