The Alaska Permanent Fund is bigger than ever, topping $50 billion, the Alaska Permanent Fund Corporation announced Friday.
The gain is largely attributed to a strong 2013 for stock markets. Approximately half the fund is invested in those markets, according to the corporation’s press release.
“Reaching such a significant milestone in the Permanent Fund’s value offers us yet another chance to be thankful that Alaskans created the Fund,” Permanent Fund Board Chairman Bill Moran said in a statement. “Over the last 37 years, the Fund has received $17 billion in deposits and has paid out $20 billion in dividends. And despite paying out more than it has taken in, the Fund has now reached a value of $50 billion. Overall, this has been a very successful program by any measure.”
Members of the House Republicans praised the workers tasked with handling the fund that was created by a vote of Alaskans in 1976.
“It is amazing that the first $700 million deposit in 1977 has grown to $50 billion today,” House Majority Leader Lance Pruitt, R-Anchorage, said in a press release. “As we look to the future of the Fund, the sky is the limit. I’m thankful for their leadership, dedication and hard work. They’re a tremendous asset for Alaskans.”
The fund has paid out dividends to residents since 1982. Its investment portfolio includes stocks, bonds, real estate, private equity and infrastructure.
Applications are currently being accepted for the Permanent Fund Dividend through March 31, and the dividends will be paid out in October.