Steve Moseley is the Head of Alternative Investments at Alaska Permanent Fund, a $70 billion sovereign endowment that supports the citizens of Alaska. Steve leads a small team, based in Juneau, Alaska, that is one of the most active participants in what he calls the space in between General Partners and Limited Partners. Across private equity, venture capital, infrastructure, and private credit, Steve and the fund are considered one of the most innovative investors in private markets.
Our conversation covers Steve’s path to Alaska, the Permanent Fund’s unique pool of capital, the history of its investment strategy, and the development of the private asset portfolio. We then turn to the attributes of fund investments and his focus on adding value beyond fund investments, including co-investments, stakes, and seeding. We touch on perspectives on managing through an expensive pricing environment, secondary transactions, future innovation in the portfolio, and the challenges of talent acquisition and retention.