The Alaska Permanent Fund (APF) is a state-managed investment fund established in 1976 to safeguard Alaska's oil revenues. Managed by the Alaska Permanent Fund Corporation (APFC), the fund invests in a diverse portfolio of assets, including public and private equities, with a focus on long-term growth and sustainability. While not primarily a venture capital fund, APF participates in various investment stages, from Series A to Series F rounds.

APF's portfolio includes notable companies in the biotech and agriculture sectors, such as Denali Therapeutics, Generate Biomedicines, and Indigo. The fund's investment philosophy emphasizes delivering outstanding returns for Alaska's beneficiaries through efficient management and good governance practices. APFC, based in Juneau, operates under established by-laws, governance policies, and investment strategies to ensure effective stewardship of the state's resources.