How a Risky State Investment in Seafood Cost Alaskans Millions and Left a Fishing Town in Crisis
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Leaders of the Alaska Permanent Fund, which pays residents dividends and finances public services, wanted to invest in Alaska firms. There were warning signs ahead of the bet on Peter Pan Seafood, which is expected to cost Alaskans over $29 million.
Reporting Highlights
  • High Stakes: The $80 billion Alaska Permanent Fund helps pay for government services and sends annual dividend checks to Alaskans.
  • Failed Investment: After fund trustees decided to invest in companies with Alaska ties, more than $29 million went into a deal with Peter Pan Seafood. The investment became a total loss.
  • Warning Signs: Our investigation found that the Permanent Fund’s leadership and its hired management firm ignored or overlooked warning signs leading up to the deal.