Alaska Permanent Fund Corporation (APFC)
Sovereign wealth fund Still adding venture funds
Alaska Permanent Fund Corporation (APFC) reports 127 venture funds, $3.2B in all.
Holdings are from its report as of December 31, 2025. “Still adding venture funds”: its newest venture fund is a 2025 vintage, within 3 years of 2025.
The numbers
| Vintage | Venture funds |
|---|---|
| 2010 | 3 |
| 2011 | 5 |
| 2012 | 6 |
| 2013 | 6 |
| 2014 | 6 |
| 2015 | 6 |
| 2016 | 11 |
| 2017 | 4 |
| 2018 | 10 |
| 2019 | 5 |
| 2020 | 11 |
| 2021 | 18 |
| 2022 | 9 |
| 2023 | 2 |
| 2024 | 11 |
| 2025 | 6 |
Updates from Alaska Permanent Fund Corporation (APFC)
All of Alaska Permanent Fund Corporation (APFC)’s updates on Hottub VC
Largest venture holdings
From its report as of December 31, 2025.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Sequoia Capital Global Growth Fund III - Endurance Partners LP | Sequoia Capital | 2018 | $150M |
| Arch Venture Fund VIII LP | ARCH Venture Partners | 2014 | $101M |
| Arch Venture Fund VIII Overage LP | ARCH Venture Partners | 2015 | $100M |
| Insight Venture Partners VIII LP | Insight Partners | 2013 | $65M |
| TCV IX LP | TCV | 2016 | $65M |
In the app: 122 more venture funds. Open Alaska Permanent Fund Corporation (APFC) in LP Intelligence for every fund it holds and how to reach it, or find the LPs that back firms like yours.
How it invests
Long-term capital: it backs its managers again at least as often as the median LP that reports fund by fund, and stays with them longer. It backed 80% of its managers again when they raised a later fund (107 chances), and stays with a manager 6.9 years on average.
From its own report and published commitments. How it invests in LP Intelligence: whether it kept committing through 2022–23, how much goes to managers on Fund I–III, and what it committed to lately.
LPs nearby
Within 100 miles, by city: a trip to one can take in the others.
How to submit
Emerging-manager program: Alaska In-State Investment Program, run by Barings; McKinley Capital Management.
In its words: “The Alaska In-State Investment Program, established in 2018 under Board Resolution 18-03, invests in Alaska-based private market opportunities through external fund managers who make the investment decisions; in April 2023 the Board paused new capital allocations to it (Resolution 23-01). APFC's private equity portfolio otherwise invests through commitments to partner-managed funds and co-investments; it publishes no submission process.”
Read from its own pages on October 19, 2026: apfc.org/the-fund/asset-class-portfolios/private-equity, apfc.org/download/38/investment-policies/1413/2018-03-apf…. Programs change; its site is the record.
About this data
Holdings as this LP reports them, fund by fund. Amounts are its commitment to each fund. As of December 31, 2025. Source: APFC Private Equity Report: Private Equity Fund Commitments & Direct Investments / Co-Investments. Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.
APFC's quarterly Private Equity report ("Private Equity Fund Commitments & Direct Investments / Co-Investments") lists each fund with only its currency, "Vintage Year" and "Commitment (USD)", shown here in whole US dollars as printed. It reports no contributions, distributions, market value, multiple or IRR per fund, so paid-in, distributed, total value, IRR, TVPI and DPI are blank; nothing is derived or estimated. All 454 entries of the report's "Fund Investments" list are included ($17,570,561,197 committed); 15 have the vintage year "TBD" (blank here) and 45 are commitments in another currency that APFC states in US dollars. The report's separate "Direct Investments / Co-Investments" list (56 entries, $2,792,151,600: portfolio companies, co-investment vehicles and manager stakes) is not imported. The two lists add up to the report's printed Total Commitments of $20,362,712,795. For the whole portfolio, including liquidated investments, the report prints Cumulative Contributions of $20,951,089,446, Cumulative Distributions of $22,493,801,627 and a Remaining Fair Market Value of $15,555,575,745. APFC is a state-owned corporation that manages the Alaska Permanent Fund, not a pension plan; its separate Private Income report is not imported.
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