Raters credit Permanent Fund for improved Alaska fiscal outlooks
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Print article The firms that evaluate Alaska’s creditworthiness mostly agree that the state’s financial picture is getting better, at least in the short-term. Analysts for Moody’s Investors Service have upgraded the state’s fiscal outlook from negative to stable, according to a May 4 credit opinion that cites stabilizing oil prices and substantial growth in Permanent Fund as reasons for the improved opinion of Alaska. S&P Global Ratings similarly revised its outlook on the State of Alaska from negative to stable in a report issued May 4 as well. Both ratings agencies also reaffirmed their general obligation ratings for Alaska, with S&P maintaining its AA- rating and Moody’s keeping its equivalent Aa3 rating for the state.
Audax accumulates $1.9 billion with latest mezzanine debt fund
Audax Group closed its latest mezzanine debt fund, Audax Mezzanine Fund V, at $1.85 billion.
The closing well exceeded its original fundraising target of $1.5 billion, a news release said Thursday.
The previous fund, Audax Mezzanine Fund IV, closed at its hard cap of $1.2 billion in 2016, above its fundraising target of $1 billion. Audax Mezzanine Fund III closed at $1 billion in 2011.
The fund will source junior debt investments in North American private equity sponsor-backed companies, according to the news release.
A spokesman could not be immediately reached for further information.
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Bain Capital raises $11.8 bn for new flagship fund Monday, May 03, 2021
Laxman Pai, Opalesque Asia:
US multistrategy investment manager Bain Capital LP said it has raised $11.8 billion from outside investors and employees for its latest flagship North America buyout fund.
Bain amassed $10 billion from outside investors for its 13th buyout fund, Bain Capital Fund XIII, exceeding an initial $9 billion target by 31%.
The Boston-based private equity firm s present and former employees also committed $1.8 billion in additional capital to the fund, said a report by Reuters.
Other investors in the vehicle include the Alaska Permanent Fund Corp., which committed $25 million in March, and the Virginia Retirement System, which pledged $225 million in August, WSJ Pro data show. Other commitments from public pension plans include $50 million from the New Mexico Educational Retirement Board and $150 million from the Tennessee Consolidated Retirement System, WSJ reported.
A vision for Alaska’s financial anchor Author: Angela Rodell
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Print article As we observe the anniversary of the creation of the Alaska Permanent Fund Corp. this month, it is noteworthy to laud the vision and leadership of the past, and imperative in my opinion to look forward to bring that same extraordinary vision, leadership, and forethought to the now, the near and the far. Now today, Alaska is the only state that earns the majority of its unrestricted general fund revenues from the global economy. No longer a “rainy day account,” the Permanent Fund now provides more than two-thirds of the state’s annual revenue money that pays for education, public safety, clean water and other essential services.
Wed, 04/28/2021 - 8:48am
As we observe the anniversary of the creation of the Alaska Permanent Fund Corp. this month, it is noteworthy to laud the vision and leadership of the past, and imperative in my opinion to look forward: to bring that same extraordinary vision, leadership, and forethought to the now, the near, and the far.
Now, today, Alaska is the only state that earns the majority of its unrestricted general fund revenues from the global economy. No longer a “rainy day account,” the Permanent Fund now provides more than two-thirds of the state’s annual revenue; money that pays for education, public safety, clean water and other essential services.