The Alaska Permanent Fund committed $55 million across two venture vehicles and one growth fund during the last quarter of 2019.
The sovereign wealth fund committed $20 million to Fortissimo V, an Israel-focused venture fund that launched in November, and $20 million to Altitude Life Sciences Venture Side Fund II, which will invest in early-stage life science companies.
The organization also announced a $15 million commitment to Insight Venture Partners XI, Insight Ventures’s latest growth-focused vehicle that is looking to raise $7.25 billion, according to Private Equity International, an affiliate publication of Venture Capital Journal.
The Insight vehicle has already gathered capital from a number of pension funds including Los Angeles Fire and Police Pensions, New York State Common Retirement Fund and Louisiana State Employees Retirement System.
The fund announced these three latest commitments in documents from its quarterly meeting last week.
The fund invested $175 million across six growth and venture vehicles in 2019. The firm also committed $30 million to New Enterprise Associate’s 17th vehicle, which is seeking $3.6 billion, and $40 million to Summit Growth Equity X, which closed on $4.9 billion last year.
Venture makes up nearly a third, 27.22 percent, of the permanent fund’s private equity portfolio, which has a value of about $2.5 billion. Private equity currently makes up about 13.5 percent of the fund with a 14 percent target.
This allocation will grow over the next five years as the fund wants to bump the strategy’s target to 19 percent by 2025, or about $5 billion.
At the end of December, private equity had a 22.81 percent 3-year return and a 19.54 percent 5-year return. The portfolio had a collective return of 6.32 percent during 2019.
The Alaska Permanent Fund looks to invest in long-term solutions to benefit the state of Alaska. The government entity has more than $67 billion in assets under management.