17/08/2011 Author: Kirstie Brewer

Alaska Permanent Fund redeems from Paamco

The $40bn Alaska Permanent Fund Corporation (APFC) has axed Pacific Alternative Asset Management Company (Paamco) from its hedge fund investment portfolio, HFMWeek can exclusively confirm.

Paamco, a fund of hedge funds (FoHF) firm based in California, ceased managing APFC’s assets at the end of March, a spokesperson told HFMWeek on behalf of Michael J Burns, executive director.

“APFC had five absolute return gatekeepers, and we decided that our programme would work better with fewer gatekeepers,” the spokesperson said.   

APFC’s hedge fund portfolio now comprises of Lazard Alternatives, Mariner Investment Group and FoHF Crestline Investors.   

News of Paamco’s departure comes as the fund celebrates a 20.6% return for fiscal year 2011, the third-highest rate of return in the fund’s history, and the first time the return has been over 20% since 1986, the spokesperson confirmed.  
Alternative assets gained 8%, adding to the year’s positive performance, which saw the fund crack the first year-end close over $40bn in its history.