The $51.2 billion Alaska Permanent Fund Corporation (APFC) has appointed Russell Read as its chief investment officer, according to a statement from the sovereign wealth fund.
Read, who will take up the position on 9 May with a starting salary of $400,000, replaces Jay Willoughby, who resigned effective 6 October having served as CIO for four years. Willoughby went on to become CIO for The Investment Fund for Foundations.
Jim Parise, head of fixed income at APFC, has been serving as acting CIO.
Read joins APFC from the Gulf Investment Corporation in Kuwait, where he became CIO and deputy chief executive officer in 2011.
Read served as CIO at the California Public Employees’ Retirement System (CalPERS) between 2006 and 2008 and then launched C Change Investments, which specialised in identifying and investing in technologies which transform the consumption, distribution and production of natural resources such as energy, agriculture and water.
Read’s hire follows the appointment in October of Angela Rodell as chief executive officer following the retirement of Mike Burns on 1 June. The fund’s chief financial officer Valerie Mertz served as acting executive director in the interim.
In February APFC appointed former New Jersey investment division director Tim Walsh as one of three investment advisors on a two-year contract. According to a statement the fund uses these advisors to “gain further insight regarding the investment markets and institutional investing”. The other two seats are held by Jerrold Mitchell and George Zinn.
APFC has $51.2 billion in assets under management and a 9.7 percent allocation to private equity, according to PEI Research & Analytics.