Alaska Permanent Capital Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, and publishing newsletters.
Alaska Permanent Capital Management reports 90 clients. They include 32 state or municipal government entities, 30 corporations and other businesses, and 27 charitable organizations. Of its assets, 98.8% ($4.35B across 185 accounts) are managed with discretion; $54M across 2 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Pension and profit-sharing plans | 1% | 2% |
| Charitable organizations | 30% | 14% |
| State or municipal government entities | 36% | 67% |
| Corporations and other businesses | 33% | 17% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Pension and profit-sharing plans | Fewer than 5 | $104M | 2.4% | $104M |
| Charitable organizations | 27 | $598M | 13.6% | $22.2M |
| State or municipal government entities | 32 | $2.95B | 66.9% | $92M |
| Corporations and other businesses | 30 | $753M | 17.1% | $25.1M |
| Total | 90 | $4.4B | 100% | — |
- Clients
- Fewer than 5
- Regulatory AUM
- $104M
- AUM share
- 2.4%
- Avg. per client
- $104M
- Clients
- 27
- Regulatory AUM
- $598M
- AUM share
- 13.6%
- Avg. per client
- $22.2M
- Clients
- 32
- Regulatory AUM
- $2.95B
- AUM share
- 66.9%
- Avg. per client
- $92M
- Clients
- 30
- Regulatory AUM
- $753M
- AUM share
- 17.1%
- Avg. per client
- $25.1M
Total
- Clients
- 90
- Regulatory AUM
- $4.4B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Alaska Permanent Capital Management is paid through a percentage of assets under management and fixed fees (other than subscription fees); its fees and minimums are set out in its brochures on the SEC website.
Apcm Holdco LLC owns 75% or more of Alaska Permanent Capital Management and is in turn owned by Bu Apcm Spe, LLC (75% or more). It has 13 employees, 10 of them in advisory roles.
Leadership
- William LiermanCEO; Officer Shareholder
- Gail MannixCCO
- Brandy NiclaiCIO; Officer Shareholder
Investment adviser representatives
1 representatives listed in the SEC register as of 9 October 2026.
- Brandy Romer Niclai
Staff
- 13 employees
- 10 in advisory functions
- 2 state-registered reps
- 3 soliciting firms
- Owns 75% or more of Alaska Permanent Capital Management, LLC
Apcm Holdco LLC
Control person · since April 2025
- Owns 75% or more of Apcm Holdco LLC
Bu Apcm Spe, LLC
Control person · since April 2025
Alaska Permanent Capital Management’s regulatory assets grew from $3.24B (March 2021) to $4.4B (April 2026); clients rose from 81 to 90 and employees were 13 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| April 2026 | $4.4B | 90 | 13 | 1 |
| April 2025 | $4.09B | 88 | 11 | 1 |
| March 2024 | $4.01B | 90 | 13 | 1 |
| January 2023 | $3.54B | 84 | 13 | 1 |
| April 2022 | $3.74B | 83 | 13 | 1 |
| March 2021 | $3.24B | 81 | 13 | 1 |
Besides its headquarters, Alaska Permanent Capital Management has 0 offices, with 1 listed address in Alaska.
Alaska · 1 listed address
- 3800 Centerpoint Drive, Suite 910, AnchorageHQ
Contact and registration details
- Legal name
- Alaska Permanent Capital Management, LLC
- Headquarters
- 3800 Centerpoint Drive, Suite 910, Anchorage, AK 99503
- Website
- apcm.net
- Phone
- 907-272-7575
- SEC file
- 801-40501
- Structure
- Alaska LLC
- Fiscal year end
- December
Alaska Permanent Capital Management uses Northern Trust ($1.2B, 35%), Principal Financial Group ($1.13B, 33%) and Charles Schwab ($588M, 17%), among others, as custodians for its separately managed accounts. Alaska Permanent Capital Management has custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · New York, NY · $588M17%
- Key BankKey Bank · Cleveland, OH · $502M15%
- Northern TrustNorthern Trust · Chicago, IL · $1.2B35%
- Principal Financial GroupPrincipal Financial Group · Des Moines, IA · $1.13B33%
At year end, Alaska Permanent Capital Management’s separately managed accounts were largely in bonds (46%) and stocks (30%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.53B across 41 positions; the largest are State Str SPDR S&P 500 ETF T (20.2%), iShares TR (11.9%) and Vanguard BD Index Fds (10.7%).
What the accounts hold
- Stocks30%
- Funds4%
- Bonds46%
- U.S. government and agency bonds37%
- Investment grade corporate bonds9%
- Cash19%
Filed values cover 99%. The neutral 1% gap has no reported category.
Reported 13F holdings
- $1.53B
- Reported 13F value
- 41
- Positions
- 82.4%
- In the 10 largest
- +7.2%
- Value vs. prior quarter
- State Str SPDR S&P 500 ETF T · TR Unit20.2%
- iShares TR · Core S&P Mcp ETF11.9%
- Vanguard BD Index Fds · Total Bnd Mrkt10.7%
- iShares TR · Core MSCI Eafe7.7%
- iShares Inc. · Core MSCI Emkt6.8%
- iShares TR · Core S&P500 ETF6.7%
- iShares TR · Core S&P Scp ETF5.6%
- Flexshares TR · Stoxx Globr Inf5.4%
- New York Life Investments ET · Hedge Multi Stra3.9%
- J P Morgan Exchange Traded F · Betbuld MSCI3.4%
Together, the ten largest are 82.4% of reported value.
How many clients does Alaska Permanent Capital Management have?
Alaska Permanent Capital Management has 90 clients and manages $4.4 billion for them, as of April 2026. They include 32 state or municipal government entities, 30 corporations and other businesses, and 27 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 April 2026
What services does Alaska Permanent Capital Management offer?
Alaska Permanent Capital Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, and publishing newsletters.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Alaska Permanent Capital Management use?
Alaska Permanent Capital Management’s separately managed account assets are held at Northern Trust (Chicago, IL), with $1.2B, Principal Financial Group (Des Moines, IA), with $1.13B, Charles Schwab & Co., Inc. (New York, NY), with $588M and Key Bank (Cleveland, OH), with $502M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 April 2026
How many financial advisors does Alaska Permanent Capital Management have?
Alaska Permanent Capital Management has 2 investment adviser representatives registered with state securities authorities, out of 13 employees, and 10 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Alaska Permanent Capital Management invest in?
At the end of its last fiscal year, Alaska Permanent Capital Management’s separately managed accounts held 37% U.S. government and agency bonds, 30% exchange-traded equities, 19% cash and equivalents, 9% investment grade corporate bonds and 4% registered funds (mutual funds, ETFs, BDCs).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Alaska Permanent Capital Management?
Alaska Permanent Capital Management is owned through a holding company by Bu Apcm Spe, LLC. Its direct owner is Apcm Holdco LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 30 April 2026
How does Alaska Permanent Capital Management get paid?
Alaska Permanent Capital Management is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Alaska Permanent Capital Management?
Alaska Permanent Capital Management’s main office is at 3800 Centerpoint Drive, Suite 910, Anchorage, AK 99503. Its phone number is 907-272-7575. Its website is apcm.net.