Lessons From A Sovereign Wealth Fund in the United States (Correct)
episodePreviously titled “Lessons From the One Sovereign Wealth Fund in the United States” — renamed by the publisher on Aug 3, 2026
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What is the Alaska Permanent Fund and why was it created?
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Hello and welcome to another episode of the Odd Lots Podcast. I'm Joe Wisenthal.
And I'm Tracy Alloway.
Tracy, we're back here in New York City where it's warm and the sun sets at a normal hour of the day and I don't need to have blackout curtains. But I had a really good time on our uh our recent voyage to Alaska.
Alaska was great. I don't know why the overall state population has been declining. Yeah, I don't
I don't get it's it's great.
You move there. There's nice weather, at least in the summer.
In the summer.
Beautiful scenery. Yes. As much salmon as you can fish. Yes. Out of the rivers. And every year you get paid some money by the state.
Yeah, that's exactly right. No, there was a lot to like about it. I think it's for a s a type of person. It certainly has a lot going for it. But it was really nice. You know, I didn't really know much about Alaska. I didn't have much feel for its layout. I didn't much have much feel for its geography. I truly did feel like I was sort of at the far western edge of the empire out there. Very, very distant. It
has a very frontier feel. I mean that's why they call it the last frontier.
Extremely frontier field and of course we talk to people in all kinds of industry there, etcetera. But as you mentioned One thing that people know about Alaska, I mean people know there's oil, and also people know that there is something that kind of resembles perhaps a sovereign wealth fund. And also that every citizen over I think the age of like eighteen months or whatever, or ten months or something gets a check from the state, which sounds pretty nice.
It sounds nice. It also sounds like a loaded political and financial hot potato, right? And I can imagine every year there is probably lots and lots of debate about exactly how much is gonna be dispersed, what it means for the future of the fund, how it interacts with state and federal funding. Yeah. I'm excited to talk about all of that. But I think we should also add that this has new relevance, right, to the wider United States of America, because there is talk about starting a US sovereign wealth fund. And there is also the payments for kids, for infants from the Trump administration.
That's right. That's right. Whether anything at the federal level that resembles a sovereign wealth fund or any sort of fund would actually happen, who knows? But We have certain models of all this stuff and it's worth learning a little bit more how they work. And I do think to sort of conclude our our intellectual journey and our liberal journey to Alaska, we sort of have to touch on this element.
Absolutely. Let's do it.
Okay, well I'm really excited to say we literally have the two perfect guests to talk about the Alaska Permanent Fund and what it is. We're going to be speaking with Marcus Frampton. He is the CIO of the Alaska Permanent Fund and Devin Mitchell, CEO of the Alaska Permanent Fund. So Marcus and Devin, thank you so much both for coming on the Oddlaws Podcast.
Yeah, thank you. We're happy to be here.
Why don't we start with maybe one of you could just give us the very quick like what is the size of the fund and how when and why was it started?
So this is Devin Mitchell and I'll take the that question. When you think about Alaska and you guys have a just a small sample of Alaska, of course. When you think about it, you went to one the largest city in Alaska, but if you superimposed Alaska over the continental US, you would have each of the coasts touched by Alaska as well as the southern and northern borders. So it's a huge state.
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Chapters
8 chapters
1
What is the Alaska Permanent Fund and why was it created?
0:00–4:24
2
How does the Alaska Permanent Fund allocate its assets and what are its major holdings?
4:24–11:48
3
What happens to the fund and state budget during a market downturn or low‑oil‑price year?
11:48–18:35
4
How does the fund decide the size of the annual dividend payout to residents?
18:35–24:35
5
What legal and constitutional safeguards protect the fund from political interference?
24:35–30:09
6
How does the fund approach private credit, private equity, and other alternative investments?
30:09–37:01
7
What lessons from the Alaska Permanent Fund could guide a potential U.S. sovereign wealth fund?
37:01–43:04
8
What are the long‑term economic and cultural impacts of the fund on Alaska’s residents?
43:04–48:50
Speakers
7 identifiedMore from Odd Lots
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