Alaska SWF’s Single-Family Investment Attempts to go Public

homesHistorically, the single-family rental business was in the realm of private and individual investors. Times have changed as institutional investors seek out opportunities to increase yield for themselves and clients. Firms like the Blackstone Group and Colony Capital allocated massive amounts of capital to the single-family property market.

In July 2012, up in Juneau, the Alaska Permanent Fund Corporation (APFC) allocated US$ 600 million to pursue a single-family property investment strategy. At the time, the strategy was introduced by Jay Willoughby, the incoming chief investment officer. Under the special opportunity silo of the APFC’s asset allocation, the Alaskan sovereign fund partnered with American Homes 4 Rent. The founder of American Homes 4 Rent is B. Wayne Hughes, the founder of Public Storage.

American Homes 4 Rent and the APFC created the Alaska Joint Venture. The APFC contributed US$ 600 million while American Homes 4 Rent contributed US$ 150 million for a 20% interest. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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