$130 Million To $1 Billion, APFC’s Unrealized Gain on Juno


In greater frequency, sovereign wealth funds are participating as cornerstone investors, not just in Asia, but in U.S. pharmaceutical companies. Sovereign wealth centers on the importance of high-quality deal flow, eagerly waiting for special opportunities from their vast lineup of asset managers. These special opportunities can lead to outsized investment returns for public institutional investors. By taking on a level of idiosyncratic risk, the Alaska Permanent Fund’s investment in Seattle-based Juno Therapeutics, Inc. has been an unrealized boon for the portfolio’s performance. This unorthodox investment has some risks, as Juno Therapeutics has no revenue, no recorded profits and is in the competitive market of cancer-curing therapies.

APFC’s US$ 128.5 million allocation, the investment over 15 months prior to Juno’s initial public offering, was worth on February 18th, US$ 1.093 billion.

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