Alaska Permanent Fund Corporation

The Alaska Permanent Fund is a constitutionally established permanent fund and sovereign wealth fund created in 1976 under Article 9, Section 15 of the Alaska Constitution, under Governor Jay Hammond and Attorney General Avrum Gross, to invest a portion of Alaska's oil revenues for the benefit of future generations and place some oil revenue out of direct political control. It is managed by the Alaska Permanent Fund Corporation, a state-owned corporation established by the state legislature in 1980, which oversees the fund's assets and investment strategy while the legislature retains authority over spending its income. As of 2019 the fund held approximately 64 billion US dollars in assets funded through oil and mining revenues, and since 1982 it has funded the Permanent Fund Dividend, an annual payment to Alaska residents that has averaged approximately 1,600 dollars per year in 2019 dollars.