Alaska Celebrates the Permanent Fund’s First 50 Years, Prepares for the Next 50 Years

JUNEAU, Alaska--(BUSINESS WIRE)--Fifty years ago, Alaskan voters amended the state constitution to set aside a portion of the state’s revenues from oil and minerals, establishing the Alaska Permanent Fund to benefit all generations of Alaskans.

“The generations who established and built the Permanent Fund prioritized the future of Alaska over their ability to take more for themselves,” stated Deven Mitchell, Executive Director & CEO. “Fortunately for our state, they turned a time of short-term extraordinary wealth from nonrenewable resources into Alaska’s greatest renewable resource. Fifty years later, it is our turn to lead to ensure that the Fund continues to serve Alaskans for generations to come.”

Per the 1976 amendment, a portion of all the state’s oil and mineral revenues - along with special appropriations to grow the Fund and inflation proofing to maintain the Fund’s purchasing power - is deposited into the Fund’s Principal. These contributions are transformed into long-term, renewable financial revenues through global investment, generating income to support essential state services and the annual Permanent Fund Dividend (PFD), which is distributed directly to Alaska residents.

Annual withdrawals from the Fund’s earnings are governed by statute through a 5% Percent of Market Value (POMV) draw, calculated using a five-year rolling average of the Fund’s value. Today, this disciplined draw provides more than 60% of Alaska’s unrestricted general fund revenue, surpassing traditional oil and gas revenues, and has become the state’s largest and most stable source of ongoing fiscal support.

“As a Board, we are deeply honored to help steward a resource that now provides the majority of Alaska’s annual revenue,” said Board Chair Jason Brune, Alaska Permanent Fund Corporation. “As we mark the Fund’s 50^th anniversary, I’m profoundly grateful for the collaboration across this state that has brought us to this milestone. Our responsibility is clear: to ensure the Fund remains strong and sustainable so it can serve generations long after us.”

Throughout 2026, APFC is planning a series of coordinated activities to commemorate the anniversary. Kicking off the celebration, the Board of Trustees has issued an op-ed reflecting on this notable milestone. The article, titled “Half a Century of the Permanent Fund: A Commitment to Generations of Alaskans,” is available at apfc.org.

The Alaska Permanent Fund has grown to become the largest sovereign wealth fund in the U.S., with a value exceeding $85 billion and a 9.35% rate of return in fiscal year 2025. Over the past 10 years, the Fund returned 8.08% annualized, outperforming its benchmark and total return objective.

APFC’s Quarterly Meeting: February 2026
The next meeting of the Board of Trustees will be held February 23-24, 2026, in Juneau and online. The public is encouraged to attend and to provide public comments via email at [e-mail] as part of APFC’s commitment to transparency and accountability.

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 Alaska’s nonrenewable mineral and oil 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 funds, 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 $85.1 billion in assets as of the end of FY25. For more information, visit apfc.org.